Money is central to an organisation’s workings. From profits to costs – money covers
every area and goes through many transactions.
The Money Insurance Policy of HDFC ERGO broadly covers loss of money in transit
by the insured or insured’s authorised employee(s) or money held in safe in the
Insured’s premises.
Money: Money shall mean and include Cash, Coins, Bank Draft, Currency
Notes, Cheques, Traveler’s Cheque, Postal Order, Money Order, Pay Order and Current
Postage Stamps, Bank shall mean and include Bank of every description, Post Office,
Government Treasury.
- Money In Transit
- Money In Safe
In the event of loss of
Money relating to Business or Profession
due to accident or misfortune happening during the currency of the Policy, the Company
hereby agrees subject to the terms, condition and exclusions herein contained, endorsed
or otherwise expressed hereon, to pay to the Insured the amount of loss in the circumstances
or situations as set out in the Schedule, provided always that the limit of the
Company's liability for any one loss shall in no case exceed the amount specified
against the respective Item in the said Schedule.
The Company will also pay for cost of replacement or repair of the Insured’s safe
or strong room at the insured premises in the event of its being damaged by thieves
or burglars.
All transits of Money in excess of Rs.1,00,000 shall be in a locked briefcase conveyed
as far a practicable in a motor vehicle accompanied at all times by at least one
responsible employee of the Insured.
- Shortage due to error or omission
- Loss of money entrusted to any person other than insured or an
authorised employee or directors of the Insured
- Infidelity of Insured or his employee except loss due to fraud or dishonesty of
the cash carrying employee of the Insured
- Loss occurring on the premises, after business hours, unless the money
is in a locked safe or strong room
- Loss occasioned by Riot, Strike and Terro rist Activity
- Money carried under contract of affreightment and theft of money from unattended
vehicle
- Loss of or Damage to money in transit by post
- Loss of money collected by authorised employee/s of the Insured
whilst in transit to the Insured premises or bank in their personal custody for
more than 48 hours
- Loss of money from safe or strong room following use of the key
to the safe or strong room or any duplicate thereof belonging to the Insured
- War and warlike perils
- Ionising radiation or contamination by radioactivity, Nuclear Weapon material
- Consequential loss or legal liability of any kind