Protection Against Monetary Loss Cash insurance provides coverage against the loss of money, ensuring financial protection for the insured. This type of policy typically applies to cash that is:
Withdrawn from the bank for the purpose of paying wages, salaries, or other earnings.
Used as petty cash during transit from the bank to the insured's premises.
By safeguarding money in transit, cash insurance helps businesses mitigate risks and ensures financial stability in case of unforeseen incidents.