Cash in Premises

Money Insurance (For Bank)

This policy aims at providing cover against physical loss or damage of Money, currency, coin, bullion, precious metals of all kinds and in whatsoever form and articles made therefrom, gems, precious and semi-precious stones, cheques, drafts, stamps and all other negotiable and non-negotiable instruments or contracts representing money, in which the Bank is interested or for which the Bank is legally liable.


Section A


 Physical loss of or physical damage to the insured property up to the amount(s) insured whilst in or upon the premises occurring during the period of insurance.


Section B

Transit :   

Physical loss of or physical damage to the insured property upto the amount(s), insured for vehicle risk whilst in transit by a four wheel motorized vehicle guarded by trained armed guards with fire arms pavement risk and ATM risk whilst within the territorial limits specified in the proposal form/policy occurring during the period of insurance.



Amount insured  

The total liability of the insurer/s in respect of anyone incident or series of incidents of loss or damage:

(a)     Caused by anyone burglary, robbery, or hold up or attempt thereat in which no employee of the insured is concerned or implicated


(b)     Caused by an unintentional or negligent act or omission on the part of any person, whether one of the employees of the insured or not resulting in physical loss of or physical damage to insured property,


(c)     With respect to anyone casualty or event other than those specified in (a) and (b) preceding is limited to the limit of liability as shown in the policy schedule irrespective of the total amount of such loss or losses and regardless whether the cause or causes of such loss or losses are within one or more than one of sub-divisions (a) to (c), inclusive.  


Vehicle risk

 Physical loss of or physical damage to insured property inside a four wheel motorized vehicle belongs to the insured or hired by them and guarded by trained guards with fire arms

ATM risk

Physical loss of or physical damage to insured property in any of 3 circumstances which are:

(i) From the moment when the insured property is taken out of the vehicle operated by the insured by an employee for the purpose of replenishing an automated teller machine (“ATM”) until the moment when the ATM being replenished is shut and locked and any insured property removed from the ATM is inside the vehicle.

(ii) From the moment when an ATM is opened for first or second line maintenance by an employee of the insured until the moment it is shut and locked.

(iii) Following and caused by unauthorized use of keys stolen from the insured to open an ATM.  


A natural person in the service of the insured who is subject to the insured’s direction and control.

Pavement risk

The risk of physical loss of or physical damage to insured property (when it is away from the premises, and when it is not ATM risk) when it is being carried by an employee to or from a vehicle operated by the insured.


This insurance does not cover:

  1. Loss of money arising on account of shortage due to error or omission.
  2. Loss occurring on the premises, after business hours, unless the money is kept in locked safe or vault in strong room.
  3. Loss of money from safe or strong room following use of the key to the safe or strong room or any duplicate thereof / access code to the safe or strong room belonging to the insured, unless this has been obtained by threat or by assault or violence or any threat thereof.
  4. Consequential loss of any kind.
  5. Loss or damage directly or indirectly caused by, resulting from or contributed to by the dishonesty or collusion of any owner (beneficial or otherwise), director, officer or employee, agent or shareholder (beneficial or otherwise) of the insured acting alone or in collusion with others.
  6. Breakage of articles of a brittle or fragile nature unless such breakage is caused by fire or thieves.
  7. Loss or damage to any property in an ATM other than whilst the ATM is being replenished and / or serviced and / or accessed by the insured.
  8. Any loss or damage from unattended vehicles.
  9. Mysterious disappearance or any unexplained loss.
  10. Any loss, damage, cost or expense whatsoever which arises whether directly or indirectly from any kind of seepage or any kind of pollution and / or contamination.
  11. Loss or damage directly or indirectly occasioned by happening through or in consequence of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolutions, insurrection, military or usurped power, confiscation or nationalization or requisition or destruction of or damage to property by or under the order of any government or public or local authority.
  12. Loss damage cost or expense of whatsoever nature directly or indirectly caused by resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.

For the purpose of this exclusion, an act of terrorism means an act or series of acts including but not limited to the use of force or violence and / or the threat thereof, of any person or group(s) of persons, whether acting alone or behalf of or in connection with any organization(s) or government(s), or unlawful associations, recognized as unlawful activities under any related and applicable national order /legislation / law / statute formulated to combat unlawful and terrorist activities in the nation for the time being in force, committed for political, religious, ideological or similar purposes including the intention to influence any government and / or to put public or any section of the public in fear for such purposes.

This exclusion also includes loss, damage, cost or expenses of whatsoever nature directly or indirectly caused by resulting from or in connection with any action taken in controlling preventing, suppressing or in any way relating to the above.

  1. Loss arising out of or resulting directly or indirectly from the wire transfer of money to or from any person or entity or from internet related fraud of counterfeit money.
  2. Any loss or damage caused by or resulting from :

      (i) Natural ageing gradual deterioration inherent defect rust or oxidization moth or vermin:

      (ii) Any repairing restoring retouching or similar process;

     (iii) Aridity, humidity, exposure to light or extremes of temperature unless such loss or damage is caused by fire, lightning, explosion, storm, flood or earthquake.        

  1. Loss damage liability or expense directly or indirectly caused by or contributed to by or arising from :

      (i) Ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel;

     (ii) The radioactive toxic explosive or other hazardous or contaminating properties of any nuclear installation reactor or the nuclear assembly or nuclear component thereof;

    (iii) Any weapon of war employing atomic or nuclear fission and / or fusion or other like reaction or radioactive force of matter.    

  1. Loss arising whether directly or indirectly from the insolvency administration voluntary arrangements with creditors bankruptcy or receivership of ;

     (i) The insured

     (ii) The operators of the premises of named location(s)

    (iii) Any third party whose property may have become indistinguishable from the insured property.