CITI is an acronym that stands for the words "Cash In Transit Insurance." It is a type of insurance policy designed to protect businesses and individuals involved in the transportation of cash or valuables.
CITI insurance provides coverage for the risk of loss, theft, damage, or destruction of cash, coins, banknotes, negotiable instruments, or other valuable items during their transfer between different locations such as banks, stores, or other secure facilities. This insurance is specifically tailored to the needs of cash-in-transit companies, security guards, armored vehicle operators, and businesses that handle large amounts of cash regularly.
The primary purpose of CITI insurance is to mitigate financial losses resulting from unforeseen events that may occur during the transportation process, which could include robbery, burglary, accidental loss or damage, or even natural disasters. The policy typically covers both internal and external risks, providing indemnification for the loss or damage of cash or items entrusted to the insured's care.
CITI insurance policies usually include coverage for theft by employees, assault during transit, hijacking, mishandling, counterfeit currency, fire, flood, and other risks associated with the transit of valuable items. The terms and conditions of coverage may vary depending on the insurer and the specific requirements of the insured, so it is important to review the policy documents carefully and consult with an insurance professional to ensure the appropriate coverage is obtained.
