This document summarizes the key details of a money insurance policy, including: Section I covers money in transit between insured premises and banks or post offices. Section II covers cash in various transit scenarios, including between banks and insured premises. The document outlines exclusions like shortage due to error, losses from fraud/dishonesty of employees, and losses covered by other policies. It also mentions extensions that can be included, such as infidelity of employees, riots/strikes/terrorism, disbursement risk, and money in safes. The underwriting process examines factors like the maximum amount carried in single transits, the time of day money is carried, and security measures at insured

1. MONEY
INSURANCE
BY
S. MAGESWARI, B.A., H.D.C.A.,

2. COVERAGE
Section I :
 Money in transit between the insured premises & Bank or
Post office or other Specified places.
Section II :
A. Cash in transit from bank to insured premises for payment
of wages.
B. Insured’s main premises to Insured’s branch premises for
payment of wages.
C. Insured’s premises to Bank / Post office for purchase of
DD’s Postal orders, money orders , postage or revenue
stamps

3. Continued to Coverage
D. The above all items transit from the bank/ Post office to
insured’s premises.
E. Cash collected by employees from the time collection and until
delivered at the insured’s premises or bank on the day of
collection.
F. Unpaid wages etc. retained at the insured’s premises in burglar -
resisting safe, or strong room.
G. Cover is granted for 48 to 72 hours.

4. SUM INSURED
Limit of the
insurers
liability for
any one loss
or per carrying
limit .
Estimated
amount in
transit during
the year.

5. EXCLUSIONS
A. Shortage due to error or omission.
B. losses due to the fraud /dishonesty of an employee of the
insured.
C. losses which are covered by other policies.
D. losses arising from war and allied risks.
E. losses occurring by the use of keys to the safe unless such
keys to the were Obtained by force or theat.
F. Money carried under contract of affreightment.
G. Theft of Money.

6. Extensions
A. Infidelity of employees
B. riots/strikes/terrorism
C. Disbursement risk
D. Money in safe (48 HOURS)
E. Money at Business Counter

7. Proposal Form
A. Name & Address
B. period of insurance
C. Circumstances under which money in transit is required or covered.
D. estimated amount of money in transit during the period of insurance
for each sub section separately.
E. mode of carrying money and the safety precautions taken.
F. Distance & details
G. Past insurance history & past claims history.

8. Underwriting
The maximum amount carried in any single transit.
The time of the day when the money is carried
The distance over which the money is carried
What means of transport do the persons carrying the
money use i.e. own car/public transport etc ?
Location of premises & special security features like
burglar alarms & armed guards round the clock.

9. Rating & claims

11. THANK YOU