• Burglary Insurance

     Burglary insurance refers to insurance against loss or damage resulting from or following the unlawful breaking and entering of designated premises or places of safekeeping. Policy is designed to cover business premises only like godown, factory, office etc

    What the policy covers (Scope):

     Loss or damage to the property insured by theft following upon actual, forcible and violent entry into the premises. Damage to the premises following upon entry as above or any attempt thereat In an event of a claim, the indemnity provided is to the extent of the intrinsic value of the property damaged or lost, subject to the limit of the sum insured as per the policy.

    There are three types of policies available:-

    Full Value Insurance:

     The policy must be affected for the full value of the property to be insured. First Loss Insurance: In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured

    Stock Declaration Policies:

     These policies are given where large stocks frequently fluctuate in quantity during the year. The sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time. A deposit premium of 100% of the annual premium will be paid at the beginning of the insurance. Monthly declarations of value are to be sent to the company and the “deposit” premium will be adjusted at the end of the policy period based upon the average of the monthly declarations

    What the policy does not cover (Exclusions):

     The insurance underwriter shall not be liable in respect of the following: 1. Gold, watches, jewellery, precious stones, plans, designs, money, business books etc. unless specifically insured.
    2. Loss or damage where any insured or member of the insured’s household or of his business staff is concerned in the actual theft or damage.
    3. Loss or damage from any yard, garden outbuilding (including sheds or garages not attached to the building) or any other property outside the confines of the premises unless specified in the Schedule
    4. Valuables and cash in safe, goods held in trust or commission unless specifically covered in the Schedule
    5. Loss or damage resulting from an act of Riot, Strike, Malicious Damage.
    6. War invasion act of foreign enemy hostilities or warlike operations (whether war be declared or not) civil war.
    7. Terrorism

    The policy shall cease to attach:

     1. If the premises are left uninhabited for 7 or more consecutive days and nights.
    2. In the event of material alterations to the premises whereby the risk is increased.
    3. If the insurable interests has passed from the insured otherwise by will or operation of law