Money Insurance

Money Insurance

An organization may need to physically transport large sums of money from one place to another. This puts your money at risk of theft from opportunistic burglars while it is in transit. This presents the need to insure it with Money Insurance Cover through Sumac Insurance Agency Limited.

This cover would protect your organization against “All Risks” 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.

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.

It also covers Loss and/or damage to money whilst;

1. 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.

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

1. Hold ups

2. Riots and Strikes

3. Assault Cover which can be arranged for some additional premium.

This policy is ideal for institutions handling money such as Banks, Mpesa shops, betting shops, and jewelry dealers.