It is essential that all case a fully completed
proposal form to be obtained from the proposer. The policy schedule
must also be fully completed so that no discrepancy exists and
the cover provided is specifically and exactly. The premium for
this type of insurance is to be calculated using the insured’s
estimate of the amount of cash in transit (turn-over) annually.
The turn-over is to be ascertained by multiplying approximately
the numbers of carriages which the insured expects to make in
the year with the agreed single carry which shall be maximum liability
of the insurer in the event of any one loss at one time. It is,
however, mentioned here that this types of policies should not
be issued on declaration basis. Care should be taken that limit
per single carry is not unduly excessive. As per practice the
cover should be granted in respect of areas which are prove by
the inasured.
Cash and currency notes whilst in transit in between
the Branches, Sub-Branches, Booths, collection and or/payment
and/ or Purchasing centers should be in the custody of minimum
one responsible officer and / or Cashier of the bank and escorted
by minimum one Guard with Fire-arms, whilst carried by conventional
mode of transport such as Car/Jeep/Pick-up/Auto Rickshaw/Micro-bus/Mini-bus/Staff-bus/Passenger-bus/Private-bus/Commercial
Truck/Private Truck/Van (All sorts)/ Rail (Passenger)/Helicopter/Steamer/Speed
Boat/Sea Truck and Launch (Other than passenger).
All other modes of transport are to be treated
as non-conventional. In case of multiple modes of transport, the
mode of transport which consumed the major part shall have to
be considered for the concerned transit.
Cash on counter
& cash in safe :
To grant this type of cover the following information
must be obtained through proposal form :
Description of Cash in Safe and Cash on Counter Insurance
Business:
Cash in safe and Cash on counter money or cash
is always at the risk of robbery or theft. The policy aims at
providing protection when the money is subjected to theft or robbery.
These policies are very much helpful in such undesirable situations.
Additional risks covered on payment of
additional premium:
In addition to money, cover may also be provided
for stamps securities money orders, postal orders etc.
