This Insurance Policy provides cover against loss of money in transit while being carried by the Insured or Insured’s authorized employee(s) occasioned by:
- Robbery
- theft or any other fortuitous cause
This Insurance Policy also covers loss by burglary or housebreaking whilst money is retained at Insured’s premises, in safe(s) or strong room.
This policy covers loss or damage to money by robbery or theft whilst:
- In transit from your premises to the bank and vice versa
- In your premises during business hours
- In your premises in locked safes/strong rooms outside business hours
- In the hand of senior employees/authorized personnel of the company
- Damage to safes and /or strong rooms
i. Sums insured may have different limits, according to the locations.
ii. Security: it may be specified that money has to be kept in a safe or similar secure place except for limited amounts and limited times. Money is required to be deposited with the bank as soon as possible.
iii. In transit: still on the question of security, the policy may specify that money be transported only by male escorts (at least two with significant sums) and other instructions on the manner or route of transit may be given.
iv. Theft by staff: or with the collusion of staff is fidelity risk and is excluded.
The premium is calculated by applying a rate to the annual carryings of money to and from the bank. As such a provisional premium is payable, subject to annual adjustmentwhen the final figures are known.
i. Proof of loss: the policy is “all risks” but the amount of loss is important and adequate records must be kept to establish loss figures (also in connection with premium adjustment).
ii. Extensions: it is quite common to provide a PA extension to these policies, covering injuries sustained by the staff when assaulted by thieves.
