The cover for Burglary is availed in conjunction with the Fire & Lightning or Fire and Allied Perils in either combined or separate contracts the latter of which would require that a Fire insurance policy be in force.
The Burglary insurance covers losses &/or damages due to "Housebreaking" which includes:
- Theft of property from Insured's Premises following upon felonious entry to the said premises by violent and forcible means or
- Theft by a person in the premises who subsequently breaks out by violent and forcible means provided there shall be visible marks made upon the premises at the place of entry or exit by tools or some other materials.
The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. There is also an opportunity for insuring goods/stock on First Loss Basis. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim.
The rate chargeable is always applied on the Total Sum Insured and is very dependant to the nature of risk, location, security measure in place and the housekeeping in addition to a number of other Conditions.