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Cash in safe, cash in transit, cash on counter

CASH ON COUNTER INSURANCE

 Cash on counter & cash in safe: Cash in safe and Cash on counter money or cash is always at the risk of robbery or theft. The policy aims at providing protection when the money is subjected to theft or robbery. These policies are very much helpful in such undesirable situations.

To grant this type of cover the following information must be obtained through proposal form :

(a) Nature of business transacted in the premises.
(b) Amount of cash required for insurance
(c) By whom the key are held & number of keys used to open the safe
(d) What precautionary measures have been taken to check & prevent any kind of burglary, 
theft & hold up.
(e) Full description of the safe.

In addition to money, cover may also be provided for stamps securities money orders, postal orders etc.

 

CASH IN TRANSIT INSURANCE POLICY

This form of cover which is essential to persons and organization where large amount of money is transported form offices to bank, office to office, bank to banks or other places of business. The cash in transit provides cove against loss of money by robbery, theft and or accident whilst in transit between the specified places. Dishonesty of messenger is specifically excluded. Coverage is restricted within Bangladesh.

It is essential that a fully completed proposal form to be obtained from the proposer. The premium for this type of insurance is to be calculated using the insured’s estimate of the amount of cash in transit (turn-over) annually. The turn-over is to be ascertained by multiplying approximately the numbers of carriages which the insured expects to make in the year with the agreed single carry which shall be maximum liability of the insurer in the event of any one loss at one time. It is, however, mentioned here that this types of policies should not be issued on declaration basis. Care should be taken that limit per single carry is not unduly excessive.

Cash and currency notes whilst in transit in between the Branches, Sub-Branches, Booths, collection and or/payment and/ or Purchasing centers should be in the custody of minimum one responsible officer and / or Cashier of the bank and escorted by minimum one Guard with Fire-arms, whilst carried by conventional mode of transport such as Car/Jeep/Pick-up/AutoRickshaw/Micro-bus/Mini-bus/Staff-bus/Passengerbus/Private-bus/Commercial Truck/Private Truck/Van (All sorts)/ Rail (Passenger)/Helicopter/Steamer/Speed Boat/Sea Truck and Launch (Other than passenger).

All other modes of transport are to be treated as non-conventional. In case of multiple modes of transport, the mode of transport which consumed the major part shall have to be considered for the concerned transit.

 

Cash on counter & cash in safe :

Cash on counter & cash in safe: Cash in safe and Cash on counter money or cash is always at the risk of robbery or theft. The policy aims at providing protection when the money is subjected to theft or robbery. These policies are very much helpful in such undesirable situations.

To grant this type of cover the following information must be obtained through proposal form :

(a) Nature of business transacted in the premises.
(b) Amount of cash required for insurance
(c) By whom the key are held & number of keys used to open the safe
(d) What precautionary measures have been taken to check & prevent any kind of burglary, 
theft & hold up.
(e) Full description of the safe.

In addition to money, cover may also be provided for stamps securities money orders, postal orders etc.