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  Burglary Insurance (Business Premises)

This Burglary Insurance (Business Premises) policy covers contents of business premises against the risk of loss or damage by burglary and housebreaking only. Other related perils like theft, larceny, robbery, dacoity do not come under the purview of the insurance cover. The property insured is covered only if loss or damage takes place while contained in the insured premises and not in any other premises.

Loss of or damage to Deeds, Bonds, Bills of Exchange, Promissory Notes, Cash, Treasury Notes and Bank Notes, Cheques, Securities for money stamps, stamp collections, books of account, documents of any kind, manuscripts, medals and coins, motor vehicles, and live stock cannot be claimed under the office burglary insurance policy.

Damage to property by burglars is covered only when the insured is required to be made good. In other words damage to own premises is not covered. With regard to cash in locked safe, the key to the safe or strong room should not be left in the premises overnight or at least anywhere near the safe.

Applicants need to submit the proposal form furnishing detailed information on the location of the risk and claims history. Often inspection of the premises and its neighborhood is carried out by agents or brokers or marketing officers of the insurance company. Premises located in isolated areas or the adjoining premises are such which are not occupied in the night (like educational institution or a place of worship) usually do not find favour with the insurers.

In order to substantiate a burglary insurance claim, one must produce the FIR and non-detection report from the police. The insurers will depute and obtain a survey report even on the stolen goods to determine the proximate cause of the loss and the quantum as also verification of stock books and other accounts.

 

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