BURGLARY/HOUSEBREAKING POLICY

BURGLARY/HOUSEBREAKING POLICY
This policy indemnifies the insured against loss or damage resulting from theft or attempted theft when accompanied by forcible or violent entry into or out of the premises. This includes attempted entry.

There are two types of burglary insurance; "Burglary Private"  "Burglary Business"

Burglary Private indemnifies the insured burglary in private dwellings/residence.

Burglary Business policy covers the insured in business premises alone. Note that this policy is limited to burglary and house breaking only. Also goods held in trust or on commission are not covered especially under the burglary private policy. The items covered under this policy are similar to those under the Fire/Extraneous Policy. Compensation is paid for loss or damage to the insured property following theft related damage. The policy cover is limited to burglary and house breaking only. It does not cover direct result of fire, explosion, lightning, strikes, riots natural disasters like storm damage, flood, earthquakes and malicious damage.

This policy is essential when pledged with a financial institution. A good security system will benefit the insured in reducing the premium. Benefits If the goods insured are bulky and have a low value, an estimate of the total value of the goods that can be burgled at a time is made and the premium is charged on this value as the maximum probable premium. This is done till there is a change in the stock level. Premium The Premium paid depends on the value of cover as well as the occupant, resale value of the goods and security provided. A discount may be given based on claims history and the quality of protection i.e. fire protection, security etc. Requirements Fully filled Policy proposal form with all the details of the property to be insured. This will include value, criteria for valuation as well as additional cover required. Once this has been done, the premium will be determined and once paid, the policy will be prepared.

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