Money Insurance

Overview

From its earliest forms to the present, money or its equivalents have been central to trade and the efficient exchange of goods and services. Unfortunately, it also has carried the risk of theft potentially from all those who come into contact or know where it is kept. The greatest risk is when it is moved from one point to another as the exposure exponentially grows, and the incidences of loss have a close correlation with cash handlers, especially internal ones. To mitigate this, smart companies take money insurance as it is one of the best tools to mitigate the risk of total loss should a theft occur. Metropolitan Cannon money insurance protects your organization against risk of physical loss and/or damage to money whilst in transit to and from the premises and while it is in the premises during and after working hours.

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Scope

This policy is tailored according to the insured’s estimates of annual cash transfers and cover limits. The money insured includes current coins, bank and currency notes, cheques, postal orders, and current postage stamps.

This cover is available under the following circumstances:

(1) When money is drawn for the payment of wages, salaries and other earnings or for petty cash in direct transit from the bank to the insured premises.

(2) Money other than described in item (1) in the personal custody of the insured or the authorized employees of the insured whilst in direct transit between the premises and the bank or Post Office

(3) Money other than described in item (1) and (2) collected by and in the personal custody of the insured or the authorized employees of the insured whilst in transit to the premises or bank within a period not exceeding 48 hours from the time of collection.

(4) Money which is in safes and damages to safes in the event of theft or attempted theft.

Cover Benefits

In addition to the above-named perils, cover can be extended to cover:

  • Hold ups
  • Riots and Strikes
  • Assault Cover which can be arranged for some additional premium.

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