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What is Money Insurance Policy and What are the Three Different Types of Coverage

A money insurance policy is a type of insurance that provides coverage for the loss or theft of cash. Money insurance policies typically provide limits for three different types of coverage: cash in safe, cash in premises, and cash in transit. Understanding the differences between these types of coverage is important in order to choose the right policy for the needs of the organization.

  1. Cash in safe coverage: Cash in safe coverage provides protection for cash that is stored in a safe or other secure location. This type of coverage is typically recommended for businesses that handle large amounts of cash, such as banks or retail stores. The limits of a cash in safe policy will typically depend on the amount of cash that is typically stored in the safe.
  2. Cash in premises coverage: Cash in premises coverage provides protection for cash that is stored on the premises of the business, but is not kept in a safe. This type of coverage is typically recommended for businesses that handle smaller amounts of cash, such as restaurants or small retail stores. The limits of a cash in premises policy will typically depend on the amount of cash that is typically kept on the premises.
  3. Cash in transit coverage: Cash in transit coverage provides protection for cash that is being transported from one location to another. This type of coverage is typically recommended for businesses that handle large amounts of cash, such as banks or armored car companies. The limits of a cash in transit policy will typically depend on the amount of cash that is typically transported at any given time.

In conclusion, money insurance policies provide coverage for the loss or theft of cash in three different categories: cash in safe, cash in premises, and cash in transit. Understanding the differences between these types of coverage is important in order to choose the right policy for the needs of the organization. Cash in safe coverage provides protection for cash that is stored in a safe, cash in premises coverage provides protection for cash that is stored on the premises of the business, and cash in transit coverage provides protection for cash that is being transported from one location to another.