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Home / Business / How To

Calculate the Premium Payable for Money Insurance

Under Section 3, the premium payable is Rs.3/- per value of Rs.1000/- sum assured. Funds worth Rs.1000000/- can thus be insured for as less as Rs.3000/- only.

The policy covers loss by theft, accident or misfortune in the following situations:

• Wages and salaries whilst in transit from or to the office.
  
  
• Any money other than the type specified above in transit between any two specific places.
  
  
• Money stored in office during office hours.
  
  
• Money stored in a locked safe after business hours.
  
  
• The cover also includes the replacement or the repair of the safe. The limit of indemnity is as specified or opted for the insured.

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