No business transaction is concluded without a consideration, which can be in the form of a payment in hard currency or demand draft or cheque. Hence transits involving money are necessarily involved from bank premises to customers’ premises and vice versa. Such transits may also involve storage of money in safe deposit vaults or safes and also in counters or tills.
Loss or damage of the money due to theft, burglary, fire, natural calamities or such other reasons, covered under the policy.
The definition of money as per policy is wide and is deemed to include cash, coins, bank draft, currency notes, cheque, traveler’s cheque, postal order, money order, pay order and current postage stamps.
Scope of Cover
The policy covers the following items
- Money In Transit
- Money In Safe
In the event of loss of money relating to business or profession due to accident or misfortune happening during the currency of the policy
The company will also pay for cost of replacement or repair of the Insured's safe or strong room at the insured premises in the event of its being damaged by thieves or burglars.
Significant Exclusions:
- Shortage due to error or omission
- Infidelity of Insured or his employee
- War and warlike perils