Money and valuables insurance: cash procedures and cash in transit
Money insurance covers cash and negotiable documents in your business, in the safe and on the way to the bank, within the limits set by the safe custody clause.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Money is the only business asset that a criminal can use straight away and that leaves no trace. That is why companies do not insure it as part of the business contents, but in a separate policy with provisions of its own. Besides banknotes and coins, money and valuables also includes gift vouchers, stamps, credit notes and sometimes personalised payment instruments.
The cover falls into three situations, each with its own sum insured: money on the premises during opening hours, money in the safe outside opening hours and money in transit to the bank, a branch or your home. Each situation has its own maximum and its own conditions. The weakest link determines what is left after a hold-up.
The key provision is the safe clause on your policy schedule: which grade of safe is prescribed, whether it must be anchored and what may be kept outside it. That clause is binding. If more is left outside than permitted at the time of a burglary or hold-up, payment is made up to that maximum and not up to the actual amount.
The structure of the cover in three parts, with an overview per situation below.
The basics
Liability
AVB for property damage and injury, BAV for professional errors.
Damage to third parties
Employers' liability
Care, custody and control as an extension
Your business
Assets and continuity
Business contents, goods and lost turnover during downtime.
Business contents at replacement value as new
Goods at cost price
Business interruption or additional costs
If you employ people
Staff
Sickness absence, accidents and the traffic risk.
Continued pay for 104 weeks
Group personal accident
WEGAS for traffic risks
What is covered
Situation
AVB
BAV
Cyber
Injury to a visitor or customer
Yes
No
No
Damage to a client's property
Sometimes
No
No
Financial loss caused by an advisory or calculation error
No
Yes
No
Downtime after a ransomware attack
No
No
Yes
Data breach involving personal data
No
Sometimes
Yes
Damage to property in your care
No
No
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Align your cash procedure with the clause
The order runs the other way round from what most business owners assume: the policy does not follow your working practice, your working practice follows the policy. If it says that nothing is to be left in the till drawer outside opening hours, set your closing protocol up accordingly and record who empties the till and when. A habit that has gone well for years is not cover. When a loss occurs, only what demonstrably happened in line with the clause counts.
Fraud by your own staff is a different insurance
Money insurance covers loss through burglary, hold-up, theft and sometimes fire or loss in transit. Embezzlement, false entries or systematic skimming by a member of staff do not fall under it; that is staff fraud and dishonesty and it calls for cover of its own. Cash shortfalls through counting and change errors and the acceptance of counterfeit money are also excluded, because there is no identifiable event.
Transit is the most vulnerable section
For the run to the bank, insurers set requirements on the maximum amount per journey, on the number of escorts and sometimes on varying routes and times. Money left in an unattended vehicle is almost always excluded, even briefly during a stop. Anyone who regularly carries larger amounts usually gets further with a cash-in-transit company than with an increase in this section.
Digital skimming falls outside this policy
If money is transferred after a forged invoice, a spoofed telephone call or a hacked mailbox, no cash has been taken away; it is a payment you made yourself. That situation belongs with cyber or fraud insurance. Report every event within the period set out in Article 7:941 of the Dutch Civil Code and report it to the police. Without a police report, insurers rarely take a money claim into consideration.
What does your premium depend on?
Average and maximum cash held. What is normally present and what the highest amount is on a peak day or public holiday.
Safe grade and anchoring. The prescribed safe grade, the weight and whether the safe is anchored or built into the wall.
Sector and visibility. Catering, a filling station, a late-night shop or a jeweller run a different hold-up risk from an office.
Frequency and amounts in transit. How often and with what amounts journeys are made to the bank or between branches.
Security and access. A panic button, camera surveillance, a cash deposit system and the number of staff with access to the safe.
Share of cash turnover. Businesses whose customers largely pay by card hold less cash and so run a lower risk.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your activities, turnover and wishes.
We compareseveral insurers, on premium as well as conditions.
You receive a proposalWith an explanation of the differences and the exclusions.
We arrange the switchIncluding cancellation, so there is no gap in cover.
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Usually yes, but with restrictions: a maximum amount per journey, requirements about escorts and sometimes about varying the route and time. Money left in an unattended vehicle is almost always excluded. If you regularly carry higher amounts, engaging a cash-in-transit company is usually simpler and easier to insure than increasing this section.
What happens if more money is outside the safe than permitted?
The insurer pays up to the amount that was allowed outside the safe under the clause, regardless of what actually disappeared. That is not a penalty but the extent of the cover itself. If your cash flow structurally does not fit within the clause, have it amended. That is almost always cheaper than bearing the difference yourself after a hold-up.
Does the policy cover theft by a member of staff?
No. Embezzlement, skimming and false entries by your own staff fall outside money insurance. There is separate cover for staff fraud and dishonesty, with its own requirements on segregation of duties and controls. Cash discrepancies through counting or change errors and the acceptance of counterfeit money are also excluded, because there is no identifiable event behind them.
Are gift vouchers and negotiable documents included?
That depends on the definition of money and valuables on your policy schedule. Banknotes and coins are always included; gift vouchers, stamps and credit notes often are, provided they were issued or accepted by you and the value can be established. Digital balances and account balances fall outside. Those belong with cyber or fraud cover.
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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