Cash in Transit and Money Insurance

Shipowners often require their agents or managers to deliver cash to ships whilst in port. The risks are obvious. The ship agent or ship manager needs insurance to cover cash when it is temporarily in his custody, whether during transport to the ship, in a strong room at his office, or in a safe at home or on the managed ship. ITIC provides a product offering this combination of insurances which can be offered either on a single occurrence or annual basis.

Theft from Master’s cabin

A Master on a managed ship received USD 10,000 from the ship agent. The fact cash had been received was confidential and only the Master, the ship agent and the ship manager’s representative were aware of the transfer.

The cash was placed in the safe which was located in the Master’s day room, inside a cabinet. The next day the Master had to go ashore for two hours and on his return realised that the monies had been removed from the safe. The loss was reimbursed through ITIC’s loss of money insurance.

Theft leaving agent’s office

A port agent was asked by the owner to deliver USD 15,000 to the master. As the agent left his office, he was held at gunpoint and the money was stolen. The agent had loss of cash insurance from ITIC and the monies were reimbursed in full.