What happens when a bank is robbed?
Mar 03, 2010
in
Tornado Insurance
Do they have insurance? What happens during a flood, tornado, fire etc?
What about robbery?
Does the bank collect insurance on a robbery does the companybsimply lose that money as an expense?
Is it determined by the amount lost? Is there a deductible?
What happens when a bank loses cash?
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5 comments
nas88car 300 JJ wins way to 5 on March 3, 2010 at 11:53 am
usually the money lost ina fire is replaced
but most of the money is in a vault .. that is fireproof
insurance does cover when a robber gets away with a robbery
Bartleby the Scrivener on March 3, 2010 at 11:53 am
That’s a very good question.
I assume, of course, that when a bank loses cash, it simply loses it out of pocket, and doesn’t affect its clients in any way. I’m not sure, of course….
You know, we should really learn this stuff in school. It’s a lot more interesting and intriguing that the usual seventh grade curriculum.
eyad_alawi on March 3, 2010 at 11:53 am
Banks money is insured by the FDIC. They replace the cost of any events that take place.
Jimmy Whispers IV on March 3, 2010 at 11:53 am
Some banks issue individual insurance as well as their own. For instance BOA insures people up to $100,000; anything over 100K is the customers responsibility.
Leslie S on March 3, 2010 at 11:53 am
Banks have a deductible on thier robbery insurance.
Losses are a write off.