A burglary insurance policy which covers items or assets contained in the premises including stocks/goods owned or held in trust if specifically covered. This cover may be offered for a business enterprise or for a house.
Any loss caused by burglary can put a break in your growth plan by putting a financial burden. So it is better to be insured. This policy covers any damage done to your house or premises caused by burglars during burglary or attempts at burglary.
If you wish to cover cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard, you have specifically mention.
The payment of policy at the event depends on the your how much you have insured property as it depends on the amount of sum assured. If insured amount is not sufficient, then policy pays only proportionate loss. So, insurer should give proper formation and explain the basis of fixing the sum insured.
Hence, you must ensure that you value the property covered correctly to ensure that there is no under insurance.
A Burglary Insurance Policy can generally be extended to cover riot, strike, malicious damage and theft.
What is not covered in a Burglary Insurance Policy?
The Policy will not pay for loss or damage to goods held in trust/commission unless specifically covered, jewellery, curios, title deeds, business books unless specifically insured.
Any amount that is recoverable under fire/plate glass insurance policy; loss from a safe using a key or duplicate key, unless it is obtained by violence or threat due to shop lifting, acts involving you/your family members/ your employees. War perils, riot & strike, acts of god, nuclear perils are covered by payment of additional premium.
The design of the policy may vary from company to company.