Money Insurance (Cash in Safe & Transit)

What is money insurance?

Money insurance is a policy that pays for cash, cheques, drafts and similar instruments lost through robbery, theft or accident while being carried to or from the bank, kept in a locked safe, or held on the premises during business hours. It is sold in India by general insurers as a standalone policy or as a section in an office, shop or package policy.

The cover sits within our specialty and other insurance range because it protects a specific, easily overlooked asset. Fire and burglary policies normally exclude money, or cap it at a token amount, so a separate money policy fills a genuine gap.

What money insurance covers

A standard policy has two main parts. Most businesses need both.

Money in transit

This covers cash and negotiable instruments while they are being carried by you or your authorised employees between your premises, the bank, the post office or another agreed place. The policy is priced on your estimated annual carrying, meaning the total amount you expect to move in a year, and a single-carrying limit for the largest amount in any one trip.

Money in safe and on premises

This covers cash in a locked safe or strong room outside business hours, usually against burglary or housebreaking with forcible and violent entry. Many insurers also cover money in a till or on a counter during working hours against robbery or hold-up. Each location gets its own limit.

Common extensions

• Damage to the safe, strong room or premises caused by the thieves.
• Wages and salary cash drawn for disbursement, until it is paid out.
• Personal accident cover for employees injured during a robbery, where the insurer offers it.
• Riot, strike and terrorism, on payment of an extra premium.

What is not covered

Money insurance is narrow by design. Expect these exclusions in most Indian wordings:

• Loss caused by the dishonesty of your own employees. That is the job of fidelity guarantee insurance.
• Shortages from clerical error, wrong payment or accounting mistakes.
• Cash left in an unattended vehicle, or carried by someone not authorised in the proposal.
• Loss from a safe that was opened with its own key, unless the key was obtained by force or threat.
• Consequential loss, such as lost business while you recover.

Who needs it

Any business that handles meaningful amounts of cash benefits. Typical buyers include retail shops and showrooms, fuel stations, restaurants and bars, pharmacies, hospitals and clinics, schools and coaching centres collecting fees, cooperative housing societies collecting maintenance in cash, contractors paying site wages, and collection agents. If you would struggle to absorb the loss of a full day’s takings, the cover is worth pricing.

How the premium is decided

Insurers look at the annual carrying estimate, the single-trip limit, the safe limit and the security around each. The key factors are:

• How the cash travels: on foot, by two-wheeler, by car or by a cash-management company.
• Whether an escort or armed guard accompanies large carryings.
• The safe’s grade, weight and whether it is anchored to the floor.
• Alarms, CCTV and night watch arrangements at the premises.
• Your past losses and the crime profile of the area.

Rates and conditions vary by insurer. Some insist on two carriers above a certain amount; others require a vehicle for larger trips. These conditions matter at claim time, so we read them carefully before you sign.

How MILES helps

• Right-size the limits. We map your real cash flow, including festive peaks and wage days, so the single-trip and safe limits are not set too low.
• Compare insurers. We place business with 16+ insurers and compare premium, deductibles and security conditions side by side.
• Check the conditions. We flag clauses on escorts, safe keys and vehicle use that you must follow for a claim to succeed.
• Package where sensible. We can combine money cover with burglary, glass and fidelity sections in a shopkeeper’s or office package.
• Support the claim. Our claims team helps with the FIR, surveyor visit and paperwork.

How a claim works

1. Inform the police immediately and obtain a copy of the FIR.
2. Notify the insurer or MILES the same day, with the time, place and amount lost.
3. Preserve CCTV footage, bank deposit slips, cash registers and the damaged safe.
4. Cooperate with the surveyor, who will reconcile your cash book with bank records.
5. Submit the claim form, FIR, police final report if requested, and supporting accounts.
6. The insurer settles the verified loss, less any deductible, up to the relevant limit.

What we need for a quote

• Business type and address of each location.
• Estimated annual carrying and the largest single trip.
• Maximum cash held in the safe overnight and at the counter during the day.
• How cash is carried and whether an escort is used.
• Safe make and security measures, plus five years’ loss history.

Cover, exclusions and premiums depend on the insurer’s policy wording and underwriting. MILES Insurance Brokers Pvt. Ltd. is an IRDAI-licensed direct broker (Life & General, Reg. No. 954); the insurance is issued by the insurer. Insurance is the subject matter of solicitation.