Which policy provides coverage for the loss of money and securities outside the premises in the care, custody, and control of a messenger or armored car service resulting from theft, disappearance, or destruction?

Question

24-02-2024
Business

High School

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Which policy provides coverage for the loss of money and securities outside the premises in the care, custody, and control of a messenger or armored car service resulting from theft, disappearance, or destruction?

Answer :

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Saakshi76 Saakshi76 · Answer 1 · 2024-01-15T21:39:42-05:00

Final answer:

Coverage for the loss of money and securities during transport by a messenger or armored car service is provided by a specific type of business insurance policy, which compensates for losses from theft, disappearance, or destruction.

Explanation:

The coverage that provides for the loss of money and securities outside the premises in the care, custody, and control of a messenger or armored car service resulting from theft, disappearance, or destruction is typically a form of insurance.

This is a specialized type of policy that businesses can purchase to protect against financial losses when their assets are being transported.

The insurance pays out under the specified conditions, such as when medical expenses are incurred, the policyholder dies, a car is damaged, stolen, or causes damage to others, or a dwelling is damaged or burglarized.

In this case, the policy would compensate the business for the lost money or securities, provided the loss occurred under the terms of the policy.

Insurance policies of this nature are crucial in mitigating the risks associated with handling and transporting monetary assets.