Most businesses handle money at some stage in their operations. Almost all businesses handle money in some form – cash, cheques, bankers’ drafts etc . A business may be robbed of cash either during normal business hours or after normal business hours. So, this insurance is essential for large as well as small businesses.
This policy covers loss of money carried by authorized personnel whilst in transit from one place to another in Safe, Vault and Counter against the risks like Robbery, Looting, Snatching etc. It covers the loss of money from the time it is taken out until delivered at other place.
This insurance can be extended for Terrorism Group Risks [RSMDST- Riot, Strike, Malicious Damage, Sabotage and Terrorism].
For eg. If the authorized person of insured organization goes to bank to deposit the money. But whilst in transit, if the person is robbed then such losses of money is covered. So, it covers the loss of money between the insured premises and bank or other place.