Insuring money in transit

If you have to send a lot of cash from one place to another regularly due to the peculiar nature of your business and you are worried about the cash being lost due to theft, robbery or dacoity, you can rest in peace by buying money insurance policy.

The money insurance policy covers the risk of loss of money during transit due to robbery, theft or any other unexpected cause. The money may be carried by the insured person or the insured person’s authorised employee(s).

The sum insured for the policy is the total amount of money in transit on every occasion, which has to be specified in the policy itself. The single carrying limit is the limit of liability of the insurer for any one loss.

The premium payable on the policy would be determined by the amount of single carrying limit, the distance involved in carrying the cash from one place to another and the safety and security measures adopted by the insured.

The policy only covers loss of cash due to theft, robbery and dacoity during transit. It does not cover loss of money caused due to floods, earthquakes, cyclones, riots, strikes, terrorist attacks, war or war-like situations, civil disturbance, theft due to negligence, etc.