Any business transaction is never concluded without a consideration, which can be in the form of a payment in hard currency or demand draft or cheque. Hence transits involving money are necessarily involved from bank premises to customers’ premises and vice versa. Such transits may also involve storage of money in safe deposit vaults or safes and also in counters or tills.
Loss or damage of the money due to theft, burglary, fire, natural calamities or such other reasons, not excluded under the policy are covered. |
The definition of money as per policy is wide and is deemed to include cash, coins, bank draft, currency notes, cheque, traveler’s cheque, postal order, money order, pay order and current postage stamps.
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| The policy covers the following items: |
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Money In Transit
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Money In Safe
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| In the event of loss of money
relating to business or profession due to accident or misfortune happening
during the currency of the policy, the company hereby agrees subject to the
terms, condition and exclusions herein contained, endorsed or otherwise
expressed hereon, to pay to the Insured the amount of loss in the
circumstances or situations as set out in the schedule, provided always that
the limit of the company's liability for any one loss shall in no case exceed
the amount specified against the respective item in the said schedule. |
| The company will also pay for
cost of replacement or repair of the Insured's safe or strong room at the
insured premises in the event of its being damaged by thieves or burglars. |
The policy covers the following items: |
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Shortage due to error
or omission.
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Loss of money
entrusted to any person other than insured or an authorised employee
or directors of the Insured.
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Infidelity of Insured
or his employee except loss due to fraud or dishonesty of the cash
carrying employee of the Insured
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Loss occurring on the
premises, after business hours, unless the money is in a locked safe
or strong room.
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Loss occasioned by
Riot, Strike and Terrorist Activity.
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Money carried under
contract of affreightment and theft of money from unattended
vehicle.
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Loss of or damage to
money in transit by post
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Loss of money
collected by authorized employee/s of the Insured whilst in transit
to the Insured premises or bank in their personal custody for more
than 48 hours.
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Loss of money from
safe or strong room following use of the key to the safe or strong
room or any duplicate thereof belonging to the Insured
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War and warlike
perils
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ionising radiation or
contamination by radioactivity, Nuclear Weapon material.
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Consequential loss or
legal liability of any kind
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Overview
motor insurance