Safe · transit · robbery
Insuring money and negotiable instruments
Cash and documents of value are barely insured on an ordinary policy. Anyone who works with them routinely needs cover that describes the journey from the till to the bank.
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A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Money insurance covers the loss of money and negotiable instruments through theft, robbery, hold-up, loss or destruction. Documents of value usually include cheques, vouchers, gift cards, postage stamps and similar items; the list in the policy is exhaustive, so anything not on it is not insured. Digital balances, cryptocurrency and credit card misuse are generally excluded.
The reason for a separate policy is simple: on a home contents insurance a low sub-limit applies to cash, and on a business contents insurance money is usually excluded altogether. Finass acts as an intermediary through, among others, Hienfeld and compares that objectively with the standard market, including commercial money insurance.
The cover is broken down by place and moment: money in the till during opening hours, money in the safe outside opening hours, money in transit to the bank or home, and money in the private home of an employee or business owner. Each of those situations has its own maximum and its own condition. If, for example, the deposit run is made by one person following a fixed pattern, that is a circumstance insurers expressly want to know about.
This page deals with one situation. The full overview is on Compare construction all risks (CAR) insurance.
What to look out for
Four conditions that are the first to be checked in a claim involving money.
Safe grade and storage times
The policy states in which safe or deposit unit the money must be kept, from what moment, and up to what amount cover exists outside it. If the till drawer is not emptied overnight or the safe is left open, that is a breach of condition and refusal follows. Record internally who locks up and who holds the key or code, and keep that up to date.
Transit: who, how and how much
Money in transit is subject to requirements on the maximum amount per journey, on the number of escorts and sometimes on varying the route and the time. Cover is often excluded where the transport is carried out by someone below a certain age or by someone who is not an employee. Money left in a parked vehicle is almost never covered.
Cash shortfalls and fraud by your own people
Excluded are unexplained cash shortfalls and bookkeeping differences: without an identifiable event there is no insured occurrence. Likewise, embezzlement or deception by your own staff falls outside money insurance and belongs on fraud cover. The same applies to counterfeit money you accept and to payments made as a result of deception.
Notification, police report and records
Report an incident as soon as you could reasonably be aware of it; that follows from Article 7:941 of the Dutch Civil Code. In the event of theft, robbery or a hold-up, always report it to the police and keep the official report. The size of the loss must be apparent from your records: till journals, deposit receipts and cash counts. Article 7:960 of the Dutch Civil Code limits the payout to the loss actually suffered, and you must be able to prove it.
What does your premium depend on?
- Average and maximum amount held — per location and per moment
- Nature of the activity — shop, catering, market or event
- Security of the location — safe grade, alarm and CCTV
- Frequency of deposit runs — depositing more often lowers the risk
- Method of transport — your own transport or a specialist service
- Claims history — earlier hold-ups or thefts weigh heavily
Insurers weigh these details differently. That is why comparing pays off.
What is covered
| Situation | Business contents insurance | Money insurance |
|---|---|---|
| During a hold-up in opening hours the day's takings are taken from the till drawer | No | Yes |
| Burglars break open the safe overnight and take the float | No | Yes |
| A fire in the shop destroys a stack of gift cards that have not yet been redeemed | No | Yes |
| In that same burglary the till, the counter and the safe door are damaged | Yes | No |
| An employee loses the deposit bag on the way to the bank | No | Provided that |
| A customer pays with a stolen credit card and the bank reverses the payment | No | No |
Money insurance pays for the amount that has gone; damage to the till, the safe or the premises belongs on the business contents or buildings cover.
Frequently asked questions
The questions we are asked most often about this.
Does cash at home fall under my home contents insurance?
Up to a limited amount, and usually only for theft following forced entry. If you routinely keep larger amounts at home, for example a business's daily takings, that sub-limit falls short, and business money is often excluded on a personal policy in any case. A separate money policy with defined cover by location is then the way to go.
Is damage to the premises during a hold-up covered as well?
Money insurance pays for the money taken. Damage to a safe, door, counter or window belongs on the business contents or buildings cover, and many money policies provide a limited additional payment for it. Injury to you or your staff is separate; that is a matter for personal accident cover and, for employees, for the duty of care under Article 7:658 of the Dutch Civil Code.
Are gift vouchers and value cards insured?
Only where the policy names those items in so many words. Insurers use a closed list of what counts as documents of value, and sometimes treat vouchers as trading stock rather than as value. Have it recorded on the application which items are involved and what value is attributed to them, because after a theft that can no longer be put right.
What if money is siphoned off digitally?
Then there is no money taken within the meaning of this policy. A hacked payment environment, a manipulated invoice or a fraudulent transfer falls under cyber or fraud cover, each with its own conditions on discovery periods and internal controls. For that, see the cyber insurance and the fraud cover; they fit together, but they do not overlap.