About Burglary Insurance

Burglary policy is available in the market for residences and business premises (with optional theft extension). The insurance covers loss or damage to the insured property, due to burglary of the premises. The damage has to be caused to the insured property by forcible or violent means.

The Burglary policy can be issued on a first loss basis which means that if the insured is a godown containing stocks worth several crores in a large volume and a total loss is impossible the insured chooses a rateable portion for the insurance say 25 % and the premium is charged accordingly.

The policy can also be issued on a declaration basis wherever the value of stocks keeps on fluctuating. For all commercial establishments It is essential that a proper accounting of insured stocks as well as bills of purchase and sales books are keptseparately in safe custody for the verification by the insurer in the unfortunate event of a claim.

FIR and NON TRACEABLE CERTIFICATES are a must in this policy for claim settlement. Lodging of FIR with the nearest police station immediately on noticing the loss is essential under this policy. The policy is generally issued for a year.

Negligence by the insured person or failure to securely lock the entry to the premises and all openings will result in repudiation of the claim.

Losses discovered during routine stock verification and accumulated losses are specifically excluded under the policy.

NOTE: THE BRIEF WRITE UP YOU FIND IN THIS WEBSITE FOR VARIOUS POLICIES IS ONLY A SYNOPSIS. THE DETAIL EXTENT OF COVERAGE WITH THE TERMS & CONDITIONS WILL BE SENT BY US TO YOUR MAIL ID ON REQUEST TO US. PLEASE MAIL TO CUSTOMERCARE@VIZZAFIN.COM