Shikhar Insurance Company Ltd. (SICL) is an established General Insurance Company promoted by a young team of reputed Industrial and Business Houses involved in various fields like Aviation, Banking, Manufacturing, Trading, Travel Trade, Media Houses etc.
Most businesses handle money at some stage in their operations. Almost all businesses handle money in some form – cash, cheques, bankers’ drafts etc . A business may be robbed of cash either during normal business hours or after normal business hours. So, this insurance is essential for large as well as small businesses.
This policy covers loss of money carried by authorized personnel whilst in transit from one place to another in Safe, Vault and Counter against the risks like Robbery, Looting, Snatching etc. It covers the loss of money from the time it is taken out until delivered at other place.
This insurance can be extended for Terrorism Group Risks [RSMDST- Riot, Strike, Malicious Damage, Sabotage and Terrorism].
For eg. If the authorized person of insured organization goes to bank to deposit the money. But whilst in transit, if the person is robbed then such losses of money is covered. So, it covers the loss of money between the insured premises and bank or other place.
- It covers Theft, Burglary, Hold up, Robbery, whilst in transit from one place to another by authorized personnel.
- It covers losses of Cash kept inside Safe, Vault or Strong room inside insured premises due to Theft, Burglary, Hold up, Robbery or Housebreaking.
Here cash means Bank note, Treasury Note, Bullion, ATM cash, coins, Bank Draft, Cheques, Promissory Note, Bills of exchange, etc.
- It covers losses of Cash during working hour inside insured premises due to Theft, Burglary, Hold up, Robbery or Housebreaking.
- It covers losses of money due to dishonesty and betrayal by authorized personnel whilst in transit. However, such loss should be known within 72 hours.
- It also covers personal loss of money of insured staffs inside insured premises due to Theft, Burglary, Robbery or Housebreaking. Such loss shall be payable to maximum Rs. 10,000/- per policy period.
Criteria for Cash In Transit
i) Upto NPR 10 million : Minimum one office person shall accompany each cash in transit
ii) Above NPR 10 million : One Guard and one office person shall accompany each cash in transit
ii) Cash in Transit by air : One office person shall accompany each cash in transit
- All the insured premises shall be protected with proper security measure likes 24 hour guard, CCTV Cameras etc.
- All the doors and windows shall be properly closed after office/working hours.
- All means of entry to or exit from the premises or any safe or strong room in the premises to be properly secured.
- The keys of the safe or strong room shall not be left on the premises out of business hours unless the premises are occupied by the Insured or any authorized employee of the Insured in which case such keys if left on the premises shall be deposited in a secure place not in the vicinity of the safe or strong room.
- The key or numerical code required to gain access to the safe to be stored securely and kept away from public access at all times.
- The Insured shall keep a daily record of the amount of cash contained in the safe or strong room and such record shall be deposited in a secure place other than the said safe or strong room, and produced as documentary evidence in support of a claim under this Policy.
- Fire and Lightening, Earthquake or any natural perils.
- Flood, Landslide, Storm and Hurricane
- Loss of money without any violent, forcible and visible means.
- Terrorism Risk (can be included on the payment of additional premium)
- War, Invasion, Act of foreign enemy (whether war is declared or not), Civil War, Rebellion, Revolution, Insurrection etc.
- Cash not kept in safe, vault or strong room after office hour.
- Accounting error
- Money carried by unauthorized personnel whilst in transit
- Dishonesty and fraud by insured itself other than staffs or authorized personnel
- Losses occurring by the use of keys to safe unless such keys were obtained by threat or force.
- Loss of money in transit by post or courier services.
- Loss arising from unattended vehicles
- Use of fake note
- The loss caused by contamination of radioactive material or radioactive waste
- Loss due to transfer of money through online or internet
- Consequential loss
- Breach of contract
Deductible Excess is the first amount of loss which the policyholder is personally required to bear.
For RSMDST Claims : 10% of Claim Amount or Rs. 50,000/-, whichever is higher
For Normal Claims : As per company's rule
Documents required to issue policy
- Duly filled proposal form
- PAN of company
- KYC Form
- Other documents if required