The money policy offers fairly wide coverage for loss of money in a safe/ in transit/ with an authorised employee of the Company by any fortuitous event, subject to specified exclusions in the policy. However as a matter of principle, a loss due to use of a duplicate key to open the safe is not considered and accident add hence excluded from the policy coverage.
In there could be number of circumstances which may lead to acquiring a key by a criminal. latest try event and what is not.
The policy also has a requirement of taking all precautions as a prudent uninsured. So the keys or the lock combination etc. needs to be kept away from the safe/strong room and in a secure location.
There may be a case where the key has been acquired by a criminal using violence/ threat of violence, say at gunpoint/ with a knife at his throat. this definitely needs to be considered as an accident for the purpose of the policy.
Let us look at another situation where the key bunch has been dropped on the road by the person carrying it and used by a person to steal money. Obviously dropping of a key may amount to negligence of the concerned person and hence not covered in the policy.
There may be some borderline cases where an individual insurer needs to apply their own judgement. For example- if the impression of the key has been taken on a soap bar and a duplicate made there-from, It is open to interpretation whether this would amount to an event that makes the theft of the money recoverable under the policy.
In fact there is no possibility of opting out of the key clause in a policy. Show every money policy has to be subject to the exclusion of key clause.