The prevalence of crime is rising, and being burgled at your home or office can result in significant financial damage. The years of hard work go into building assets, but one theft can leave you financially handicapped.
You may find it impossible to replace the stolen items after a burglary. But with a Burglary Insurance Plan, you can protect them before any accident happen.
Burglary insurance policies are available on the market to cover the financial loss caused by burglary and theft.
What is the definition of burglary insurance?
Burglary insurance is a type of insurance that protects you financially in the event of a burglary or attempted burglary at your house or business.
1. Burglary and housebreaking insurance for your company premises.
2. By intelligent management of likely maximum loss assessment, coverage is accessible on a first-loss basis.
3. Coverage for riots, strikes, malicious damage, and theft can be added to the policy.
4. There are several varieties available, including floater policy, declaration policy, and floater declaration policy.
Insurance Coverage for Burglary and Housebreaking
1.The insured's property in the business premise, such as stocks and furnishings, is protected.
2.Stocks held in trust/commission for which the issuer is not insured.
3.Stocks held in trust/commission for which the insured is accountable.
4.Burglary, housebreaking or any attempt at burglary causes damage to the premises, which is covered.
5.If specifically covered, cash, jewels, valuables, and securities are kept in a locked safe or cash box in a closed steel cupboard.
The coverage can be extended to cover the following items for an extra premium:
A: Strikes and riots
B: Expenses for minimizing losses
C: Expenses associated with restoration
D: Expenses associated with debris removal
E: Employees' personal belongings are lost or damaged.
F: Costs of changing locks and repairing damaged premises
Exclusion In A Burglary Insurance Policy
1. Things made of gold or silver, precious metals, and other articles made of precious metals, medals, coins, and rare books of any type.
2. Wear and tear or progressive deterioration cause loss or harm.
3. Sack, loot, pilferage, and other losses or damages.
4. Losses that can be covered by a fire/plate glass insurance policy.
5. Threats of war and nuclear dangers
6. Unless otherwise specified, riots, strikes, and malicious destruction are not covered.
7. Any type of consequential damage or legal liability.
8. Theft in premises kept unoccupied for seven or more days in a row.
9. Uninformed alterations to the premises' substance.