(Money in Transit, In Locked Safe and /or In Premises and in locked counters)
Concept: To provide compensation against loss of money during its transit or whilst in the premises of the insured up to a specified maximum limit.
• Money in the course of transit in the insured’s custody or in the custody of their authorized employee.
• Money in any locked strong room in the insured’s premises.
• Money in the premises during working hours duly protected.
(Money shall mean and include Cash, Bank Notes, Currency Notes, Cheques, Postal Orders, Money Orders and current postage stamps.)
Extension: Additional coverage available for loss or damage to the safe or strong room caused by burglars and thieves subject to declaration of value of safe with all other details such as make & other specification made available.
Limit of Indemnity: Actual loss suffered only is payable as compensation but not exceeding the sum insured as agreed and stated in the policy.
Premium Rating: Calculated on the total estimated carrying during the year and the amount at risk at the premises. The single carrying limit is also required to be mentioned to facilitate ratings. Rates vary according to nature, location of risk, Security, Clients past record and of course the estimated annual carrying limit.