Cash in Transit Insurance
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The cash transfer insurance policy guarantees compensation to the insured in the event of material loss resulting from the exposure of the person charged with transporting or accompanying the movable property to the risk of theft under duress, loss or damage for a reason beyond his control.
During many small and major businesses and even with the development of banking transactions to the maximum, there are still some businesses that involve assigning employees to carry and move money or negotiable transactions such as checks and bonds, as well as cash, so business owners are never prepared to bear any financial loss costs as a result of unwanted incidents of this kind that may arise in such cases.
In this case, by choosing a cash transfer insurance policy, the policy allows you to get coverage against many of the risks to which funds are exposed from forced theft and others while transporting your employees to and from banks or other offices.
What is cash transfer insurance?
Cash insurance is an insurance method like any type of insurance policy, but in this case it protects the insured from the risks associated with moving cash from one place to another, which are the theft of money under duress or embezzlement of checks, brand drafts, bank notes, etc.
What is the coverage offered by the cash transfer insurance policy?
Cash transfer insurance provides extensive coverage for your money against theft or looting of cash and assets transferred between companies and banks or other businesses, which may arise due to the following incidents:
Armed robbery or theft as a result of threats of arms or the use of force by third parties
Damage caused by accident or fire that may be incurred by the vehicle during transportation on the vehicle
Losses that may occur as a result of force majeure during transportation
Furthermore, if movable funds are for wages and salaries due to employees and workers in the workplace, insurance coverage remains in effect until the next day, provided that the money is kept in the safety fund available at the workplace.
What are the conditions for covering a cash transport insurance application?
To obtain the benefits of the cash transfer insurance policy immediately after submitting the claim, the insured must provide the following details in order for this coverage to be extended:
Money transfer area.
The form of the amount transferred.
The number of people involved in the transfer of the amount.
Maximum amount of cash and negotiable instruments transferred at once.
The total annual volume of assets so moved.
Losses that may arise due to abuse by employees involved in the transfer process are covered and therefore not covered by this policy.
What are the risks not covered in cash transfer insurance?
Lack of liquidity due to error, omission or commission.
Loss of money entrusted to any person other than the insured or the employee authorized by the insured.
Loss of money when it comes to the insured or his work staff as a principle or as a supplement except for loss due to fraud or dishonesty of any employee carrying money with the insured occurs during transit and its discovery within 48 hours.
Loss due to unattended vehicles.
Loss or damage caused by floods, hurricanes, earthquakes and other vagaries of nature.
War-related loss/damage and associated risks.
Loss/damage caused by strikes and civil disturbances.
Loss due to riots, civil unrest or terrorism.