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Highlights
Money Insurance
policy provides cover for loss of money in transit
between the insured's premises and bank or post
office ,or other specified places occasioned by
robbery, theft or any other fortuitous cause.
The policy also cover
loss by burglary or housebreaking whilst money is
retained at Insured's premises in safe(s) or strong
room.
Scope of Cover
I: -Covers
money in transit under the following heads: Cash,
Bank Drafts, Currency Notes, Treasury Notes,
Cheques,
Postal Orders and current Postage Stamps.
II: -Covers
money in safe / on premises
Basis of Sum Insured
Two amounts are
specified in the policy:
Limits of liability
for any one loss (i.e. maximum liability of the
Company)
Estimated amount in transit during the year for the
purpose of premium computation.
Extensions
This policy can be
extended to include the risk of infidelity of the
employees, terrorism and disbursement risk.
Exclusions
Shortage due to error or omission
Losses due to the fraud/dishonesty of the employee
of the insured.
Losses which are covered by other policies
This policy is useful for commercial organizations.
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