Burglary Insurance

Burglary Insurance

Protect your business assets from burglars.

The policy provides you with coverage for loss to the contents of premises as a result of theft and robbery.

What benefits do I get?

Loss of or damage to the property insured whilst contained in the business or trade premises arising from :

  • Theft consequent upon actual forcible and violent entry into the insured premises
  • Theft or any attempted threat by a person feloniously concealed on the said premises
  • Hold up or armed robbery
  • Damage to the building due to theft or attempted threat.

How much can I get insured for?

There are basically two different ways insuring a burglary risk namely on Full Value or First Loss basis.

Full Value Policies

This basis is adopted when there exists a possibility of the entire property insured being stolen at any one time.

Care must be taken to ensure adequacy of the sum insured since the insurance will be subjected to the Average Clause and the Insured will not be fully indemnified at the time of loss if the property is under insured. The correct sum insured should be what the Proposer considers to be the highest value at risk at any one time.

For insurance on stock, particularly if it is subject to seasonal fluctuations, the Stock Declaration Endorsement will require the Proposer to make monthly or quarterly declarations based on the highest value at risk during the preceding month or quarter respectively. This endorsement is similar to Stock the Declarations Conditions in Fire Insurance policies.

First Loss Policies

This basis is adopted when it is not possible for the entire property insured to be stolen at the same time.

The sum insured selected should be based on the Insured's own assessment but should not be less than the anticipated maximum probable single loss subject to it being less than 25% of the total value of the Property Insured at all times.

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