This policy covers any event that could result in the loss of cash while in transit to and from the bank or to the places of disbursement. The policy also covers the money while it is still on the premises of the insured as well as while it is in a securely locked safe. This policy covers eventualities that could result in the loss of or damage to cash/ money in transit, in the insured's premises, in safe and money in personal custody. The policy can also be extended to cover cash in the personal custody of selected management staff nd losses due to riot, and civil commotion. This policy is designed to protect banks and industrial/business establishments against loss of money.
In otherwords money insurance can be classified under the following:
Cash- in-Transit: which covers the minimum amount of money carried in a single transit and estimated amonut to be carried per annum.
Cash-in-Safe: covers minimum amount of money kept in a safe .
Cash -in-Personal custody covers total or minimum amount of money that can be the custody of designated management staff Requirements Fully filled Policy proposal form with all the details of the required cover. Once this has been done, the premium will be determined and once paid, the policy will be prepared. The following information is required:
• Maximum amount of money that is to be carried in any single transit - Cash-In-Transit
• Estimated Amount to be carried per year
• Maximum amount of cash to be kept in securely locked safe - Cash-In-Safe
• Maximum amount that can be in the personal custody of designated management staff - Cash-In-Personal custody of trusted employees