Why Burglary Insurance?
Burglary Insurance policy provides financial compensation against loss or damage to property contained in your premises by acts of Burglary.
What is covered?
Burglary Insurance covers property contained in your premises, stocks/goods owned by you or held in trust and/or commission. It also covers cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request.
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.
FIRST LOSS INSURANCE POLICY
First loss insurance policies are useful for businesses with a large amount of inventory, but little risk of large-scale theft. By insuring only a portion of their property, the policyholder pays lower premiums while still receiving some level of protection. In exchange for the insurance company allowing the policyholder to under-insure their property, the insured agrees to accept a payout moderately less than the full value of stolen assets. For example, if a warehouse has $1 million worth of goods, but the probability of thieves stealing more than $100,000 worth of goods at one time is small, then a first loss insurance policy could be ideal.