BURGLARY INSURANCE INTRODUCTION: - Burglary insurance is one of the major classes of business underwritten in the miscellaneous department and accounts for a sizeable part of premium income of the department. Broadly speaking any kind of movable property like li ke stock, stock-in-trade, plant and machinery, goods in trust, fitting etc. can be covered cov ered under burglary insurance.
MEANING: - The word burglary implies to “stealing property by means of forcible entry into a security locked storage space or an apartment unit” provided there are marks of forcible entry on the
exterior storage space, or apartment. And Burglary Insurance provides compensation against loss or damage to property contained in your premises by acts of burglary.
BURGLARY INCLUDES:
Theft of property from the premises following upon felonious entry of the said premises by violent and forcible means.
Theft by a person in the premises who subsequently breaks out by violent and forcible means provided there shall be visible marks made upon the premises at the place of such entry or exit by tools, explosive, electricity or chemicals. Use of force may be against property and person. In other words, Burglary insurance is an insurance policy
covering losses resulting from a burglary, which is the act of entering a building unlawfully with the intention of committing a crime, usually
but not always theft. Burglary insurance for businesses is usually part of a larger policy. Burglary insurance covers property contained in your premises, stock/ goods owned by you or held in trust and/or commission. It covers cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request. Burglary insurance policy covers the property against loss/ damage by burglary. This policy also covers damage to your premises caused by burglars during burglary or attempts at burglary. The policy pays actual loss/damage to your insured property caused by burglary subject to the limit of sum insured. If sum insured is not adequate, the policy pays only proportionate loss. Burglary insurance does not cover loss/damage to goods held in trust/commission, jewellry, curios, title deeds, business books unless specifically insured; recoverable under fire/plate glass insurance policy.
FEATURES OF BURGLARY INSURANCE:
Burglary insurance covers any kind of movable property.
It covers the property against loss or damage by burglary.
It covers stock in trade, plant machinery, fittings, travelling things, goods in trust etc.
Policy is as long as property.
TYPES OF BURGLARY INSURANCE : BUSINESS PREMISES POLICY : - Policies issued to business
premises cover stock-in-trade, goods in trust or on commission,
fixtures and fittings, tools of trade such as typewriters, calculators and other similar property and cash and currency notes in locked safe against the risk of burglary and house breaking. Loss or damage to contents or to any part of the building caused by burglary or any attempt therefore is also covered. In regard to stock in trade and other goods the policy may be issued on full value basis or on “first loss” ba sis. A “first loss policy” insures the property up to a specified amount only which is calculated to be the maximum likely loss on any one occasion. This type of policy is taken where a total loss is a physical impossibility. First loss policies are taken for bulk commodities. The amount insured is always specified as a certain percentage of the full value. MONEY
IN TRNSIT POLICY :- This is modified version of
burglary insurance policy covering money or securities in transit b/w the insured’s premises and bank or post office or other specified place or b/w the premises of insured and branch premises. The coverage of money in transit policy is as below
Wages in transit from bank to premises of insured.
Cash in transit from the premises to post office for purchase of postal orders, money orders and postages or revenue stamps.
Postal orders, money orders and postage or revenue stamps in transit from post office to insured premises.
Wages in transit from the insured branch premises.
Ash other than wages in transit from bank to insured’s premises, from insured’s to bank and b/w insured’s premises and the insured’s branch premises.
Cheques, bills of exchange, money orders and postal orders in transit from the insured’s premises to bank.
Cash secured in locked sage when the insured’s premises are closed.
ALL RISKS(JEWELLERY AND VALUABLES) INSURANCE POLICY:-The policy seeks to cover loss or damage by fire or burglary or theft or any other accidental or fortuitous circumstances. The policy is suitable for jewelers, valuables, antiques, paintings, watches, clocks, works of art cameras, trumpets, and other similar articles. The insured values in respect of these items are decided on an agreed value basis. For jewellry, gold, and silver plates, the values are fixed in consultation with a professional jewellry appraiser.
BAGGAGE INSURANCE POLICY: - This policy provides indemnity to the insured to the extent of the insures value of the accompanied personal baggage of the insured or member of his family while the insured is travelling on tour and/or holiday. EXCLUSIONS:
Occurring during routine travel
Articles which do not form part of the baggage when the baggage when the journey commenced, unless declared and accepted by the insurer
Articles of consumable and perishable nature
Loss of articles like sticks, umbrellas etc., property in use on the voyage or journey, articles or clothes whilst being worn or carried out.
Loss arising from leakages , spilling of liquids, oils etc.
Damage caused by repairing or renovating.
Loss or damage arising through delay detention or confiscation by customs or by other authorities.
CASH IN SAFE INSURANCE POLICY:- this policy includes only when the cash is secured in a safe and is granted only if the safe is burglar proof and is of an approved make and design. Safe which is permanently installed in the premises is a better risk than a safe which can be shifted. Policy is classified into two classes
the loss of cash obstructed from the safe following the use of the key to said safe or any duplicate these of belonging to the insured is not covered unless such key has been obtained by violence or through means of force. The use of force need not necessarily be against the person or an individual. It can be against property as well.
A complete list of the amount of cash in safe should be kept secure in some places other than the safe and liability of the insurer is limited to the amount actually shown by such records.
