Cash Insurance

Cash in Transit, Cash in Safe and Cash in Drawers policy will compensate the business for such loss. The policy may be extended to cover accidental injury to employees of the business who may be injured during a holdup.

Most businesses handle money at some stage in their operations. Money insurance can insure against money in transit loss, insure cash in safe and can include theft or fire loss. Almost all businesses handle money in some form – cash, cheques, credit card slips and bankers’ drafts, making this form of insurance essential for businesses large and small. It will even cover a small amount of cash at the home of directors or employees, both in and after business hours.

Why you should consider it:

• Essential protection of financial assets
• Protection for employees and others who transport monies
• Peace of mind security, minimising disruption to your business
• May cover exclusions from other fire insurance policies

Policy features can include:

• Money in transit to and from banks, carried by insured or employees
• Personal assault cover
• Money on business premises, in or out of safes
• Personal and safe damages
• Cover for money in the home of employee or director
• Cover for money in safety deposits

Physical transfer of money and other valuables can pose a risk. Even the best efforts of securing money during transport are not an absolute assurance that no robbery might occur. That is why, we are not surprised to hear news about cash in transit heist, and they seem to increase as time goes by. Authorities urge business owners to be more vigilant, but still, they are faced with cash robbery threats. With these risks in mind, we realize the need for Money Insurance. It is an excellent and wise solution to counter the risks.

What is the scope of cash in transit insurance? Does it only cover the valuables involved, or does it include personal accident insurance? Typically, this type of insurance covers loss or damage of business money or other valuables in the business premises, or if it is being carried by the insured, or its employees. It is expected that a robbery or an assault can happen at any given time and place, so the conditions when the insurance may be covered are also reasonable. These conditions are when money is in direct transit from the bank to the insured premises, during storage, or while being processed. This means that money in locked drawers, in a locked safe, or in a safe room is covered.

But other insurance companies go the extra mile. They have more comprehensive coverage by including personal accidents in their insurance policies. This would mean that injuries during theft, or even attempted theft, are covered. They also cover for hold ups, riots and strikes, and assault.

While there are conditions for coverage, there are also conditions for exclusion. Of course, insurance is to compensate for losses or damages. But we need to keep in mind that this is for unexpected events and accidents. So there are a number of reasons why a loss or damage may not be covered by the insurance company. These include theft of money due to unattended motor vehicle, loss due to error or omission, loss due to fraud or dishonesty of an employee, and damages or loss because of willful destruction by the authorities.

We are watchful when we carry small amount of money while in a public transportation. Multiply the risk by a hundred fold, and that’s how riskier it is to transfer huge amount of money from business premises to banks, or other business institutions. We need to understand that cash in transit businesses have liabilities to their customers. Entrusted with a great responsibility, they need an insurance that would cover as wide as their liability with their valued customers. And of course, nothing else beats the peace of mind that your cash in transit business, and your reputation to customers, are protected.

Cash In Safe (CIS)

covers money in safes. The cover continues as long as cash is kept in the safe under lock and key and terminates the moment is removed therefrom thereby triggering another form of cover named Cash In Premises or Cash On Counter (COC) which also terminates the moment cash steps out of the premises to become Cash In Transit (CIT).

It is a condition under all Money Insurances that, money should never be left unattended at any time. Mysterious disappearance as such is not covered.

Fidelity Guarantee

Fidelity Guarantee is an agreement whereby, for a designated sum of money, one party agrees to guarantee the loyalty and honesty of an agent, officer, or employee of an employer by promising to compensate the employer for losses incurred as a result of the disloyalty or dishonesty of such individuals.

You can cover your business against losses experienced following acts of fraud or theft by your employees. Employees refer to permanent employees and service contractors over whom control and performance can be directed in the course of business.

You need to keep up-to-date information of the identification, address and contact details of all your employees. This will assist in contacting employees who may be involved in any acts of fraud or theft.

What it covers: Any time you suffer loss or damage of money or property as a result of fraud or theft by an employee

Five Things you must know about Fidelity Guarantee Insurance:

1. Who needs Fidelity Guarantee Insurance?
   Almost every company runs the risk of their staff or directors stealing goods or money.  Even if physical security is high, it is often impossible to be completely protected against “white collar fraud” or account embezzling.
2. Why should you take out Fidelity Guarantee Insurance?
   As companies grow, an ever increasing amount of trust and responsibility naturally has to be deployed to senior staff. It would be impossible to double check each and every transaction, or to be the sole holder of alarm codes, keys and so forth. Whilst we all want our businesses to prosper and to empower promising staff with increased levels of responsibility, it is sadly often (generalising) the staff we trust most that have alternative motives. Whilst some staff or ex-staff co-ordinate these crimes out of spite, revenge or malice, we have also seen far too many claims where huge losses were executed by the most trusted senior members faced with a personal crisis. The negative effect on morale caused by realising that one of your colleagues intentionally caused a loss to the company is devastating. This doesn’t have to be further compounded with financial burdens if these losses are insured against.
3. How much does Fidelity Guarantee Insurance cost?
   We have a large book of clients with many different insurance companies, so we will be able to find the most beneficial policy with the cheapest premiums for your business.
4. Typical claims incurred on Fidelity Guarantee Insurance policies:
   The most common claims on this policy tend to be staff who simply disappear with company items such as cell phones, demo equipment, outstanding loans etc. This often causes little more than an annoyance to the company. Particularly devastating claims are when staff arrange or tip off “inside jobs”.  These can be burglaries, mock hijackings or hold ups of known staff who carry cash. The largest claims tend to be caused by accounts personnel who can often pay ghost employees or creditors, or skim from the accounting system for years before the discrepancy is realized.
5. What other insurance should be considered along with Fidelity Guarantee Insurance?
   In many burglaries, hijackings and hold ups, it is often difficult to establish whether it was indeed an inside job, tip off, or simply a coincidence.  It is therefore recommend that Theft cover still be in force.