BURGLARY INSURANCE (PRIVATE & BUSINESS)

WHAT IS BURGLARY INSURANCE

Burglary and Housebreaking Insurance policy provides financial compensation against loss or damage to property contained in your premises by acts of Burglary and or Housebreaking. It is a policy that covers losses resulting from a burglary and denotes the act of entering a property unlawfully with the intention of committing a crime and it might not always involve theft.

Burglary insurance, then, will cover property damage as well as financial losses arising from:

• The theft of property from within the household premises or within the automobile
• The entry of an intruder by force

Policyholders need to notify the brokers (if applicable), Insurance companies and authorities of the burglary as one of the first steps they take before filing a claim. Before paying any claims, brokers and insurance companies require documented proof of ownership of the goods prior to the burglary. This allows them to avoid losses arising from fraudulent claims.

WHAT IS COVERED?

Policy covers:

• Property contained in your premises,
• Stocks/goods owned by you or held in trust and/or commission.
• Cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request.
• The property against loss/damage by burglary/house breaking.

The Policy pays actual loss/damage to your insured property caused by burglary/house breaking subject to the limit of Sum Insured. If Sum Insured is not adequate, The policy pays only proportionate loss.

WHAT CAN BE COVERED ON PAYMENT OF ADDITIONAL PREMIUM?

The Policy can be extended to cover

• Riot
• Strike
• Malicious Damage and
• Theft.

Further, policies can be issued on declaration basis and on floater basis for stocks.

WHAT IS NOT COVERED?

The Policy will not pay for loss/damage to:

• Goods held in trust/commission, jewellery, curios, title deeds, business books unless specifically insured.
• Recoverable under Fire/Plate glass insurance policy
• By abstraction from a safe using a key or duplicate key, unless it is obtained by violence or threat
• Due to shop lifting, acts involving you/your family members/ your employees
• Due to War perils, Riot & Strike (covered by payment of additional premium), Acts of God, Nuclear peril