the insurer's Money Insurance Policy covers loss of money while it moves — in transit to or from the bank — and while it rests — in your safe, strong room, or cash counter. Section I for transit risk. Section II for premises risk. De-tariffed policy with optional add-ons for employee infidelity, RSMD, terrorism, and disbursement risk.
the insurer Miscellaneous Insurance· De-tariffed· Cash in Transit + On Premises
the insurer's Money Insurance Policy covers loss of money — whether it's moving (in transit to/from the bank) or stationary (in your safe, strong room, till, or counter). It follows your cash at every stage of its journey.
⚠️ Gap: Cash left in unlocked drawer or counter after business hours = NOT covered. Cash sent by post or courier = NOT covered. Cash in unattended vehicle = NOT covered.
Covers all robbery, theft, and fortuitous causes while cash is being physically carried between premises and bank by you or authorised staff.
Section ICovers burglary of cash from locked safe or strong room on premises — your overnight cash protection.
Section IICovers cash at the counter or till during business hours against theft, robbery, and hold-up.
Section IITransit coverage extends to "any other fortuitous cause" — comprehensive protection beyond just robbery and theft.
Broad CoverRSMD, terrorism, employee infidelity, disbursement risk, and overnight safe extension — customise for your exact cash exposure.
FlexibleUnlike fixed-tariff products, Money Insurance premiums are negotiated based on your specific cash handling volume and risk profile.
De-tariffedSection I — from IRDAI GEN713 + the insurer + the insurer
Section I covers money from the moment it leaves the bank (or your premises) until it arrives at the destination. Coverage attaches instantly on withdrawal and stays active throughout the transit.
→ Cash sent by post or courier
→ Theft from unattended vehicle
→ Cash carried under contract of affreightment
→ Cash kept in personal custody beyond 48 hours
→ Employee fraud (unless discovered within 48 hrs or infidelity add-on taken)
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Section II covers money held at your business premises — whether at the cash counter during the day or in your safe/strong room at night. The business hours rule is critical: different rules apply when business is open vs closed.
Extend Your Coverage — All Add-ons
Four add-ons extend Money Insurance coverage beyond the base policy. All Shikhar Insurance, and Insurance sources.
Extends cover for loss due to fraud or dishonesty of the CASH-CARRYING employee or messenger during transit — beyond the base 48-hour window. The most commonly needed add-on for businesses with dedicated cash collection staff.
Confirmed + the insurerRiot, Strike, Malicious Damage, Sabotage, and Terrorism — excluded from base policy. Critical for businesses in high-risk areas or riot-prone zones. RSMDST deductible: typically 10% of claim amount.
Confirmed — Shikhar +Covers loss of money being physically disbursed to employees — payroll day, bonus payments, arrears, wage disbursement. Covers the specific vulnerability of bulk cash distribution to workers on factory floors, construction sites, or field locations.
ConfirmedExtends coverage when cash is retained in premises safe for more than 48 hours (e.g., remote businesses without daily banking access, public holidays, banking strikes). The base policy has limitations for extended overnight retention.
Confirmed — the insurerHow Much Should You Insure? — Interactive Calculator
Enter your cash handling details to get your recommended Sum Insured for each section. Your Single Carrying Limit (max per trip) is the most important figure — it determines the maximum payout per transit loss.
⚠️ The SI figures above are your RECOMMENDED coverage amounts. Premiums are negotiated (de-tariffed) and depend on your risk profile. Call 022 4302 0000 for an exact premium quote based on your declared figures.
The Single Carrying Limit is the maximum the insurer pays for any ONE transit loss event — regardless of how much cash was actually being carried above that limit. If you carry ₹10 lakh but your Single Carrying Limit is ₹5 lakh, you are underinsured for ₹5 lakh on every trip. Always set your Single Carrying Limit to the MAXIMUM amount you would ever carry in a single transit — not the average.
Cash-Heavy Businesses — Every Sector
Confirmed from "Any industrial, manufacturing or business concern who periodically draw large sums of money for their day-to-day transactions, payment of salaries, one-time payments like arrears of pay, bonus etc."
Daily cash banking — high transit frequency
High daily cash counter and banking risk
Large daily cash — multiple banking trips
Cash payroll disbursement every month
Weekly worker wage payments in cash
Fee collection days — large cash receipts
Daily billing — significant cash counter
Branch cash management and transit
Multiple cash counters — large daily banking
Event day gate collections — high cash exposure
Continuous cash collection — regular banking
Field staff collecting cash at multiple locations
What Money Insurance Does NOT Cover
All exclusions below are, Shikhar Insurance — all citing the standard Money Insurance policy wording applicable to the insurer and all PSU insurers.
