Burglary Insurance

The Burglary and Housebreaking Policy offers protection against losses due to burglary or housebreaking, which involves theft accompanied by actual, forcible, and violent entry or exit from the insured premises. This includes coverage for holdup situations affecting the contents of offices, warehouses, shops, and other similar locations. It also covers cash stored in safes or strong rooms, stock-in-trade, and goods held in trust or on commission. Additionally, the policy compensates for any damage caused to premises, furniture, fixtures, or fittings during the burglary.

Key Benefits

  • Coverage for burglary and housebreaking incidents at business premises.
  • Insurance for attempted theft based on proper assessment.
  • Option to extend the policy to include theft, riots, malicious damage, and strikes.
  • Flexibility to purchase a Declaration Policy, Floater Policy, or Floater Declaration Policy.

Coverage

  1. Property Damage or Loss: Compensation for damage or loss caused by burglary or housebreaking.
  2. Damage to Premises: Covers damage to the premises resulting from the burglary or an attempted burglary.
  3. Sum Insured for Stocks:
    • For stocks: Based on current market prices.
    • For furniture, fixtures, and equipment: Can be insured at Market Value (replacement cost minus depreciation) or Reinstatement Value.
  4. Floater Sum Insured Policy: Ideal for fluctuating stock levels across one or multiple locations, including seasonal variations, with options for Floater, Declaration, or Floater Declaration Policies.

Add-On Cover

  • Coverage for items such as goods held in trust, cash, jewelry, precious stones, plans, or designs, subject to prior declaration.
  • Theft or burglary committed by insiders.
  • Coverage for theft from a safe using a key obtained through violence or threat.

Exclusions:

  • Premises left unoccupied or unattended for more than seven days.
  • Goods stored in the open unless specifically insured.
  • Loss due to negligence or willful misconduct.
  • Consequential losses of any kind.

Claim Procedure

In the event of a loss, the following steps should be taken:

  1. Immediate Intimation: Notify the insurer immediately about the incident. Submit a detailed statement of the claim, including the nature, extent, and estimated loss. Delay in notification can affect claim acceptance.
  2. Minimizing Loss: Take necessary steps to reduce and mitigate further damage or loss.
  3. Determine Cause: Identify the proximate cause of the loss and ensure it falls within the policy’s coverage.
  4. Cooperate with Insurer: Assist the insurer and surveyor during the survey and assessment process.
  5. Provide Documentation: Submit all necessary documents, such as:
    • Completed claim form.
    • Claim bill.
    • Copy of the insurance policy.
    • Records and evidence as requested by the insurer or surveyor.
  6. Preserve Damaged Property: Keep damaged items safe until directed by the insurer or surveyor regarding disposal.
  7. Identification of Insured Property: Ensure proper identification of the insured items for assessment.