Money Insurance
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A policy that protects the insured against financial loss is known as money insurance. Currency notes, checks, postal orders, and current postage stamps are all examples of current money.
Covers:
money lost while being transported by the insured or the insured's authorized employee(s), as a result of theft, robbery, or any other unplanned event. There are four circumstances in which loss is protected. (1) Coverage is offered for cash withdrawals made to pay wages, salaries, and other income, as well as for petty cash traveling directly from the bank to the insured premises.
(2) Money in the personal custody of the insured or the insured's authorized workers while in direct transit between the premises and the bank or Post Office, excluding the items listed in item (1) (3) Funds other than those listed in items (1) and (2) that are gathered and kept in the insured's personal custody while being transported to the insured's business location or bank within a time frame of no more than 48 hours from the time of collection.
loss of money in a safe due to a break-in, burglary, robbery, or hold-up, provided that the Company's liability limit for any one loss will never exceed the sum indicated against each relevant part in the aforementioned Schedule to the Policy.
Further Covers:
Specific declarations of foreign currency are permissible and are governed under the Policy. Any claims that are valid will be resolved using the Reserve Bank of India exchange rate in effect on the event date.
If the money-carrying employee is attacked during a burglary or holdup and suffers a physical harm, loses an eye, loses a limb, or is otherwise precluded from doing his regular job duties,
Exclusion:-
Lack of funds as a result of negligence or error, theft of funds entrusted to someone other than the insured or a designated employee of the insured (for full details refer to the policy),
Rioting, striking, or causing other unrest unless expressly permitted
Terrorism
Unknown losses and enigmatic disappearances
loss or destruction brought on by a flood, storm, earthquake, or other natural tremors, as well as by war and actions resembling war
Loss or damage resulting from using a key to a safe, strong room, or vault, unless the key was gained through coercion or threat
Any money given to someone other than the insured or a designated employee
Legal responsibility, damage to property, theft from an unlocked car, and damage to property
Trusted funds to a carrier
Loss resulting from any conduct in which the insured, a family member, or an employee is involved as a primary or party, with the exception of employee dishonesty when handling cash, which is specifically covered.
A cash-carrying employee's dishonest behavior must be revealed within 48 hours.
Proceeds from a contract of affreightment were carried