Key Features of Burglary Insurance

• When business premises are insured, this insurance can offer protection against any forceful housebreaking and burglary.
• Under the first loss premise, coverage is accessible for a certain percentage of stock insured.
• Coverage is also offered for disability, transitory disability, and death.
• Add-on benefits are also accessible to any policyholder for covering cash, strikes, fire, monovalent damage, and many other misfortunes. 

Advantages of Theft & Burglary Insurance

• It provides you financial protection against any loss or damages caused to your possessions in case of an actual or attempted burglary.
• In case the insurance is purchased for your business organization, any damages to the products, assets, and property inside your premises are insured.
• Even if the sum assured is insufficient, you can avail financial value for proportionate damages.
• The burglary insurance can also be extended to cover many other mishaps by paying an additional premium. These include fire, riots, strikes, cash, jewelry, malicious damages, theft, etc.

Inclusions Provided Under Burglary Insurance Policy

It provides compensation for loss/ damage caused due to the following reasons:

• Unlawful, forceful, and violent entry.
• Theft or attempted theft by someone hiding in the insured property.
• Hold-up and armed robbery.
• Theft and housebreaking.

Many assets such as cash, valuables, jewelry, electronics, appliances, stock, business assets, plant and equipment, machinery, etc. are covered in the insurance.

Bulk items can also be covered on a first-loss basis to protect a certain percentage of stock against burglary and premium is only for the selected percentage as well.

Exclusions Under Burglary Insurance

• Cash, jewelry, books, precious stones and gems, designs, plans, etc. are not covered unless they are specifically included.
• Damages or loss where the insured or his family member or employee were in on the burglary.
• When the property remains unoccupied for 7 or more days continuously.
• If substantial changes are done on the premises that increase the risk of burglary.
• If the rights of the assets insured are transferred from the insured to another individual by law or by will.
• Damages caused by nuclear weapons, bombs, etc.
• Damages that are the result of war, the act of a foreign enemy, an invasion, etc.
• Damages occurred due to confiscation by the government, nationalization of property, etc.
• Damages that occur due to any consequential loss.
• Damages that happen due to strikes, riots, civil commotion, etc. unless specifically covered.

Process of Filing a Claim for Burglary Insurance Policy

The procedure for filing a burglary insurance claim includes the following steps:

• First of all, the insurance provider and the nearest police station must be informed about the burglary.
• Then, the insured must register the claim with respect to the loss or damages caused due to an incident within 14 days of when it takes place.
• The insured should also provide the insurer all the necessary details that are relevant to the claim procedure.

These include:

• contact details,
• policy number,
• claim form,
• copies of police F.I.R.,
• claim bill,
• the final survey report,
• documentary support about the value of the assets,
• copy of insurance policy,
• letter of indemnity in the insurer’s favor, in case of any right of recovery
• photographs and supporting evidence, and
• any other details required by the insurance provider to complete the claim procedure.

After this, the insurance provider will analyze all the relevant facts and ascertain the amount of financial loss that you will be covered for.