THE NEW INDIA ASSURANCE COMPANY LIMITED
Registered & Head Office- 87, M.G. Road, Fort, Mumbai-400001

MONEY INSURANCE POLICY

WHEREAS the Insured described in the schedule hereto (hereinafter called the “Insured”) by a proposal
and declaration which shall be the basis of this Contract and is deemed to be incorporated herein has
applied to The New India Assurance Company Ltd. (hereinafter called the “Company”) for the insurance
hereinafter contained and has paid the premium stated in the said Schedule as consideration for such
insurance during the period stated in the said Schedule or during any further period for which the
Company may accept payment for the renewal or extension of this policy.
THE Company hereby agrees subject to the terms, conditions and exclusions herein contained, endorsed
or otherwise expressed hereon, to indemnify the Insured against loss of money in transit, by the Insured or
Insured’s authorised employee(s), occasioned by Robbery, Theft or any other fortuitous cause. Further, the
Company shall also indemnify loss of money by Burglary, Housebreaking, Robbery or Hold-up, whilst
money is retained at Insured’s premises, in safe(s) or strong room, more particularly described in the
Schedule, provided always that the limit of the Company’s liability for any one loss shall in no case
exceed the amount specified against the respective section in the said Schedule.
DEFINITION : Money shall mean and include Cash, Bank Drafts, Currency Notes, Treasury Notes,
Cheques, Postal Order, and Current Postage Stamps.
Bank shall mean and include Bank of every description, Post Office, Government treasury.
EXCLUSIONS : The Company shall not be liable in respect of :
1. Shortage due to error or omission
2. Loss of money entrusted to any person other than the Insured or an authorised employee of the
Insured.
3. Loss of money where the Insured or his employee is involved as principal or accessory, except
loss due to fraud or dishonesty of the cash-carrying-employee of the Insured, occurring whilst in
transit and discovered within 48 hours.
4. Loss occurring on the premises, after business hours, unless the money is in a locked safe or
strongroom.
5. Loss occasioned by Riot, Strike and Terrorist Activity.
6. Money carried under contract of affreightment and theft of money from unattended vehicle.
7. Loss of money from safe or strongroom following use of the key to the safe or strongroom or any
duplicate thereof belonging to the Insured, unless this has been obtained by threat or by violence.
8. Loss or damage whether direct or indirect arising from War, War-like operations, Act of Foreign
Enemy, Hostilities (whether War be declared or not) Civil War, Rebellion, Insurrection, Civil
Commotion, Military or Usurped Power, Seizure, Capture, Confiscation, Arrests, Restraints and
Detainment by the order of any Government or any other authority. In any action suit or other
proceedings where the Company alleges that by reason of the above provisions any loss or
damage is not covered by this insurance, the burden of proving that such loss or damage is
covered, shall be upon the Insured.
9. (a) Any loss, destruction or damage, to any property whatsoever or any loss or expense
whatsoever or any loss or expense whatsoever, resulting or arising therefrom or any
consequential loss, and, any legal liability of whatsoever nature, directly or indirectly caused by
or contributed to, by or arising from ionising radiation or contamination by radioactivity, from
any source whatsoever.
(b) Any loss, destruction, damage or legal liability, directly or indirectly caused by or
contributed to, by or arising from Nuclear Weapons material.
10. Consequential loss or legal liability of and kind.
11. Loss or damage due to or contributed to by the Insured having caused or suffered anything to be
done whereby the risks hereby insured against were unnecessarily increased.
CONDITIONS
SPECIAL :
1. MAINTENANCE OF BOOKS AND KEYS : The Insured shall keep a daily record of the
amount of cash contained in the safe or strongroom and such record shall be deposited in a secure
place other than the said safe or strongroom and produce as documentary evidence in support of a
claim under this policy. The keys of the safe or strongroom shall not be left on the premises out of
business hours unless the premises are occupied by the Insured or any authorised employee of the
Insured in which case, such keys if left on the premises shall be deposited in a secure place not in
the vicinity of the safer strongroom.
2. ADJUSTMENT OF PREMIUM : The premium in so far as it relates to cash-in-transit is to be
regulated by the amount of such money in transit during each period of insurance and for this
purpose, a proper record shall be kept in the books of the Insured which the Insured shall at all
reasonable times allow the Company to inspect. Within one month from the expiry of each period
of insurance, the Insured shall furnish the Company with the correct account of the amount of all
such money in transit during the period and if the ascertained amount shall differ from the
estimated amount on which premium has been paid, the difference in premium shall be met by a
further proportionate payment to the Company or by a refund to the Insured as the case may be, but
in no case, shall the refund be more than fifty percent (50%) of the premium stated in the schedule,
and retention of premium shall not be less than the minimum of Rs. 30/-
3. RIGHTS OF RECOVERY : The Company shall be entitled in the name of the Insured to have
the absolute conduct and control of all or any proceedings that it considers necessary for the
purpose of tracing and recovering money lost or of securing reimbursement in respect of money lost
and the Insured shall at the Company’s expense furnish all such assistance as may reasonably be
required by the Company in connection with such proceedings and in the event of any or all of the
money being recovered, it shall be imperative upon the Insured to refund to the Company such a
proportion of the sum allowed by way of compensation as the amount recovered bears to the total
amount of
GENERAL
1. NOTICE : Every notice and communication to the Company required by this policy shall be in
writing to the office of the Company through which this insurance is effected.
