Burglary & Housebreaking Insurance
A burglary and housekeeping insurance policy is a type of insurance that covers losses resulting from burglary. The policy provides protection against loss of or damage to insured property due to burglary and housebreaking. Put simply, Burglary is defined as theft when force was used to unlawfully enter someone else’s property.
The policy broadly covers burglary, theft (following actual, forcible and violent entry of and/or exit from the premises) including hold-up risk and damage caused to premises. Burglary and housekeeping insurance provide coverage in respect of all types of insured property.
What Does it Covers?
- Burglary and Housebreaking Insurance Policy grants coverage in respect of all types of insured property such as stock in trade, goods held in trust or commission, furniture, fixture, fittings, money in locked safe and any other item or equipment.
- Damage to premises resulting from burglary, and/or housebreaking or any attempt at burglary is covered.
- In Burglary Policy, the Sum Insured should be fixed on current market prices for stocks. For other items such as furniture, fixture, equipment, etc., it can be fixed either on Market Value (i.e. new replacement cost less depreciation) or on a Reinstatement Value basis.
- Cash, jewelry, valuables, and securities kept in a locked safe or cash box in a locked steel cupboard, if specifically covered and more etc
Some of the important Exclusions under the Policy are listed below:
- When your family member or staff is a principal or accessory in the incident.
- Burglary without any forcible entry.
- Acts consequent to fire, explosion, riot, strike, convulsions of nature like earthquake, etc.
- War threats and nuclear perils.
- Premises left unoccupied and unattended for over seven days.
- Loss of cash from safe using the duplicate key, unless the key is obtained by threat of force.
- Loss of goods held in trust/ commission, jewelry, curios, title deeds, business books, unless specifically covered.
- Uninformed material alteration in the premises.
- Consequential loss or legal liability of any kind.
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