IRDAI License Number: IRDAI/INT/ISNP/2022/250

Money Policy

Epoch Insurance Brokers Private Ltd.
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Money Policy
Introduction
Who can take this Policy?
Coverage
Add on Covers
Basis of Sum lnsured
Exclusions
Introduction

Money Insurance policy provides cover for loss of money in transit between the insured's premises and bank or post office, or other specified places occasioned by robbery, theft or any other fortuitous cause.

Who can take this Policy?

  • Money In transit Policy should be taken in a business wherein there is a regular cash generation and it needs to be submitted to the bank/ Head office through transit.
  • Money in Safe Policy should be taken in a business wherein the cash sales generated is stored in safe at the end of the day.

Coverage

Section I :

Money in transit under the following heads : Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and Postage Stamps.

Section II :

Money in Safe/Till/Counter

Add on Covers

  • Risk of infidelity of the employees
  • Terrorism and disbursement risk
  • PA cover for cash carrying person

Basis of Sum lnsured

  • Estimated amount of money in transit during the year is considered for calculation of premium.
  • Sum Insured of the policy is the limit of liability under the policy.

Exclusions

  • Shortage due to error or omission
  • Riot, strike, civil commotion unless specifically agreed for
  • Terrorism
  • Unexplained losses and mysterious disappearances
  • Losses due to the fraud/dishonesty of the employee of the insured.
  • Loss or damage due to flood, cyclone, earthquake and other convulsions of nature, war and war like operations
  • Loss or damage arising out of use of key(s) to safe(s) or strong room unless such keys are obtained by force or threat
  • Money entrusted to any person other than the Insured or an authorized employee Legal liability, consequential loss, theft from an unsecured vehicle and consequential loss
  • Money entrusted to a carrier
  • Loss due to any act in which the Insured, his/her family member/employee is involved as principal or party except dishonesty of cash carrying employee where specifically covered
  • Such dishonest activity of cash carrying employee shall be discovered within 48 hours.
  • Money carried under contract of affreightment

Why Choose PolicyLo.com

Professional and Experienced Team
Professional and Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment Ontime Everytime
Service Commitment Ontime Everytime
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution

Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance

Money Transit Details should be clearly mentioned,  including public transport

  • Transit Details - like From/To should be mentioned in policy along with authorized person/s or name/designation who is carrying the money.
Ensure that assets should be covered under the right entity/company

Single Carrying Limit should be higher

  • Single Carrying Limit under Money in Transit should be considered while purchasing Money in Transit Insurance. It is the maximum amount of claim that can trigger in single limit.
Risk Location/s should be properly mentioned

Personal Accidental cover for person who is carrying cash

  • Personal Accidental cover is an additional cover with this policy that can be obtained with additional premium.
Downloads
Proposal Form
Proposal Form  
Policy Wordings
Policy Wordings  
Claim Form
Claim Form  
Key Documents
General Claim Intimation Format
General Claim
Intimation Format
Immediate Action Client Should Take
Immediate Action Client
Should Take
Indicative General Documents
                            for Settlement of Claims
Indicative General Documents
for Settlement of Claims

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Claim Case Study - 1

1
Situation
Situation

In a money policy of a manufacturing plant which is a labour intensive unit where the wages are paid in cash. The client had withdrawn the cash from his bank and was going back to his plant for distribution of wages . To and From was not mentioned in the money policy and the insurer has denied the claim.

2
Challenge
Challenge

Since To and from was not mentioned in the policy insurer denied the claim as the loss occurred while bringing the case from bank to the Insured premises.

3
Solution
Solution

Insurer was convinced that the Money policy covers loss to and from and the premium has been paid accordingly. The dispute is only because it is not mentioned in the policy copy which has been left out erroneously.

4
Advisory/Conclusion
Advisory/Conclusion

Requested the client to check all the location where cash is kept and mention them properly in the policy. Non mentioning of the location in the policy makes the claim inadmissible

Claim Case Study - 2

1
Situation
Situation

Theft from Unattended Vehicle

2
Challenge
Challenge

As the policy does not cover theft from unattended vehicle.

3
Solution
Solution

The vehicle carrying the cash should be safeguarded and attended properly.

4
Advisory/Conclusion
Advisory/Conclusion

Safeguards for higher value of articles.

Need Assistance

Need Assistance

FAQ's

PREMIUM
COVERAGES
CLAIMS
OTHERS
  • What are the coverage under Money Insurance?
    Loss of Money in TransitCovers money carried by insured or insureds authorized employee in the event of:
    • Robbery
    • Theft, waylaying, or snatching away
    • Any other fortuitous event
    Money in transit implies money in direct transit from the insureds premises to the bank and vice versa. Money in the personal custody or with authorized employee can also be included.
    Loss of Money in SafeCovers loss of money in safe due to:
    • Burglary
    • Housebreaking
    • Robbery or hold-up
    Money in safe implies money secured in a locked safe or locked strong room on your premises outside business hours and includes money kept in till.
  • How to decide the Single Carrying limit under Money in Transit?
    Single carrying limit will depend upon maximum expected amount of transit at one go.
  • What are the major exclusion in Money Policy?
    "Shortage of money due to error or omission, loss of money entrusted to any person other than the insured or an authorized employee of the insured (for full details refer to the policy), Consequential loss, Loss due to flood, cyclone and other convulsions of Nature, Loss due to war and warlike operations.
  • What are the benefits of Money insurance?
    • Complete cover for risks involving money and monetary transactions
    • Reasonable premium
    • Additional cover against loss of money in safe due to housebreaking or burglary after office hours
    • Payment of premium on estimated carrying of money
    • Adjustment at the year against actual carrying of money

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