Money Insurance
Money Insurance: Money is generally defined as cash, bank and currency notes, uncrossed cheques and postal orders. Cover is usually effected for money in the following categories.
- Money in transit (i.e. from the bank to business premises and vice versa)
- Money in safe overnight
- Money out of safe during business hours
- Money on premises after business hours
- Damage to safe(s)
Cover can also be extended to include injury to personnel carrying cash during the course of a robbery, but we do not consider this to be essential, as this can be additional to compensation payable under Workmen’s Compensation (WC) and/or Group Personal Accident (GPA) covers.
The rating of the risk depends on the amount of money at risk at any one time and the total amount of money in transit throughout the year.