Burglary Insurance Coverage
The Policy covers against loss or damage by Burglary House Breaking (i.e theft following upon actual, forcible & violent entry of &/or exit from the premises including Holdup risk, in respect of contents of offices, warehouses, shops , etc. & cash in safe or strong room & also damage caused to the premises.
The policy does not cover loss or damage arising from war & war like operation, Riot & Strike, Civil Commotion, Terrorist activities convulsion of nature & consequential loss by use of the keys to safe unless obtained by force or threat, caused by Insured’s employees or member of the family.
Property whilst contained in the premises, which includes a) Stock in Trade i.e your property pertains to the Business or Occupation. b) Goods held in Trust or commission for which you are responsible, c) Furniture, fixtures, fittings, utensils and appliances in Trade, d) Money in locked safe, e) All other contents unless specifically declared for insurance.
Property not covered:
Goods or silver articles, watches or jewellery or precious stones or models or coins or curios, sculptures, manuscripts, books, plans, mdedals, moulds, designs deeds, bonds, bills of exchange, bank, treasury or promissory notes, cheques, money money other than in the locked safe, securities, stamps unless specifically insured
Cash in transit and Cash in safe:
Enterprises that require to transport or hold large amounts of cash as part of the business process are often hesitant to do so due to security concerns. However, specific insurance coverage can be taken for loss of cash, currency notes, coins, securities and cheques – both whilst in transit and/or in a locked safe on your premises. However, some policies will not extend to loss of cash entrusted to unauthorized persons or due to fraud, dishonesty, riots or terrorist activities.
In case of Cash-in-transit Insurance, details of the mode of conveyance, manner of transport, nature of cash receptacle, presence of armed guards etc. will have to be provided to the insurer. Other details like maximum amount carried in a single transit, location of destination and route will also need to be conveyed. Additional coverage may also be sought for loss sustained due to damage to safe containing the cash whilst in transit.
Cash-in-safe Insurance pertains to money stored in a locked and secured storage facility on your premises. The insurer will need to ascertain the nature of business transactions that occur in the premises to determine the volume of cash requiring coverage. Details of number of keys and their possessors and security measures against burglaries and hold ups will also need to be given. Separate coverage may be sought for loss of cash by armed robbery during working hours and loss of cash during non-business hours.
Although all companies aim to employ the best talent, this is not always possible. You need to protect your business against financial losses caused by dishonest employees who are aware of internal weaknesses. Such insurance should ideally cover theft of money or securities, fraudulent conversion, embezzlement, forgery, burglary, counterfeiting, and computer / wire transfer fraud.
Specific protection may also be taken for crimes committed by employees in the course of performance of their duties. This is ideal for cashiers and storekeepers – employees in positions of trust.
Types of fidelity policies:
Individual policy – guarantee for one individual
Collective policy / Floating policy: for the entire staff or select number of employees
Position Policy: For positions / designations rather than individuals