CASH-IN-TRANSIT

WHAT IS CASH IN TRANSIT

Cash-In-Transit means cash, bank notes, brand drafts, currency notes, cheques, are all included. It protects the insured against risks associated with transporting cash from one location to another. It is specifically designed to protect the insured from:

• Loss of money arising out any cause
• Loss of or damage to safe/strong room
• 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.
  

This policy covers insured’s estimated annual cash transfers against any accidental loss or theft/housebreaking. The money insured includes current coins, banks and currency notes, cheques, postal orders, and current postage stamps. However, per transit or in premises basis limits are set under the policy.

The increasing crime rate and resultant rise in criminal damage and violent attacks on individuals and institution have all given rise to the need for this type of policy. All businesses use, control and handle money in some form or the other and any significant loss (whether accidental or otherwise) can have a significant knock on the effect on the business.

The cash in transit insurance policy covers all risks relating to money belonging to the insured’s institution or for which the institution is responsible whilst in transit. It also covers money as the insured’s premises whilst secured in a safe or strong room.

WHAT’S COVERED

• Cash In Transit is an All Risks policy covering money, up to the insured’s given limits, including;
• In transit to or from bank
• In insured’s premises outside safe/strong during office hours
• In the insured’s premises in locked safe/strong room after office hours
• In the insured’s residence or partner
• In the hands of authorized official e.g salesmen, directors, messengers
• Loss or damage to safe