The Africa Sureties and Insurance Advisory Company (ASIAC) says insurers are not obliged to honor claims for cash-transit vehicles that are not armoured.

According to the Executive Director of ASIAC, Seth Kwasi Aning, terms and conditions for insurance claims on cash transit vehicles instruct that such vehicles, under Bankers Blanket Bond or Bankers Indemnity Policy, must be fully armoured.

"The Bankers Blanket Bond or Bankers Indemnity Policy, which is the more appropriate insurance policy designed to protect banks and financial institutions under such conditions.

"Even though this may be the case, it is always important to read the policy wording carefully or engage an insurance broker or consultant to assist," he argues.

Clarifying questions on whether insurance firms can render claims of cash-transit vehicles attacked by robbers, Seth Kwesi Anning explains that if the financial institution or bank has outsourced the transportation of its cash to a third party or security firm, the onus lies on that firm to refund the lost cash.

ASIAC is an insurance-based risk management company authorized by the National Insurance Commission (NIC) of Ghana to operate as advisors, consultants and insurance brokers.

The company specializes in Insurance Broking, Credit Risks & Sureties Management and Captive Management.