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Money Insurance

Money insurance provides cover for loss of money at your premises or while transporting it, due to accidents, hold-ups, break-ins, robberies, dacoities, etc.

Apnainsurance Research Bureau

23 Jan 2008

This shopkeepers' insurance section provides cover for loss of money at your premises or while transporting it, due to accidents, hold-ups, break-ins, robberies, dacoities, etc. It also provides cover for loss or damage to the safe, strong room, steel almirahs, or bags in your shop used to store or carry money.


Exclusions

Insurers provide the cover in two separate parts - Money in Safe and Money in Transit.

Money in Safe

The insurance company will not be liable for any loss if:

  • Due to robbery, theft, fraud, dishonesty or conspiracy by any of your employees or agents
  • Due to clerical or accounting errors, omissions, depreciation, or any other loss
  • Occurring at any place other than within the premises as specified in the policy
  • Occurring from a cash box, safe or strong-room using your keys or any duplicate keys belonging to you (the exception is when the keys are obtained by threats or violence to you or the person in custody of the keys)
  • Money is lying about outside the safe or strong room of your shop premises after you have closed and secured the shop
  • Money is left unattended
  • Money is found to be counterfeit
  • You voluntarily part with the money or are deceived into doing so

Money in Transit

  • No cover for loss or damage due to natural calamities, such as flood, cyclone, earthquake, etc; or man-made calamities, such as war and warlike operations, civil commotion, riot, strikes and terrorist activities
  • No cover for shortages due to error and omission
  • Theft from unattended vehicle
  • Money not transported in a carrying case specifically designed to carry it (unless agreed in writing by the insurer)
  • Money consigned to any person other than your full time permanent employee, agency, or organization


See also:

Electronic Equipment / Reinstatement of Data and Software
Television, Video Equipment, Portable Computer, Mobile Phone
Electrical or Mechanical Appliances Breakdown
Business Interruption and Increased Cost of Working / Loss of Profit
Neon or Glow Signs
Plate Glass Coverage
Pedal Cycle Coverage
Baggage Coverage
Personal Accident Coverage
Fidelity Guarantee
Fire and Allied Perils
Burglary and Housebreaking




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