Burglary Insurance

The Burglary and Housebreaking policy provide cover against loss by burglary Housebreaking i.e. theft following actual, forcible & violent entry or exit from the insured premises including hold up risk, in respect of contents of offices, warehouses, shops, etc. & cash in the safe or strong room, stock in trade, goods held in trust or commission. The policy also covers damage caused to the premises or furniture, fixtures, fittings during the act of burglary.

Key Benefits

• Insurance for housebreaking and burglary at your business premises
• Coverage is provided for the first attempt also based on the judicious assessment
• The policy can be extended to cover theft, riots, malicious damage, and strike
• Option to buy a declaration policy, floater policy, and floater declaration policy available

Coverages

• Loss or damage to the insured property due to burglary and/or housebreaking
• Damage to premises caused by burglars during burglary or attempts at burglary.
• In Burglar Policy, the Sum Insured for stocks should be fixed on current market prices. For other items such as furniture, fixture, equipment, etc., the sum insured can be fixed either on Market Value (i.e. new replacement cost less depreciation) or on a Reinstatement Value basis.
• Floater Sum Insured Policy: to cover the fluctuating stocks at one place or at many places or variations due to seasonality, there is an option to choose Floater, Declaration, or Floater Declaration Policies.

Add on Cover

• Unless specifically declared and covered: goods held in trust/commission, Cash, jewellery, curios, title deeds, Gold, watches, precious stones, plans, designs, business books.
• Burglary/theft committed by insiders.
• Items were stolen from a safe using a key or duplicate key unless it is obtained by violence or threat.
• Premises left unoccupied and unattended for over seven days.
• Any consequential loss
• Any goods lying in the open unless specifically insured.
• Loss or damage attributable to wilful /gross negligence

Claim Procedure

In the event of loss, following are immediate actions to be taken
To intimate to the insurer the occurrence of loss, submit full statement in writing of the claim, provide the nature and extent of loss and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express inability in accepting liability of the loss/damage.

• To take all steps to reduce and minimize the extent of loss damage and liability.
• Proximate cause of the loss and assess the type/extent and whether it is within the scope of the policy.
• To extend full co-operation to the insurer and the surveyor appointed for completion of the survey work and proper assessment of the loss.
• Produce all such records and proof as may be required by the surveyor or the insurer for arriving at the extent of loss and the liability under policy.
• Provide documents such as, claim form, Claim bill, copy of policy etc.
• Keep the damaged property under the safe custody until advised by the surveyor/insurer regarding its disposal.
• Identification of the subject matter insured