Money Insurance protects against financial loss in transit and on-premises due to robbery or theft. It covers money carried by the insured or authorized employees, as well as money that is not disbursed and is stored in a safe. This includes cash, bank drafts, currency notes, treasury notes, cheques, postal orders, and current postage stamps. Businesses need to have adequate coverage for their cash.
Scope of Coverage:
- Loss of money in transit by the insured or authorized employees due to robbery, theft, or other fortuitous causes.
- The company's liability for a single loss of money in a safe due to burglary, housebreaking, robbery, or hold-up is limited to the amount mentioned in the policy schedule.
- Money lost during and after work hours.
- Damage to safety (Value of Safe).
- Money lost in approved employee custody.