This policy will indemnify the insured against the loss of or damage to the property insured arising from burglary or housebreaking as defined in the policy. Cover is limited to burglary following forcible or violent entry to or exit from the premises.
What is covered?
- property contained in your premises,
- stocks/goods owned by you or held in trust and/or commission.
- cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request.
- property against loss/damage by burglary/house breaking.
- damage to your premises caused by burglars during burglary or attempts at burglary.
NOTE: The Policy pays actual loss/damage to your insured property caused by burglary/house breaking subject to the limit of Sum Insured.
There is also a provision in the Policy to cover bulk items on ‘first loss’ basis wherein a percentage of total stock stored can be taken as that exposed to the risk of burglary and housebreaking.
Company shall not be liable for
- Loss or damage which can be insured under a fire policy except in the case of explosion caused in an attempt of effect entry
- Loss or damage insurable under a glass insurance policy
- Property more specifically insured or unless specified in the schedule , cash, bank and currency notes , cheques, money orders and documents or certificates of negotiable nature.
This will invariably be a rate applicable to sum insured, varying with the attractiveness of the property to thieves.
i. Extensions of cover: various extensions are available, including Hold-up, which insures risk accompanied by actual or threat of violence, but where violence to the buildings security measures is not involved. Also, PA covers staff may be included.
ii. Surveys: these are frequently required, where substantial values or attractive stock is to insured.
“Target risks”: some goods are particularly attractive to thieves. Some are obviously in this category, such as gold and jewelry, furs and other high value/low bulk items. Target risks are likely to face more severe policy terms and premiums.