Page 235 - Misc Ebook IC 78

Miscellaneous Insurance

Q2.a) What are the underwriting considerations to
be taken into account for Money Insurance.

Ans. The following factors are generally considered
while underwriting a Money policy:
(i) The maximum amount carried in any single transit.
(ii) The number of employees carrying money, their
service tenure with the insured and whether any of
them was involved in any previous default.
(iii) The mode of transport to be used while carrying
money, i.e, taxi, bicycle, bus etc
(iv) The manner in which it is carried, i.e, in the body of
the employee, in a bag, sealed box etc.
(vi) Whether armed guards accompany the person
carrying the money.
(vii)The places between which the money is carried and
the location in relation to the neighbourhood.
(viii)The route through which the money is carried,
whether it is a thoroughfare or traverses through
any sparsely populated or lonely area and whether
the route would be varied to prevent ambush.
(ix) The time of the day when the money would be
carried (usually should be between 9am to 5pm).

Sashi Publications - www.sashipublications.com 231

Copyright@ The Insurance Times. 09883398055 / 09883380339