The property covered under money insurance are:
- Wages in direct transit from the bank to the insured premises.
- Money other than under (1) above, in transit to and from insured premises/bank/post office/any other specified premises.
- Money other than under (1) & (2) above, collected by the insured’s employees and in transit to the premises or bank.
- Any other transit as may be specified.
The risks covered are theft, robbery and accident. On payment of additional premium the policy may be extended to cover dishonesty of persons carrying the cash, riot, strike and terrorism risks, disbursement risk, that is loss during payment of wages to employees, etc.
The policy for transit specifics two amounts, (a) limit of the insurer’s during the policy period. The latter represents the amount to which the rate of premium is to the be applied to arrive at the amount of premium.
Provisional premium is changed on the estimated amount in transit and adjusted on expiry of the policy based on actual amount in transit during the policy period as declared by the insured.
Claim are processed on the basis of the police report and survey report.