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:
- Traveler’s cheques
- Travel tickets
- Postal and money orders
- Promissory notes
- Gift vouchers
- Coins, or
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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