Demonetisation: Cash-carrying companies seek to double insurance coverage

For the cash in transit, covers are taken for instances like theft.

Cash-carrying companies are seeking higher insurance cover after  the government scrapped Rs 500 and Rs 1,000 notes. 

Sanjay Kedia, country head and chief executive officr of Marsh India, said cash-carrying companies were expecting a spurt in liquidity and had ramped up storage facilities across India. 

He added most cash-carrying companies were seeking to more than double their per-location insurance coverage. A few companies are asking for insurance limits as high as Rs 500 crore per location. Insurance industry executives said this was a temporary situation, only till customers had adequate cash. 

Insurance companies provide coverage against theft and other contingencies