A Burglary Insurance policy may be offered for a business enterprise, a shop, a godown, an office, so on and so forth. The policy covers property contained in the premises including stocks/goods owned or held in trust if specifically covered. It also covers cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard if you specifically request for it. Apart from offering cover for the contents in the premises, Burglary Insurance policy covers damage to your house/ premises caused by burglars during burglary or attempts at burglary.
The policy provides cover for the following occurrences :
• The Policy pays actual loss/damage to your insured property caused by burglary/house breaking subject to the limit of Sum Insured.
• If Sum Insured is not adequate, Policy pays only proportionate loss. Hence, you must ensure that you value the property covered correctly to ensure that there is no underinsurance.
• A Burglary Insurance Policy can generally be extended to cover Riot, Strike, Malicious Damage and Theft.
Main exclusions of this policy :
• Usually, the Policy will not pay for loss/damage to goods held in trust/commission unless specifically covered, jewellery, curios, title deeds, business books unless specifically insured.
• loss from a safe using a key or duplicate key, unless it is obtained by violence or threat;
• Due to shop lifting, by larceny, due to War perils, Riot & Strike (covered by payment of additional premium) and so on.
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