Conditions (Circumstances) for money cover:-
1. Transit: Insured → Bank.
2. On Premises (working hours).
3. On Premises (outside of working hours “ Lock Safe” used).
4. Private residences – insured or authorized person.
5. In the personal custody of the collectors.
Scope for money cover:-
1. Loss of money for business purposes for any cause.
2. All risk policy –
(b) Hold – up.
(c) Flood; Hurricane; Earthquake.
(d) Safe; injury to employees and personal effects.
1. Records to be kept away from premises or where the money is kept.
2. Key Clause:
(a) Unoccupied → Away from Premises.
(b) Occupied → Away from Vault.
1. Fraud/ Dishonesty of employees other than the manager.
2. Shortage due to : (a) Error ; (b) Omission
3. Loss due to depreciation in value.
4. Unattended Vehicle
1. Trade or Business.
2. Risk Address.
3. Construction Building.
4. Security measures.
5. Maintenance of premises.
6. Max of Money.
7. Frequency; who; distance for money to arrive
8. Insurance History
9. Claims/ Loses history