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 Posted: Tue Feb 24, 2009 1:17 pm Post subject: A BANK HAS MONEY INSURANCE POLICY WITH XYZ INSURANCE COY COV |
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A BANK HAS MONEY INSURANCE POLICY WITH XYZ INSURANCE COY COVERING MONEY IN TRANSIT, MONEY IN SAFE AND MONEY ON PREMISES. THE BANK LATER ENTERED INTO A CONTRACT WITH A BULLION VAN COY FOR THE MOVEMENT OF MONEY FROM ONE LOCATION TO ANOTHER AND SPECIFIED IN THE CONTRACT THAT THE BULLION VAN COY (NEL) SHOULD INSURE THE MONEY IN THEIR CUSTODY. THIS WAS DONE WITH LION INSURANCE COY. FOUR MONTHS LATER THE BULLION VAN WAS ATTACKED BY ARMED ROBBERS THE SUM OF $2M WAS STOLEN.WHICH OF THE INSURERS IS RESPONSIBLE FOR PAYMENT OF THE CLAIM?CAN THE PRINCIPLE OF CONTRIBUTION APPLY?. IF THE BANK IS MADE A LIEN HOLDER, DOES IT HAVE ANY EFFECT ON CONTRIBUTION, IF ANY.
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kelvinwg2000
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| Posted: Tue Feb 24, 2009 8:50 pm Post subject: |
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hey this seems to be really interesting topic. i will give my detailed opinion after a quick study (it may take one day) hold on please. 
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amit
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| Posted: Wed Feb 25, 2009 7:36 am Post subject: |
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I agree with Amit, this is indeed an interesting discussion.
Though I'm not an expert on this issue but I would hazard a guess. Since the money was in the custody of the security company, its insurance would cover for the losses. The bank's insurer would have covered the loss if the money were stolen while being transferred from the bank building to the security van. However, I think that the policy document needs to be read to find out the definition of the ‘money in transit loss'.
Hope the experts would share their insights too.
Regards,
Juanita
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Juanita
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| Posted: Sat Feb 28, 2009 1:24 pm Post subject: |
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| Quote: | | A BANK HAS MONEY INSURANCE POLICY WITH XYZ INSURANCE COY COVERING MONEY IN TRANSIT |
so if bank is insured for money in transit then one opinion about is that bank insurer will pay full loss to the bank.
another opinion is bank insurer and bullion voy van insurer should jointly pay it to the bank.
| Quote: | | CAN THE PRINCIPLE OF CONTRIBUTION APPLY?. |
yes surely principle of contribution of the liability does apply here.here both van insurer and bank insurer should contribute towards the claim.
| Quote: | | IF THE BANK IS MADE A LIEN HOLDER, DOES IT HAVE ANY EFFECT ON CONTRIBUTION, IF ANY. |
i am not very clear about this aspect experts opinions are welcome. |
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amit
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| Posted: Sun Oct 11, 2009 5:48 pm Post subject: Reply |
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In this case gographical limit of cash in transit is to be verify if cash carried within gographical limit , then both Parties ( Bank & Custodian / Bailee of money ) Insurance companies will indemnify the loss as per sum Insured under their respective policies ( contribution caluse will applied )
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Kanti Waghela
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| Posted: Sun Oct 11, 2009 5:50 pm Post subject: Reply |
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In this case gographical limit of cash in transit is to be verify if cash carried within gographical limit , then both Parties ( Bank & Custodian / Bailee of money ) Insurance companies will indemnify the loss as per sum Insured under their respective policies ( contribution caluse will applied )
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Kanti Waghela
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