Page 59 - Misc Ebook IC 78
P. 59
Miscellaneous Insurance
(ii) Loss or damage by Acts of Terrorism in conjunction
with the Riot and Strike cover can be covered at an
additional premium.
(iii) Disbursement Risk - The cover under a Money in
transit insurance policy in respect of wages,
terminates after the money is handed over to the
authorized person.
If the wages are not disbursed the same day and
the money is kept in a locked safe, an overnight
cover in respect of the undisbursed wages is
granted.
But if any loss arises while disbursing the wages, it
is not recoverable normally under the policy.
However, this disbursement can be covered on
payment of additional premium.
The policy would then cover the disbursement risk
of the earmarked money, provided the loss is
occasioned by an insured peril.
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