What is a Burglary and Theft Insurance Policy?
A Burglary and Theft Insurance Policy provides coverage for loss of insured assets due to theft and burglary at the insured premises. The Policy can be purchased for factories, warehouses, homes and offices.
Theft and Burglary of valuable assets is a big risk facing people today and it is important to secure oneself with the various Theft Insurance and Burglary Insurance Policies available today.
What are the coverages in a Burglary and Theft Insurance Policy?
A Burglary and Theft Insurance Policy provides reimbursement for loss or damage to the Insured Property whilst on Premises, either due to Burglary, Theft, or Robbery.
- Burglary in Insurance is defined as “an unforeseen and unauthorized entry to or exit from the Premises by aggressive and detectable means with the intent to steal Contents therefrom.”
- Theft in Insurance is defined as “the misappropriation of Contents by any person with the intention of permanently depriving the Insured and/or insured’s family and/or Employee(s) of the Insured of such contents and does not include larceny, pilferage and the like.”
- Robbery in Insurance is defined as “the theft of Contents at the Premises using unforeseen, aggressive and violent means against the Insured and/or insured’s family and/or Employee(s) of the Insured.”
What are the Additional Coverages under Burglary and Theft Insurance Policy?
Apart from Loss or Damage to Insured Property on account of Burglary or Theft, the Insurance Policy also provides the following additional coverages:
- Injury Sustained by Insured: Burglary and Theft Insurance Policy also provides cover for Injury to the Insured which results in Accidental Death or Permanent Disability to the Insured occurring within 12 months of the Insured sustaining the Injury.
- Damage to Insured Premises: The Insurance Policy also provides cover for Damage to the Insured Premises as a result of any of the Insured Perils upto the balance of Sum Insured not exhausted under the Policy subject to a maximum of Rs50000
- Loss of Money: A Burglary and Theft Insurance Policy also provides cover for loss of money stolen from a securely locked safe or strong room on Insured Premises arising out of an Insured Peril subject to a maximum amount of Rs50,000 in respect of any one event.
What are the exclusions in a Theft and Burglary Insurance Policy?
A Burglary and Theft Insurance Policy does not cover losses arising out of the following:
- Fire or Explosion within the Insured Premises
- Loss or damage caused by wear and tear or gradual deterioration
- Loss or damage occasioned by loot, sack, spillage or pilferage
- The Insurance Policy will not pay any loss upto the deductible amount
- Loss of Precious Metals like Gold, Silver, Jewellery, precious stones, medals, coins, stamp collections, coin collections, curios, sculptures, manuscripts, rare books or documents etc is not covered
Tips to Reduce Premium for Burglary and Theft Insurance Policy
You can reduce the Premium for a Burglary and Theft Insurance with the following measures:
- Installment of Security Devices such as CCTVs and alarm systems helps in lowering premiums
- Presence of Security guards, watchman at the Insured Premises also helps in premium reduction
Conclusion
A Burglary and Theft Insurance Policy is usually bought along with a Fire Insurance Policy or a Home Insurance Policy If you wish to avail a Burglary and Theft Insurance Policy for your factories, offices or homes, pls reach out to us at insurance@qian.co.in or call us on 022-22044989. We would be glad to assist you!