Money Insurance Claim Process
Scope of Cover and Documents required for Claims
- Cash, Currency Notes, Coins, Securities for money, Postal Orders, Stamps, Cheques etc. whilst in transit or in locked safe en route to final destination.
Scope of Cover
- Loss, destruction or damage to money inclusive of wages & salaries by any cause whilst in transit in charge of Insured messenger and/or employee as detailed in the policy and within the territorial limits until arrival at the Insured premises and/or other places of disbursement.
- Loss of money drawn as wages and salaries by any cause whilst in the Insured premises and until paid out.
- Loss of money by any cause whilst in the Insured premises in locked safe or strong room and also damage to the safe or strong room caused by burglars and thieves.
- The proposer should indicate the estimated amount of money in transit during the period of insurance. This is the amount on which the deposit premium is calculated initially at a fixed rate but the premium is finally adjusted at the end of each year of insurance in accordance with the actual amount in transit which must be correctly declared by the Insured.
- The policy is subject to certain standard exclusions like Riot & Strike, shortages due to errors or omissions, etc.
Documents required for claims::
- Intimation to Insurance Company.
- Completion of claim form.
- First Information report with police authorities regarding the loss.
- Details of pay in slip taken by the Insured/his employee’s with denomination of Cash and details of other bills of exchange.
- Counterfoil of cheque issued to draw money from the bank.
- Statement of witnesses at the site of loss.
- Statement of Insured as to the details of employee’s who go to the bank regularly. Whether only one person goes or is accompanied by another.
- Statement from the insured as to the route taken by the employee’s on a regular basis. Details of any known threats that had occasioned earlier.
- In case of Hold up during office hours then the amount available with the cashier together with copies of receipts and denomination of cash in Cash box or till.
- In case of breakage of Strong room or breakage of Cash box, photographs of the items broken.
- Details of cash or Bills of exchange kept in the strong room/cash box. Previous days cash book copy to be provided to verify the details.
- Details of persons responsible for holding the keys to the Safe/Strong room.
- Copy of Key movement register in case of keys handed over to other persons due to leave.
- Letters of reference or recommendations of the employee’s appointment and their background.
- In case of Infidelity of employee’s details of Date of Discovery, Statement of witnesses, Auditors report as to the quantum of loss, details of departmental enquiry etc.
- Letter of Indemnity to Insurance Company where there is a right to recovery.
- Final Investigation report from the Police authorities.
In the event of Claims being repudiated by the Insurance Company the following options are available as a recourse:
- Make a representation to the Insurance Company/TPA.
- If no reply is received within 15 days on making such representation make a representation to the Grievance Cell of the Insurance Company.
- If No Reply is received or if the reply is not satisfactory then make a representation to the Insurance Ombudsman who has Quasi Judicial powers to hear the case and make adjudication.
- If still not satisfied the next option is to go to court.