Covers the assured against loss destruction or damage to Money subject to the terms and conditions contained, within the Territorial Limits and not exceeding the Limit of Liability opted by You. It also protect money in transit which is forwarded by the insured or an employee authorized by the insured, robbery, theft, burglary, or other fortuitous cause which are not excluded from the plan.
NOTE: By money it means to include bank drafts, coin, cash, treasury and promissory notes, currency notes, cheque (blank, signed, crossed etc.), bills of exchange, bonds, postal orders, current postage stamps related with business but not a foreign currency unless stated in the schedule, and money orders. Any other perceived forms of money may not be covered in the policy and can be confirmed only after detailed discussion with us.
Money insurance policy- money locked/kept in strong room or safe, which faces housebreaking, robbery, burglary, and hold-up at the insured's safe in premises or a safety room. Additional covers can be chosen for foreign currency declared and covered in the policy. Some of these instances can be covered for and others not. Contact us to understand the terms and conditions.
The basis of sum insured depends on:
- Limits of liability for any one loss (i.e. maximum liability of the Company)
- Estimated amount in transit during the year for the purpose of premium computation
Also, claims are to be settled in reference to the Reserve bank of India's decided exchange rate at the time of the events- money carried by employee is robbed, assaulted, resulting in physical harm or employment.