Definition
Designed to cover organization and individuals that handle and transact cash in large volumes against loss of own-money or money for which the insured is responsible
Money includes
Postal/ Money order
Bill of exchange
Cheque
Stamps
Cash
Scope of cover
Monies in the personal custody of the insured's authorized employees whilst in direct transit between the premises and bank or post office including money drawn as wages and salaries from the time of receipt until paid out.
Money in the Insured’s premises during and outside normal business hours.Money in Insured’s premises contained on locked safes or strongrooms.Money in locked drawers or cabinets or cash registers.
Cost of repair or replacement to the damaged locked safe or strongroom resulting from theft of money or any attempt threat.
Additional Peril
Personal accident to the messenger or custodians.
Riot, strike and civil commotion
Armed robbery and hold-up at the Insured’s premises.
Duration of cover
1 year and need to renew annually
Exclusion
Loss from an unattended vehicle.
Any loss occurring when the Premises are closed unless the money are in a locked safe or locked strong-room
Loss occurring outside the Territorial Limits.
Shortage due to error or omission or resulting from clerical or a ccounting errors
General condition
Change of policy terms and condition
Subrogation
Fraud
Cancellation
Assignment
Contribution
Arbitration
Loss notification