Burglary and Housebreaking Insurance Policy grants coverage in respect of all types of insured property such as stock in trade, goods held in trust or commission, furniture, fixture, fittings, money in locked safe and any other item or equipment.
Barring a few specified Exclusions, the Policy offers protection to the insured property against all incidents of burglary and housebreaking, including robbery and dacoity.
Policy provides protection against loss of or damage to insured property due to burglary and housebreaking i.e. theft following upon an actual, forcible and violent entry to or exit from the insured premises and also damage to the premises themselves by burglars such incidents.
Level of Coverage
In Burglary Policy, the Sum Insured should be fixed on current market prices for stocks. For other items such as furniture, fixture, equipments etc., it can be fixed either on Market Value (i.e. new replacement cost less depreciation) or on Reinstatement Value basis.
Further, to cover the fluctuating stocks at one place or at many places or variations due to seasonality, you can choose from our Floater, Declaration or Floater Declaration Policies.
You can also opt for our First Loss Policy where the Sum Insured chosen by you is a percentage of the full value of property in respect of stocks of bulk nature, where it is impossible for the entire stocks/contents to be burgled at one time.
Some of the important Exclusions under the Policy are listed below:
Ø When your family member or staff is a principal or accessory in the incident.
Ø Act of persons lawfully on the insured premises.
Ø Acts consequent to fire, explosion, riot, strike, convulsions of nature like earthquake etc.
Ø War and nuclear risks.
Ø Premises left unoccupied and unattended for over seven days.
Ø Loss of cash from safe using duplicate key, unless the key is obtained by threat or force.
Ø Any consequential loss.
Premium Rating depends upon:
Ø Nature of property
Ø Type of Construction
Ø Security systems
Ø Near by occupancies
Ø Past claims experience