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Products & Services >>
Cash In Transit Policy>>
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Whereas the Insured named in the Schedule hereto has made to
the Reliance Insurance Limited (hereinafter called the Company) a
written Proposal and declaration which the Insured has agreed shall
be deemed to be of a promissory nature and effect and the basis of
this contract and which deemed to be incorporated herein and has
paid or agreed to pay the premium stated in the aforesaid Schedule
as consideration for the indemnity hereinafter contained.
Now This Policy Witnesseth that subject to the terms and
conditions contained herein or endorsed hereon the Company will
indemnify the Insured against;
Loss of money i.e., Cash, Bank Notes, Currency Notes, any Cheques,
Postal orders or Money Orders by cause whatsoever in the
Circumstances Situation described in the Schedule actually occurring
during the Period of insurance stated in the Schedule hereto or
during any further period for which the Company may accept payment
for the renewal of this policy.
Provided Always, that the Company shall not be liable under
this Policy in respect of any consequence whether direct or indirect
of : |
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(a) Loss destruction or
damage directly or indirectly Proximately or remotely occasioned by,
contributed to by or traceable to or arising out of or in connection
with Hurricane, Volcanic, Eruption, Earthquake, other convulsion
Nature, Invasion, Act of Foreign Enemies, Hostilities or Warlike
Operations (whether before or after declaration of war), Civil War,
Riot, Strike, Civil Commotion Mutiny, Rebellion, Military or Usurped
Power or by any direct or indirect consequences of any of the said
Occurrences and in the event of any Claims hereunder the Insured
shall prove that the accidental loss, damage, and/or liability arose
independently of and was in no way connected with or occasioned by
or contributed to by or traceable to any of the said occurrences of
any consequence thereof and in default of such proof the Company
shall not be liable to make any payment in respect of such claim.
(b) Fraud or dishonesty of employees
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Provided Further that
the due observance and fulfilment of the terms, conditions, and
endorsements of the Policy in so far as they relate to anything
to be done or complied with by the Insured, shall be conditions
precedent to any liability of the Company to make any payment
under this Policy.
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CONDITIONS
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1. This insurance
shall not commence until the premium has been actually paid to
and accepted by the Company and the Company's official letter or
Policy has been issued, and no payment in respect of any premium
shall be deemed to be paid to the Company unless a printed form
of receipt signed by an official or duly authorised
representative of the Company shall have been issued therefor.
2. All notice required to be given by the Insured to the Company
must be in writing addressed to the Branch of the Company from
which this Policy was issued, and notice or knowledge of
anything relating to this Policy or any claim herein under shall
not be deemed to be notice to or within the knowledge of the
Company unless so given, and no alteration in the terms of this
policy, nor any endorsement thereon, will be held valid unless
the same is signed or initialled by an authorised representative
of the Company.
3. This insurance may be terminated at any time at the request
of the Insured in which case the Company will retain the
customary short period rate for the time the Policy has been in
force. This insurance may also at any time be terminated at the
option of the Company, on notice to that effect being given to
the Insured by Registered Letter at the Insured's Address last
known to the Company in which case the Company shall be liable
to repay on demand a rateable proportion of the premium for the
unexpired term from the date of the cancelment.
4. The Insured shall take all reasonable precautions for the
safety of property insured and upon the happening of any event
giving rise to a claim under this policy the Insured shall
immediately upon becoming aware of any such event give notice,
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(a) to the police and
take all practicable steps to discover and punish the guilty
person or persons and to trace and recover the lost property;
(b) to the Company and within seven days thereafter to the
Company a claim in writing and supply all such detailed
particulars and proofs as may be reasonably required by the
Company.
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5. The Company
may at any time at its own expense use all legal means in the
name of the Insured for recovery of any of the property lost and
which forms the subject of a claim under this Policy and the
Insured shall give all reasonable assistance for the purpose.
Any money recovered after the settlement of any claim hereunder
shall be the property of the Company not exceeding however the
amount paid by the Company in respect of such claim.
6. The Premium hereunder and all renewal premiums that may be
accepted in respect of the Transit Risks are to be regulated by
the amount of money as described in the Schedule covered during
the current period of insurance. A proper record shall be kept
in the books of the Insured of all such money in transit so
insured. The Insured shall at all times allow the Company to
inspect such books and within 30 days from the expiry of each
period of insurance shall supply the Company with a correct
account of all such money in transit insured by this policy
during the said period. 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 by the Company as the case
may be.
7. If at the time of happening of any loss covered by this
policy there shall be subsisting any other insurance of any
nature whatsoever covering the property insured whether effected
by the Insured or not then the Company shall not be liable to
pay or contribute more than its rateable proportion of any such
loss.
8. Nothing contained herein shall give any right against the
Company to any person other than the Insured, and the Company
will not be bound by any passing of the interest of the Insured
otherwise than by death unless and until the Company shall by
endorsement hereon declare the insurance to be continued.
9. If the Proposal or Declaration of the Insured is untrue in
any respect, or if any material fact affecting the risk be
incorrectly stated therein or omitted, or if this insurance, or
any renewal thereof shall have been obtained through any
misstatement misrepresentation or suppression, or if any claim
made shall be fraudulent or exaggerated, or if any false
declaration or statement shall be made in support thereof, then
in any of these cases this Policy shall be void.
10. If any difference shall arise as to the amount to be paid
under this Policy (liability being otherwise admitted) such
difference shall be referred to an Arbitrator to be appointed by
the parties in accordance with the statutory provisions in that
behalf for the time being in force.
Where a difference is by this condition to be referred to
arbitration the making of an Award shall be condition precedent
to any right of action against the Company.
11. In no case whatsoever shall the Company be liable for any
loss after the expiration of twelve months from the happening of
the loss unless the claim is the subject of pending court action
or arbitration. |
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