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SA's No 1 Insurance Blog

Imagine someone walking into your home – ripping your safe out the wall – and walking away with R50,000 in cash?

Well maybe you’re thinking like I’m thinking, “Serves them right!

But what if…

  • You own a cash business which operates after hours. What do you do with your cash till tomorrow morning?
  • Or what if R50,000 is small change to them? Ask any millionaire.

So Friday morning I get this call on my cell:

Client:Are we covered for money?
Me: “No why?”
Client: “We’ve just been robbed. Our driver was followed home by five guys in a golf.  As he climbed out of the car they held him at gunpoint. They then ransacked the house, ripped out the safe with some cash. Luckily no-one was hurt, but there was R20, 000 in the safe. Can we claim against our insurance?”
Me: “I’m sorry …., but you aren’t.”

So then I ask:

“Have you checked your personal car and home insurance policy?”
Client: “No why?”
Me: “Well just maybe the contents section of your policy covers stolen cash? Maybe if it was stolen in an armed robbery, they’d cover it. It’s a long shot, and to be honest, I don’t think it does but check anyway.”

Turns out I was right – they aren’t covered.

There’s a good reason why insurers don’t cover cash.

How on earth would you prove that the cash was there in the first place?

Client: “Hi, I had a burglary at home. They stole the flat screen and R10, 000 in cash. Sorry, make that R20, 000 in cash…”
Insurance company: “Yeah, right.”

Insurers won’t cover you for any of the following:

  • Money
  • Cheques
  • Traveler’s cheques
  • Travel tickets
  • Postal and money orders
  • Bonds
  • Promissory notes
  • Gift vouchers
  • Coins, or
  • Stamps

So remember

Cash ain’t king when it comes to insurance! In fact, it ain’t king when it comes to banking either – Have you seen how much they charge you for banking cash?

  • Don’t store large amounts of cash at home. You can’t claim from insurance.
  • If you’re a businessman, take out money insurance – or bank it the same day.

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