Burglary insurance

The policy covers the property against loss/damage by burglary/house breaking. It 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/house breaking subject to
the limit of Sum Insured.
Burglary insurance premises cover this policy provides cover for property contained in
business premises, stocks owned by you or held in trust and/or commission. It can be further
extended to cover cash, valuables, securities kept in a locked safe or cash box in locked steel
cupboard.

Proposal form contain the following

Name of the proposer full it is desirable to have full name of proposer it is very necessary to
keep un index of policyholders and the full name avoids any confusion where the surname and
initials are identical.
Professional or occupation the proposer occupation gives some indication of the class of person
concerned
Address the proposer address is necessary for communications and the district in which he lives
some indication of his status and of the extent to which his house may be exposed to the risks to
be insured.
The premises it is necessary to acquire the type of premises in which the proposer lives, that is
to say whether it is private house, a flat, apartments, or if it leaves in a boarding house or hotel
each of these different kinds of premises presents a different degree of risk on which may depend
the premium to be charged and the type of policy that the insurers are willing to grant.
Occupancy the premises are not in the sole occupation of the proposer and his family it is usual
to exclude the risk of larceny. Resident domestic servants are regarded as favorable features.
When the premises are left unoccupied the risk is very high.

Previous losses the proposer may have been unfortunate enough to sustain a loss by burglary
without having been protected by insurance or he may have suffered from sequence of losses
from some cause which is not immediately apparent. This may indicate subnormal risk , hence
details are required.
Previous insurance it is usual to ask if the proposer has already been insured and with what
company and if possible to know the reason why he has now decided to transfer his insurance.
Also a specific enquiry is made about losses and whether the proposer has been decline by a
company for this class of insurance or whether being insured.
Sum insured the next question enquires the fully value of the property which is to be the sum
insured. The proposer is asked to state separately the amount on valuables and the sum he wishes
to insure.
Policy form for burglary insurance premises has a three type of policy

Full Value Insurance: The policy must be affected for the full value of the property to be
insured.

First Loss Insurance: In the event of improbability of total loss, proposer can opt for a
percentage of total stocks to be insured

Stock Declaration Policies: These policies are given where large stocks frequently
fluctuate in quantity during the year. The sum insured is fixed at the maximum value of
stocks which the insured anticipates he will hold at any one time. A deposit premium of
100% of the annual premium will be paid at the beginning of the insurance. Monthly
declarations of value are to be sent to the company and the "deposit" premium will be
adjusted at the end of the policy period based upon the average of the monthly declarations

The exceptions of the burglary insurance premises cover

1. Loss or damage directly or indirectly occasioned by or through or in consequence of;

War, invasion, act of foreign enemy, hostilities or warlike operation (whether war be
declared or not)

Riot, strike, civil commotion, civil war, mutiny, insurrection, rebellion, revolution,

conspiracy,
military or usurped power, martial law or state of siege or any of the events or causes

which determine the proclamation or maintenance of martial law or state of Siege or

Any act of any person acting on behalf of or in connection with any organization with

activities
directed towards the overthrow by force of any de jure or de facto Government or to
the influencing of it by terrorism or violence or loot sack or pillage in connection with
any of the aforementioned occurrences

2. Loss or damage occasioned by fire or explosion howsoever caused

3. Damage to glass, plate glass or any decoration or lettering there on
4. Loss or damage occasioned by any person lawfully in the Premises or directly or indirectly
caused or brought about by or with the connivance of any inmate or member of the Insureds
household or any employee or Servant of the Insured.
5. Loss of Money and/or other property taken from a safe following the use of key or any
duplicate thereof belonging to the Insured unless such key has been obtained by assault or
violence or any threat
6. Loss of or damage to deeds, bonds, bills of exchange, promissory notes, cheques, money or
securities for money, coins, medals, stamps, stamp collections, jewelry, watches, furs, precious
metals, precious stones or articles composed of any of them, documents of title to property,
contracts or other documents, business books, computer systems, records, manuscripts, curios or
works of art, sculptures, rare books, plans, drawings, patterns, models, moulds or designs unless
specially mentioned as insured hereunder.
7. Loss or damage happening whilst the Premises are left without an inhabitant actually in them
if the Premises have been so left for a continuous period exceeding five consecutive days and
nights.
8. Any loss or destruction of or damage or expense whatsoever or resulting there from or any
consequential loss directly or indirectly caused by or contributed to by or arising from ionizing,
radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste
from the combustion of nuclear fuel. Solely for the purpose of this exclusion Combustion shall
include any self-sustaining process of nuclear fission.
REFERENCES:

http://www.newindia.co.in/Content.aspx?pageid=28
https://www.insuranceopedia.com/definition/265/burglary-insurance
http://thelawdictionary.org/premises-burglary/