Money Insurance indemnifies the safety of money or checks against the risk of theft, robbery, and break-in. Money Insurance consists of these following products :
Cash in Safe
Indemnifies against the risk of loss due to theft in a safe or cashier box, the occurrence of loss, theft and damage to the insured objects (money, checks, securities and or objects equal to money) in a safe, and damage or loss in a building or strong room (storage of insured objects)
Factors considered :
The amount of money saved
The security system of the place where the money is saved
The shape, placement size, brand, year, and safe’s open-close security system
The construction / occupancy of the storage area of the safe
The location and surrounding risk of the building
The location security system
The person in charge of the safe
Moral Hazard and credibility.
Cash In Transit
Protects from loss of money whilst in transit due to robbery or accidents, resulting in money being damaged or lost, whilst in transit en-route to final destination.
Factors considered :
The amount transported
Conveyances and storage during transportation
Security System
Route and Distance
Human Resource / Moral Hazard related
The business activity related (whether in trouble or not).