"Loss occurring on the premises, after business hours, unless the money is in a locked safe or strong room." Cash in a counter, drawer, or desk after closing = NOT covered if stolen. Move ALL cash to the safe before you lock up.
"Theft of money from unattended vehicle." — EXCLUDED. If you stop your car to go somewhere and leave cash inside, theft of that cash is not covered. Cash in transit must remain in the personal custody of the carrier at all times.
"Loss or damage to money in transit by post" — EXCLUDED. Also: "money carried under contract of affreightment" — excluded. Cash must be in the personal custody of the insured or authorised employee. Courier and postal services are not covered.
Counting errors, calculation mistakes, accounting discrepancies — excluded. "Shortage due to error or omission."
Riots, strikes, malicious damage, and terrorism excluded from base. Available as RSMDST add-on for additional premium.
"Loss of money entrusted to any person other than insured or an authorised employee or directors." Cash given to an unauthorised person = not covered.
Base policy covers employee fraud discovered within 48 hours. Beyond 48 hours requires Infidelity add-on.
"Loss of money from safe by using key unless obtained by threat or violence." Duplicate key, found key, forgotten key — NOT covered. Key taken by force → covered.
Money in transit by post or under contract of affreightment (courier/shipping companies) — explicitly excluded.
Theft of cash from an unattended vehicle — excluded. Personal custody must be maintained throughout transit.
Acceptance of counterfeit currency — not covered. Losses arising from fake notes received in good faith are excluded.
Cash collected by authorised employee in transit held for more than 48 hours without banking — excluded from base. Overnight extension add-on available.
War, war-like operations, nuclear contamination, radioactive material — standard exclusion across all the insurer policies.
"Consequential loss or legal liability of any kind." Business disruption, loss of profit, legal claims arising from cash loss — all excluded.
"Loss due to any act in which the insured is involved as principal or accessory" — excluded. If the insured is party to the fraud, no cover.
Money vs Burglary vs Fidelity — The Three Cash Protection Layers
Money Insurance, Burglary Insurance, and Fidelity Guarantee cover different but complementary aspects of cash and asset protection. Understanding how they interrelate helps you build complete protection.
| Parameter | Money Insurance (the insurer) | Burglary Insurance (the insurer) | Fidelity Guarantee (the insurer) |
|---|---|---|---|
| Primary focus | CASH — in motion and at rest | ALL CONTENTS — stolen in burglary | EMPLOYEE FRAUD — direct financial loss |
| Transit risk (cash moving) | ✔ Core Section I — robbery, theft, hold-up | ✘ Not covered (static risk only) | ✘ Not covered (fraud, not transit loss) |
| Safe/strong room cash | ✔ Section II — burglary of cash from safe | Partial — limits apply, money sub-limit | ✘ Not covered (external break-in) |
| Counter/till cash | ✔ Section II — business hours only | ✘ Money excluded from Burglary | ✘ Not covered |
| Employee theft of cash | Partial — within 48 hrs (base) / add-on | ✘ Employee theft excluded | ✔ Core cover — all employee fraud |
| Stock / goods stolen | ✘ Cash only (money definition) | ✔ All contents — stock, furniture, equipment | ✔ Stock misappropriated by employee |
| Forced entry required | ✘ No — robbery and hold-up covered | ✔ Yes — must have forced entry | ✘ No — insider has legitimate access |
| De-tariffed? | ✔ Yes — negotiated premium | ✘ Tariffed (standard rates) | ✘ Tariffed rates |
| Best for | Any business moving cash to/from bank | Businesses with valuable physical stock | Any employer with trusted cash staff |
What to Do When Cash Is Stolen
Act immediately — time is critical for Money Insurance claims. Lodge an FIR within hours of discovery and notify the insurer without delay.
Lodge an FIR with the nearest police station within hours of discovering the loss. "Reporting and lodging of complaint with the local police immediately for the loss due to burglary/theft/robbery."
Inform the insurer (022 4302 0000) in writing within 24 hours. For transit losses, notify as soon as the messenger/carrier returns without the money. Delay in notification can complicate your claim.
Obtain and complete the insurer's Money Insurance claim form. Include: date, time, location of loss, amount lost, circumstances, names of persons involved.
Provide cash register records, bank statements, withdrawal slips, collection sheets — all documentary proof of the amount of cash that was lost. Maintain daily cash records as a standard practice.
the insurer may appoint a surveyor/investigator. "Allow surveyor inspection if required. Follow up for claim settlement, which typically takes 15–30 working days."
Settlement made on the confirmed, documented loss up to the Single Carrying Limit (transit) or SI under Section II (premises). Ensure all documentation is complete for fastest settlement.
Cash Insurance Questions
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Our the insurer-empanelled specialists will contact you within one working day with a complete Money Insurance premium quote — based on your specific cash handling profile, Single Carrying Limit, and add-on requirements.
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