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Theft Insurance

About Cover

Burglary Insurance policy is cover against burglary and/or theft (i.e. theft following actual forcible and violent entry of and / or exit from the premises, robbery or loss during hold up). The policy covers office contents or property contained in warehouses, shops, in business premises, stocks owned, or for which insured is responsible or held in trust and/or commission. The policy may be extended to cover cash in safe or strong room and also damage to the premises or loss/damage to property during hold-up.

The cover may extend the policy to include loss of the insured property to cover

Burglary as a result of riot & strike risks.

Theft and larceny not accompanied by violent ingress or exit. The extension will not cover losses detected during routine stock taking/ checking.

Cover Classification

Businesses that take Burglary cover are classified under different categories e.g.

Class 1 (Business)

The risk is considered to be low on this category
For example Bakers, Confectioners, Butcheries, Fritterers, Stationers (No Fancy Foods), Dairies, Offices, Fishmongers, Grocers (Retail), Furniture Dealers, Dry cleaners/launders, Posho Mills, Schools, Hospitals, Membership Clubs

Class II

The risk exposure is considered average
Sporting Goods Dealers, Merchants and Iron Mongers (excluding Copper Wire), Cutlers and Leather Factories, Hotels, Grocers (Wholesale), Opticians, Builders, Hardware shops

Class III

The risk is considered high for this category
Cycles and Cycles Accessories Dealers, Tea Coffee Merchant, Engineers Electrical and others excluding (Copper Wire), Clothing and Blanket Manufacturers, Video Libraries, Hair dressers, Chemists/Pharmacists, Boot and shoe wholesale and retail, Cereal builders, Studios, Publishers, Motor and motor accessories dealers.

Requirements

A complete schedule of the items (e.g. asset register) must always be provided. If not provided, a single article limit (e.g. a %age of the total sum insured) may be agreed on or before cover commences.

It is vital for the insured to disclose the full usage of the premises before rating is done and commencement of the risk.

It is always preferred that this risk be always written together with a Fire policy.

A physical inspection and/or survey maybe necessary where the risks manifest extra exposure than normal.

Requirements for quotations

The full disclose of the usage of the premises.

A complete schedule of the items (e.g. asset register) or an estimate of the total value of items to be insured (this should be the same as under Fire Policy excluding building). If not provided, a single article limit (e.g. a %age of the total sum insured) may be agreed on or before cover commences.

Indicate any other extensions required i.e. riot and strike and hold up extension

In most cases it is preferred that this risk be always written together with a Fire policy.

Learn how to protect yourself, family, assets and business

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