ATMs Insurance Coverage
ATMs are often insured against theft and vandalism. Banks and service providers have insurance policies to cover potential losses due to such incidents. ATMs are equipped with various security features, including surveillance cameras, alarms, and tamper-evident mechanisms, to deter theft and vandalism. If an ATM runs out of cash, users will be unable to withdraw funds until it is replenished. ATMs are typically refilled once or twice a week, depending on usage patterns. Any ATM machine not owned by a bank is not subject to FDIC protection. This is why ATM insurance is always a good idea to cover any ATM machines you own. So if your machine is burglarized, damaged or stolen, it’s up to you to cover your losses.
Importance of ATM Insurance
ATM insurance is designed for ATM business owners, as well as owners of other businesses who own and operate an ATM on their premises. It’s important to note that standard commercial insurance policies may not cover the ATM on your property, or it may only be partially covered due to the special considerations around insuring large amounts of cash. That is why you need a specialized policy, like ATM insurance, that features adequate coverage to protect your ATM(s).
Risk Management for ATM Businesses
Damage to the ATMs is one of the more significant loss risks since they are expensive to replace and hold large sums of money. Damage can happen for various reasons, but theft and attempted theft are the more common reasons why ATMs sustain damage. Protect your customers and cash from criminal activities such as skimming with ATM insurance. Ensure you are protected with coverage for loss or theft.