The Cash in Transit Policy indemnifies the insured against loss of cash, currency notes, coins, securities, postal orders, stamps, and cheques, etc. against robbery, theft or any other fortuitous cause while in transit or securely stored in a locked safe.

Coverage:

• This insurance covers loss of money whilst in transit between the bank and the business premises, between the business premises and the post office, Transport Company’s office, work site and market collection.
• This type of policy is an all risks policy and covers losses due to  snatching, hold up, etc. even infidelity of the employees carrying cash is also covered to a limited extent i.e. when the employee carrying cash runs away with it.

Exclusion:

• Shortage due to error or omission
• Loss of money entrusted to any person other than the insured or an authorized employees of the Insured.
• Loss of money where the insured or his employee is “involved” as principal or accessory, except loss due to fraud or dishonesty of the cash carrying employee of the insured occurring whilst in transit and discovered within 48 hours.
• Loss occurring on the premises after business hours, unless, the money is in a locked safe or strong room.
• Loss occasioned by Riot, strike and Terrorist Activity.
• Money carried under contact of affreightment and theft of money from unattended vehicle.
• Loss of money from safe or strong room following use of the key to the safe or strong room or any duplicate thereof belonging to the insured, unless this has been obtained by threat or by violence.