Physical transfer of money and other valuables can pose a risk, both on the valuables and the people handling them. Even the best efforts of securing money during transport is 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 cash in transit insurance. It is an excellent and wise solution to counter the risks.
Insurance for Money and Personal Accident
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 are 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.
Exclusions
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.
Benefits of Cash in Transit Insurance
We are watchful when we are 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 Security Services specialises in secure transportation of your money to the bank. We currently provide security guard services for your business needs. Visit our home page for more information. www.cashsecurity.com.au