Insurance companies are seeing a spike in claims from cash management companies that deploy and maintain ATMs. The nature of the claims is not just robbing of ATMs, but also cash shortage.
Insurers have already raised premium almost twice as the exposure of vehicles carrying cash has gone up substantially because of an increase in the quantity and value of currency notes in transition (Rs 2,000 notes) and the threat perception to vaults.
“Employees of cash management companies were shorting cash from the ATMs for the past few years, and it was going unnoticed. These people are exposed now as banks and cash management companies are auditing ATMs while replenishing new currency notes”, said Sunil Vidhate, business head, Alliance Insurance Broker.
Claims from ATM management companies increasing
ByBimabazaar- Adminstrator
March 25, 2017
