Burglary & Housebreaking Insurance is a simple, convenient and hassle-free way to defend yourself and your property from loss by burglary housebreaking i.e. theft following actual, forcible & violent entry or exit from the insured premises. It protects the contents of offices, warehouses, shops, etc. & cash in the safe or strong room, stock in trade, goods held in trust or commission. The policy also covers damage caused to the premises or furniture, fixtures, fittings during the act of burglary.
Burglary & Housebreaking Insurance is a simple, convenient and hassle-free way to defend yourself and your property from loss by burglary housebreaking i.e. theft following actual, forcible & violent entry or exit from the insured premises. It protects the contents of offices, warehouses, shops, etc. & cash in the safe or strong room, stock in trade, goods held in trust or commission. The policy also covers damage caused to the premises or furniture, fixtures, fittings during the act of burglary.
Some of the key features of burglary insurance plans are listed below:
Offer protection to business premises against forceful/commanding housebreaking and burglary.
Accessibility of add-on benefits, for example, cash cover, other risks emerging because of strikes, riots, theft, and malevolent damage.
Coverage for death, disabilities ( perpetual/fractional), and transitory disability.
Loss or damage to the insured property due to forceful or violent entry
The plan provides coverage for the damages incurred to the insured premises due to theft or housebreaking
Damage to premises caused by burglars during burglary or attempts at burglary.
Provision to cover bulk items on ‘first loss’ basis
Sum Insured for stocks should be fixed on current market prices. For other items such as furniture, fixtures, equipment, etc., the sum insured can be fixed either on Market Value (i.e. new replacement cost less depreciation) or on a Reinstatement Value basis.
Floater Sum Insured Policy: to cover the fluctuating stocks at one place or at many places or variations due to seasonality. There is an option to choose Floater, Declaration, or Floater Declaration Policies.
Unless specifically declared and covered: goods held in trust/commission, Cash, jewellery, curios, title deeds, Gold, watches, precious stones, plans, designs, business books.
Burglary/theft committed by insiders.
Items were stolen from a safe using a key or duplicate key unless it is obtained by violence or threat.
If material alterations to the insured premise are done that increases the risk.
Premises left unoccupied and unattended for seven days or more
Any consequential loss
Any goods lying in the open unless specifically insured.
Any damage(s) due to nationalization, confiscation etc. by government authorities.
Loss or damage attributable to wilful /gross negligence
Fidelity Guarantee insurance covers monetary loss sustained as a result of any act of fraud or dishonesty committed by the employees in the course of performance of their duties. This policy is suitable for employees occupying positions of trust such as cashier and storekeeper.
Indemnification of the insured against direct pecuniary losses sustained because of any act of fraud/dishonesty committed by an employee
On or after the date of commencement of this policy
During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
In the case of death, dismissal, or retirement of the employee within twelve calendar months of such death, dismissal or retirement, whichever of these events shall first happen.
The following business should consider fidelity insurance as they are more vulnerable to the risk of employee frauds –
Restaurants and cafes
Retail businesses
Businesses that require trade licenses
A business that requires the collection of personal information from customers
Following are the coverages offered under fidelity insurance –
Theft committed by employees is covered under the policy. This includes assets stolen and the claims made by customers when the valuables are stolen.
Act of forgery and defalcation of company’s money by employees
Embezzlement, misuse of employment capacity for personal gain and any other dishonest act by employees
The coverage offered to the insured company is limited to –
Amount of guarantee stated against the name of any employee or against the relevant group/category of employee in the policy schedule
The total amount of guarantee specified in the policy
Outside territorial limits
Losses not falling within retrospective date
Losses incurred before policy inception date
Consequential losses
Willful Acts or Gross negligence
Money transactions are crucial to any business operation. However careful you are, there is always a risk of loss when you transfer funds through cheques, drafts, postal orders, cash etc. The money insurance policy broadly covers loss of money in transit by the insured or insured’s authorized employee(s) or money held in safe in the Insured’s premises.
The scope of money in this policy includes cash, coins, bank drafts, currency notes, cheques, traveler’s cheque, postal order, money order, pay order and current postage stamps. Bank shall mean and include bank of every description, post office, government treasury.
This policy provides coverage for the following kinds of losses:
Loss of Money in Transit
Covers money carried by insured or insureds authorized employee in the event of:
Robbery
Theft, waylaying, or snatching away
Any other fortuitous event
Money in transit implies money in direct transit from the insured's premises to the bank and vice versa. Money in personal custody or with authorized employees can also be included.
Loss of money in Safe
Covers loss of money in safe due to:
Burglary
Housebreaking
Robbery or hold-up
Money in safe implies money secured in a locked safe or locked strong room on your premises outside business hours and includes money kept in till.
Money Insurance Policy does not cover:
Shortage due to error or omission
Riot, strike, civil commotion unless specifically agreed for
Terrorism
Unexplained losses and mysterious disappearances
Loss or damage due to flood, cyclone, earthquake and other convulsions of nature, war and war like operations
Loss or damage arising out of use of key(s) to safe(s) or strong room unless such keys are obtained by force or threat
Money entrusted to any person other than the Insured or an authorised employee
Legal liability, consequential loss, theft from an unsecured vehicle and consequential loss
Money entrusted to a carrier
Loss due to any act in which the Insured, his/her family member/ employee is involved as principal or party except dishonesty of cash carrying employee where specifically covered
Such dishonest activity of cash carrying employees shall be discovered within 48 hours.
Money carried under contract of affreightment
Plate glass insurance covers accidental breakage of and damage to glass on business premises. For many offices and other establishments like showrooms, hotels and theatres, plate glass often forms an important part of the building structure. Glass used for this purpose is available in various categories and can cost a lot. And more importantly, it is fragile. Thus, to cover the cost of its breakage, we need plate glass insurance.
Plate glass insurance is a flexible policy and provides coverage for the below mentioned areas:
Intrinsic value of glass: This refers to the Reinstatement Value less depreciation
Plate glass insurance policy covers the following:
Accidental loss or damage to plate glass within the insured premises
Expenses incurred to erect any temporary boarding as a replacement for damaged plate glass
Cost of replacing lettering, ornamentation and sign writing affixed to the broken item
Cost of replacement of shatter proof or reflective film affixed to the broken plate glass
Cost of replacement of the burglar alarm tape or wiring affixed to the broken plate glass
Replacing damaged window frames due to wear and tear
If needed, insured can ask for an extended coverage against the following cases with an additional premium:
Terrorism
Riot
Strike
Malicious damage
Damage caused by fire, explosion, gas and heat
Damage caused by Act of God perils like flood, earthquake, storm etc
Damage due to war and nuclear perils, terrorism, riot, strike
Loss or damage due to removal, repair or alteration
Loss or damage due to glass not being completely and securely fixed
Breakage of lettering without the breakage of glass itself
Breakage of silvered letter, curved, embossed and ornamental glass and frames, not declared specifically
Disfiguration or scratching or damage of glass other than fracture, extending through the entire thickness of glass
Loss or expense resulting or arising from or consequential loss
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