2. DUTY OF DISCLOSURE : This policy shall be void and all premium paid hereon shall be
forfeited to the Company in the event of misrepresentation, misdescription or non-disclosure of any
material fact.
3. REASONABLE CARE : The Insured shall take all reasonable steps to safeguard the property
insured against accident, loss or damage.
4. CLAIMS PROCEDURE : Upon the happening of any event giving rise or likely to give
rise to a claim under this policy, coming to the knowledge of the Insured :
(a) The Insured shall give immediate notice to the police and to the Policy issuing office of the
Company and take all practicable steps to discover the guilty person or persons and to recover the
cash lost.
` (b) The Insured shall deliver to the Company, within fourteen days from the date on which the
event shall have come to his knowledge, a detailed statement in writing of the loss.
(c) The Insured shall furnish all explanations, vouchers, proof of ownership and other evidence of
substantiate the claim and the Company may, if it deems necessary, require corroborative evidence
of the statements of the Insured or any of Insured’s family members or employee/s.
5. CONTRIBUTION : If at the time of the happening of any loss or damage covered by this policy
there shall be subsisting any other insurance of any nature whatsoever covering the same property
whether effected by the Insured or not, then the Company shall not be liable to pay or contribute
more than its ratable proportion of any loss or damage.
6. FRAUD : If any claim under this policy shall be in any respect fraudulent or if any fraudulent
means or device are used by the Insured or any one acting on the Insured’s behalf to obtain any
benefit under this policy, all benefits and rights under the policy shall be forfeited.
CANCELLATION : The Company may at any time, cancel this policy by giving 7 days’ notice in
writing by Regd. A.D. to the Insured at his last known address in which case, in respect of
SECTION I of the Schedule, the premium paid shall be adjusted on the basis of the actual amount
in transit, during the period of insurance, and, in respect of Section II, on pro-rata basis. The
Insured may also cancel this policy by giving 7 days’ notice in writing to the Company, in which
case, the premium under Section I shall be adjusted on basis of the actual amount in transit during
the period of insurance, and, in respect of Section II, on the Company’s customary short period
scales.
8. ARBITRATION AND DISCLAIMER : If any difference shall arise as to the quantum to be paid
under this policy (liability being otherwise admitted)) such difference shall independently of all
other questions be referred to the decision of an Arbitrator to be appointed in writing by the parties
in difference or if they cannot agree upon a single Arbitrator to be decision of two disinterested
persons as Arbitrators of whom one shall be appointed in writing by each of the parties within two
calendar months after having been required to do so in writing by the other party in accordance
with the provisions of the Arbitration Act 1940 as amended from time to time and for the time
being in force. In case either party shall refuse or fail to appoint arbitrator within two calendar
months after receipt of notice in writing requiring an appointment, the other party shall be at
liberty to appoint sole Arbitrator, and in case of disagreement between the Arbitrators, the
difference shall be referred to the decision of an Umpire who shall have been appointed by them in
writing before entering on the reference and who shall sit with the Arbitrators and preside at their
meetings.
It is clearly agreed and understood that no difference or dispute shall be referable to arbitration as
hereinbefore provided, if the Company has disputed or not accepted liability under or in respect of
this Policy. It is hereby expressly stipulated and declared that it shall be a condition precedent to
any right of action or suit upon this Policy that the award by such arbitrators or umpire of the
amount of the loss of damage shall be first obtained.
It is also hereby expressly agreed and declared that if the Company shall disclaim liability to the
Insured for any claim hereunder, and such claim shall not, within 12 calendar months from the
date of such disclaimer have been made the subject matter of a suit in a Court of Law, then the
claim shall for all purposes he deemed to have been abandoned and shall not thereafter be
recoverable hereunder.
9. OBSERVANCE OF TERMS AND CONDITIONS :
The due observance and fulfillment of the terms, conditions and endorsements of this policy in so
far as they relate to anything to be done or complied with by the Insured, shall be a condition
precedent to any liability of the Company to make any payment under this policy.
10. RENEWAL NOTICE :
The Company shall not be bound to issue any renewal notice nor shall be bound to accept the
renewal premium thereunder.
NOTE :
IN THE EVENT OF DISHONOUR OF PREMIUM CHEQUE THE POLICY AUTOMATICALLY STANDS CANCELLED AS FROM INCEPTION.