This policy is intended to protect banks, industrial business establishments etc against loss of money.
This policy can be taken to indemnify loss of money either while in transit or while in custody. Money here includes cash, bank drafts, currency notes, treasury notes, postal orders and postage stamps.
The basic policy covers money handled by employees named in the schedule. Money insurance can also be extended to cover unnamed employees at an extra premium.
Many corporations tend to contract out the task of cash carriage, in which case the policy can be extended to include carriage of cash by contractors' employees provided all the cash carriage is contracted out.
The money insurance policy covers:
Loss of money in transit caused by robbery, theft, or any fortuitous event.
Loss of money from the insured's safe or strong room caused by theft or robbery.
Loss of money from the insured's premises during business hours caused by theft or robbery.
The loss of money in transit should occur when being carried by the insured or his authorized employee, which means employees named in the schedule.
The Policy does not cover loss or damage on account of:
Any consequential losses of any kind.
Loss arising out of the infidelity of the insured or employees.
Loss of money from the insured premises where the money is not kept in a safe or strong room after business hours.