Burglary Insurance

Introduction and General Underwriting Considerations

The growth in crime during recent years have meant that burglary insurance has become increasingly necessary. The present incidents of burglary ranging from petty theft to expert robberies by armed gangs show that hardly any business premises can be regarded immune.

The policy is designed to cover damage or loss of property insured caused by foreseeable and violent entry into and exit from the premises described in the policy schedule. The policy extends to cover damage to premises causes at the time of the entry or exit.

First loss policies can also be issued. The rating/ discount to be allowed will be as tabulated below:

Minimum Rate

This policy covers property whilst actually situated within the premises described in the schedule. Goods in the open or goods temporarily removed are not actually covered. Consideration for cover can be given depending on the nature of the goods and the external security to the storage areas.

• All policies issued must be subject to a safe and book clause. The effect of such a warranty is to make it a condition of the policy that can throughout the currency of the insurance. The insured shall maintain a complete set of books, accounts and stocks record to provide a record of all business transactions and all the stock on the premises. All such records are to be kept in a locked fire proof safe or removed from the premises were possible.
• Where a risk contains a large element of high group, the rate for a higher group will apply.
• The rates indicated are minimum and are to be applied to the total value at risk.
• Were the percentage of the sum is insured to the total value falls midway, apply upper rating percentage(first loss insurance)
• All policies are subject to average.
• For first loss policies the percentage of sum insured to total value at risk shall be a minimum of 25%