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CASH IN TRANSIT INSURANCE
Cash In transit insurance is a kind of insurance that can help the businesses to protect against any loss of cash due to theft or robbery during a transit between insured’s premises and destination.
- Insured Business & Period
- Sum Insured & Premium Rating
- Rate Deduction Factors
- Necessary Facts to Claim
Insured Business
Government businessInsured Period
Businesses owned by Co-operative society
Private business
The term of the policy will be from 1 day to 1 year.
The insured period will only cover for one trip in some situation.
Sum Insured
Sum insured must be the maximum amount of transit for one trip.Premium Rating
Within 10 miles 027%
Between 15 miles and 20 miles 054%
Between 15 miles and 20 miles 081%
Above 20 miles 090%
If there is armed guard, the customer can get 0.01% relief.
There can only cost 20% additional premium on total premium of cash in transit insurance for Fidelity Insurance.
Rate Deduction Factors
Minimum Rate
| 10 miles | Between 10 and 15 miles | Between 15 and 20 miles | |
| 1.Have armed guard | 0.002% | 0.004% | 0.006% |
| 2.Use department owned | 0.002% | 0.004% | 0.006% |
| 3.Safety of Cash Box while transit | 0.002% | 0.004% | 0.006% |
| 4.Use public routes | 0.002% | 0.004% | 0.006% |
| 5.Central place | 0.002% | 0.004% | 0.006% |
Up to 10 miles – 0.017%
10 to 15 miles – 0.034%
15 to 20 miles – 0.051%
Above 20 miles – 0.090%
Necessary Facts to Claim
Must inform to Young Insurance immediately
Evidence of transit amount from the starting place
Inspection make by Young Insurance
Evidence of holding insured
Recommendation letter of how much money was stolen or robbed by Police or Regional authorized organization.