Types of Cover
1. Money in premises
Covers the money kept in the premises whilst kept in locked drawers, safe or strong room.
2. Money in transit
Money in transit means transmitting money from covered premises to bank and vice versa or from the time of receipt of money anywhere until delivered to bank or premises. According to this policy, cover will be given to losses incurred from the moment the money is being transmitted till it reaches to its destination.
The policy also provides cover for:
- The cost of repair or replacement of the Safe or Strong room, as a result of theft or attempted theft, if these items are not specifically covered.
- Compensation to employees who may be injured during a robbery whilst accompanying or carrying/transit of money.
- Personal accident to the messenger or custodian.
- Armed robbery and hold up at the participant’s premises.
- Riot and Strike.
- Abscondment by messenger.
- Damage to safe and locked drawers.
- Losses arising from fraud or dishonesty of participant’s employees.
- Shortage due to errors and omissions.
- Losses from an unattended vehicle.