Cash in Transit
The Insurer under this Policies indemnify the Insured against loss of Cash, Currency Notes, Coins, Securities for Money, Postal Orders, Stamps and Cheques etc. whilst in transit en-route to final destination and/or in locked safe.
Cash in Transit is specifically designed to protect the insured from:
- Loss of money arising out any cause whilst in transit
- Loss of or damage to safe/strong room up to 72 hours following transit
- Any case in which money is being carried
The goods or property of the insured or for which the insured is legally responsible caused by theft or attempted theft or robbery with forcible event.
Cash In Transit is any covering loss of money whilst in transit up to the insured’s given limits, including fromany of the Insured’s premises and/or contract sites and/or customer’s premises and/or financial institution and/or port office, until arrival at any of the Insured’s premises and/or financial institution and/or other places disbursement including whilst at professional security premises, and vice versa. In respect of wages and salaries, transit shall extend until money is paid to respective employees or otherwise disbursed.
The insurance can be extended to cover the following at an additional rate:
- Riot strikes and civil commotion
- Money in till (drawer for money in shop or bank etc.) and /or counter up to a reasonable limit.
Object of insured
“Money” means current coin, Bank and currency Notes, Cheques, Postal Notes and Money Orders, Bank Draft, Bank Deposit, Credit Card sales, Vouchers, Current Postage and Revenue Stamps, Bonds, Bill of Exchange, Promissory Notes, Postage and Revenue Franking Tickets, Parking Tickets, Traveller Cheques, Parking Coupons, register cheques, token, or other redeemable vouchers or any other negotiable instrument.
- Shortage due to error and omissions
- Loss of money from safe following use a key unless such keys are obtained by force or threat of violence
- Loss arising from unattended vehicles
- Loss or damage due to floods, cyclone, earthquake and other convulsions of nature
- Loss/damage due to war and its related perils
- Loss/damage resulting from roots, strikes and civil commotion
- Loss arising from terrorist activities
- Consequential loss
Duties of Insured
- The Insured shall keep a daily record of the amount of cash contained in the safe or strong room and such record shall be deposited in a secure place other than the said safe or strong room for producing the same to the Insurer as documentary evidence in support of the claim under this Policy.
- The keys of the safe or strong room shall not be left on the premises out of business hours unless the premises are occupied by the Insured or any authorized employer of the Insured in which case such keys if left on the premises shall be deposited in a secure place not in the vicinity of the safe or strong room.
- The Policy does not cover loss of cash obtained from safe/strong room following the loss of the key to the said safe/strong room or any duplicate thereof belonging to the Insured unless such key has been obtained by threat of violence
- All cash in transit must be conveyed:
- Accompanied by 1 Authorized employee who is not the driver of the Vehicle
- Transit to be made using company owned car
- Permanent employee
- Anyone transit using motorcycle limited to IDR 10,000,000
- Anyone transit must Not use Public Transportation and by foot
Sum Insured, is the value of each property you insure, and you have the full right to determine that value. This Insured Price should be determined according to the amount/value of money to be insured.
Minimum Data Requirement
The premium rate for this clause of insurance is assessed by the Insurer only after a careful study of all circumstances appertaining to the transit, in accordance with the details furnished in the proposal form by the Insured and the past experience. The following factors are ordinarily taken into consideration for underwriting money-in-transit insurance proposals:
- The maximum amount carried in any single transit;
- The number of employees carrying money, the duration of their service with the insured and whether any of them was involved in any previous default;
- The mode of carriage of money i.e on foot, on bi-cycle, in rickshaw, in bus, in taxi or in the insured’s own vehicle;
- The manner in which it is carried i.e on the body of the employee, in a closed and locked bag, and whether the bag is attached to the body of the messengers, or in a box securely locked;
- Whether armed guards accompany the party carrying the money;
- The places between which the money is carried and their location in relation to the neighbor-hood;
- The route through which the money is carried, whether it is thoroughfare or traverses through any sparsely or lonely area and whether the route would be varied so as to prevent an ambush;
- The time of the delay when the money is carried (this should normally be between 9 am and 5 pm);
- The general condition of law and order in the area through which the money is carried.
- Notify the Police immediately
- Prepare notice in writing to us stating the circumstances of the loss
- Take immediate steps to ascertain the full extent of claims and obtain all particulars and documents of evidence to substantiate your claim to insurers
- Staggering timings and dates of bank visits so that they are unpredictable to the observer.
- Try as much as possible to reduce the amount of cash carried by an unprotected person – if large quantities of cash must be moved, consider having an armored guard service instead of an employee.
- Small, regular deposits are preferable to large weekly ones.
- Having a system whereby cash is put in a locked safe (with a deposit slot) at specified intervals would reduce the amounts lost in a hold-up or burglary, provided that the key to the safe was kept off-site, of course.
The Insurer may appoint a surveyor/loss adjuster to inspect and verify the loss.