Product Q&A: Cash In Transit Insurance

​Cash in Transit

We interviewed our Founding Director, Alex Thornton, about our cash in transit insurance.

​We asked him what the cover consists of, what to consider when placing cash in transit insurance and what Quantum can provide. Read it here...

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​What does cash in transit insurance cover?

Cash-in-transit or ‘CIT’ covers cash in transit by professional money carriers. We can also cover all other types of valuables in transit, such as bullion, diamonds, bonds, securities and the like.

Professional money carriers can be either armoured or non-armoured (referring to the vehicles used) and covert or overt.  Personnel may be armed or non-armed. 

We can cover the cash whilst in transit in armoured and non-armoured vehicles, and whilst being carried outside the vehicles – for example for pick-ups or deliveries to and from retailers and bank and whilst being loaded in to ATM’s. We can also cover cash at the insured’s premises during the day and in a locked safe or strong room at night.

Finally we can cover business contents (including safes and alarm systems), public and products liability and employee fidelity where needed.
 
What are five key considerations when placing cash in transit insurance?

1. The insured’s experience, security protocols and physical security are paramount.
2. How are guards screened and hired and are they allowed to carry firearms?
3. Vehicle security (physical and electronic, such as satellite tracking and 2-way radio)
4. What assets are being carried, what is the maximum value in a vehicle at any one time, what is the maximum value outside a vehicle at any one time and what is the total annual value transported?
5. Where is the insured operating and do they vary the routes and times they use along with a full review of all other operational procedures, firstly to protect the insureds employees from assault and, secondly to protect the cash itself.

 
What can Quantum provide?

• The best cover at a competitive price
• Local service and claims handling.
• Expert guidance and support for brokers

For more information about our cash in transit policy:

• Contact one of our specialist underwriters today
• View or download our Cash-in-Transit and ATM Insurance Brochure
• View or download our Cash-in-Transit Insurance Proposal Form