Every successful business be it a medium enterprise or a SME, needs complete protection against potential loss. In business, handling money, be it in transit or in cash counters or in your safe often causes anxiety for everyone. Incidence like burglary or theft make you feel helpless. SBI General Insurance can help you successfully overcome these situations and put you firmly in control of your business and dream of making it big. With SBI General Money Policy, you can safeguard your Money no matter where it is.
SBI General's Money Policy is targeted at all businesses – small or large and across all segments and industries. The SBI General's Money Insurance Policy is a product that may be purchased as a distinct stand-alone product, or, when purchased within a suite of SBI General policies, can provide very extensive coverage.
Key Benefits
- Variable sum insured limits available to cover different sitatuations or needs.
- Money cover available as follows:
- In transit
- On premises during business hours
- In a safe or strong-room
- Optional cover for value of safe
- Broad definition of Money
- Money means cash, bank drafts, currency notes, treasury notes, cheques, postal orders, money orders and current postage stamps, revenue stamps, court fee stamps and the like belonging to the Insured.
Coverage Details
SBI General Money Policy covers theft of money (as defined) or loss, destruction or damage caused by an accident, not otherwise excluded.
Product Features
A series of automatically provided additional benefits will be included within standard policy coverage
Bank Holiday increase – automatic increase in limits (with no additional premium charge) on the next business day following bank holiday
Automatic reinstatement of the sum insured to the originally selected level, following a loss, upon payment of the appropriate pro-rata additional premium once during any one period of insurance
Lump sum benefit for death or injury resulting during theft or attempted theft
Exclusions
The Company shall not be liable in respect of any loss :
- Due to robbery, theft, fraud, dishonesty or collusion by any employee or agent of the Insured;
- Arising out of shortages due to clerical or accounting errors, omissions, depreciation or direct or indirect consequential loss of any kind
- Occurring elsewhere than within the Geographical Area specified in the Policy;
- Resulting from confiscation, detention, rationalization, requisition or willful destruction by any government, public, municipal, local or customs authority
- On the premises which at the time are closed unless the Money is in a locked safe or strong-room and all openings (including all doors leading to the safe or strong room) of the premises are fully secured
- Loss from a safe or strong room following use of the safe or strong room key(s) or any duplicate thereof belonging to the Insured unless this has been obtained by threat or by violence to the person in custody of the key(s)
- Money whilst unattended or from unattended vehicles
- Due to the use of counterfeit Money
- Damage cost or expense of whatsoever nature directly or indirectly caused by, resulting from or in connection with any act of terrorism regardless of any other cause or event contributing concurrently or in any other sequence to the loss.
Best Regards
Prakash Nair
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