This insurance policy protect your property like buildings, plant and machinery, stocks and other installation against losses or damage caused by fire, flood, storm, earthquake, terrorism, vandalism, theft, smoke, hail, the impact of snow and ice, lightning, accidental damage and breakdown and more. This policy cover the cost to replace or repair the property by providing monetary compensation.
Money Insurance policy provides cover for loss of money in transit between the insured's premises and bank or post office, or other specified places occasioned by robbery, theft or any other fortuitous cause.
Section I :
Money in transit under the following heads : Cash, Bank Drafts, Currency Notes, Treasury Notes, Cheques, Postal Orders and Postage Stamps.
Section II :
Money in Safe/Till/Counter
In a money policy of a manufacturing plant which is a labour intensive unit where the wages are paid in cash. The client had withdrawn the cash from his bank and was going back to his plant for distribution of wages . To and From was not mentioned in the money policy and the insurer has denied the claim.
Since To and from was not mentioned in the policy insurer denied the claim as the loss occurred while bringing the case from bank to the Insured premises.
Insurer was convinced that the Money policy covers loss to and from and the premium has been paid accordingly. The dispute is only because it is not mentioned in the policy copy which has been left out erroneously.
Requested the client to check all the location where cash is kept and mention them properly in the policy. Non mentioning of the location in the policy makes the claim inadmissible
Theft from Unattended Vehicle
As the policy does not cover theft from unattended vehicle.
The vehicle carrying the cash should be safeguarded and attended properly.
Safeguards for higher value of articles.
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