This insurance provides coverage in respect of loss of money from any cause whilst money is in the personal custody of the Insured’s authorised employees, during transit or on your premises, whilst open for business and/or whilst kept in a locked safe overnight.

Personal Accident cover may be provided to unnamed carrier entrusted to carry cash to and from the Bank.

It is an “All Risks” cover and some of the exclusions in the policy are:

  • Loss arising from fraud or dishonesty of the Insured’s employee
  • Shortage due to error or ommission
  • Any loss insured by a Fidelity Guarantee Insurance
  • Loss from any unattended vehicle

Insurance is normally arranged to cover payments of salaries, wages or other earnings, collections of cash deposits/withdrawals to/from the bank and also cash kept in locked safe or drawer.

The are two limits under the policy. One is for the limit of money in premises and the other limits for money in transit from one location to another.

Money means wages, salaries or collections in the from of cash, bank notes, cheques, currency notes, postal orders and money order.

The following tips can be taken by a client to safeguard his money during transit from his premise to bank.

  • Change route and time of carrying.
  • Always transit during day
  • For large amount of money few trips should be made
  • Cash carrying personnel should be trusted and long serving staff.
  • Avoid stop over
  • Never leave the money in the vehicle unattended
  • Preferably use security guards to carry large amount of money.