Cash in Transit Insurance
Cash in Transit Insurance
Your business may involve entrusting the carrying of negotiable instruments such as cheques and bonds, as well as cash, to your staff. How prepared are you for any undesired scenarios which may arise in such cases?
The Cash in Transit Insurance allows you to obtain coverage against numerous risks posed to your cash or assets en route to banks or other offices.
Just visit our nearest agency and get acquainted with this product helping you breathe a sigh of relief.
Coverage
The Cash in Transit Insurance provides coverage against the theft or looting of cash and assets carried between businesses and banks or other businesses, which may arise due to the following incidents:
- Armed robbery or theft as a consequence of gun threats or use of force by third parties
- Damages arising due to an accident or fire the vehicle may incur during transportation on a vehicle
- Losses that may occur as a result of an event of force majeure during transportation
Furthermore, if the money transported is for the wages and salaries payable to personnel and workers employed at the workplace, the insurance coverage remains in effect until 19:00 the next day, provided that the money is maintained in the safety box available at the workplace
Principles of coverage
The following details should be known for this coverage to be extended:
- The area of transit
- The form of transit
- The frequency of transit
- he number of persons involved in the process
- The maximum amount of cash and negotiable instruments carried in one go
- Annual total volume of assets thus transported
Losses that may arise due to abuse by the personnel involved in the transit operation are covered by Fidelity Insurances and hence are not covered by this policy.
Frequently Asked Questions
Will the claim be paid under the Cash in Transit Insurance in case of loss of the asset if it is “forgotten” somewhere?
No. The following cases are covered:
• Armed robbery or theft as a consequence of gun threat or use of force by third parties
• Loss and robbery as the result of an accident or burning of the vehicle transporting the money
• Losses arising due to other reasons during the transfer
• Armed robbery or theft as a consequence of gun threat or use of force by third parties
• Loss and robbery as the result of an accident or burning of the vehicle transporting the money
• Losses arising due to other reasons during the transfer
Who should get this insurance in particular?
Any entity that engages in cash or negotiable instrument transportation between the workplace and the banks.
Which elements play a role in setting the premium?
• Area of transportation of the cash
• The type of vehicles used in transit
• The number of persons involved in transit
• The maximum amount and type of the asset carried in one go
• The maximum volume carried through the year
• Measures taken during transit
• The type of vehicles used in transit
• The number of persons involved in transit
• The maximum amount and type of the asset carried in one go
• The maximum volume carried through the year
• Measures taken during transit
Relevant Documents
Information and documents you may need with respect to the product you are interested in are provided below. Should you have any questions, you can get even more detailed information by contacting our nearest agency.