Cash-in-transit insurance

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Posted: Tue Aug 03, 2010 10:36 am Post subject: Cash-in-transit insurance

We're always scared while dispatching cash from our end. Is it possible to cover cash/money is transit? _________________ Register Now to have your Insurance queries solved.

Loandigger

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Posted: Wed Aug 04, 2010 10:28 am Post subject:

Whenever petty cash from a bank is in direct transit to the premises of an insured it can be covered. Apart from that we could probably think of cash withdrawn for the purpose of salaries or wages etc. which can be covered under such insurance.

steven

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Posted: Wed Aug 04, 2010 12:43 pm Post subject:

Well Steven, I guess any check that the insured writes (to offer cash) will likewise be protected in transit to the bank from his premises.

RupertWBradson

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Posted: Thu Aug 05, 2010 5:38 am Post subject:

There are some important factors that are taken into account while underwriting insurance for money-in-transit- * Maximum amount that one is allowed to carry through a single transit. * How many employees are allowed to carry such money * The carriage mode i.e. the kind of vehicle _________________ Insuranceguy.ampminsure.org

Juanita

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Posted: Fri Aug 06, 2010 9:27 am Post subject:

Quote:

The carriage mode i.e. the kind of vehicle

I guess the way this money gets transported is also quite important. The manner in which the money is kept in the bag, whether the bag is locked in another box, are all important factors for consideration. It's more secure if the cash is being accompanied by armed personnel.
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sil

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Posted: Sat Aug 07, 2010 9:36 am Post subject:

Well, I guess you've also got to keep an eye on the condition of law-n-order at the area where your money gets transported. This one is certainly a very important factor.