Burglary and Theft Insurance
- Covrzy’s theft insurance safeguards businesses from losses due to theft or burglary of their property or assets.
Burglary and theft insurance policy is a type of insurance policy that provides coverage for any financial losses or property damage led by an event of theft or burglary. The policy provides coverage in the event of unlawful entry or theft of personal assets to recover the financial loss incurred due to damage to assets and also recovery and replacement of stolen or damaged belongings.
Burglary is a type of criminal activity which involves unlawful breaking or forceful entry within the property premises with the intention to commit robbery, vandalism or assault. Typically, burglary implies breaking and entering the property in absence of the owner, causing serious damage to property and loss of precious assets. Burglary could be residential, commercial or vehicle-based with specific consequences for each.
Burglary insurance provides cover to compensate for the losses due to any unexpected emergency after a forceful entry within the insured premises in the absence of occupants. The coverage includes stolen content and damages caused to the property due to forced or unlawful entry such as broken glass windows, door locks, etc. This policy supports business owners from the financial losses to regular operations after forced entry and theft.
Theft is an unlawful activity which involves taking possession and control of another individual’s assets or property without permission irrespective of whether the entry was forceful or not. This comprises acts such as shoplifting, stealing from vehicles, or pickpocketing which may consist of breaking into a structure.
Burglary and theft insurance is crucial as it offers a safety net to shield the financial losses incurred during any event of burglary or theft. The policy coverage ensures protection against significant financial losses due to any event of theft or burglary. The insurance policy is a silent guardian that protects the property contents and helps recover from damages.
The burglary and theft insurance policy adds to the peace of mind for business owners and homeowners knowing the valuable assets are protected and in the event of theft or burglary, the financial burden to compensate damaged or stolen property contents and recovery will be covered.
The first loss policy as a burglary insurance policy facilitates the policyholders to determine a specific coverage limit, which can be termed as the “first loss limit”. This is the maximum amount the insurance company will pay as coverage in the event of losses due to unexpected attack and burglary or larceny. This policy is beneficial when the business owner finds it difficult to estimate the actual value of the property being insured or when insuring the actual value of the assets is not allowed. When opting for the first loss policy, the insured can balance the premium cost and coverage and get financial security against the loss or damages incurred without paying the premium for the total value of the property contents.
The stock declaration policy is a type of burglary insurance suitable for business owners or individuals engaged in trading, who have manufacturing or wholesale units to secure the goods and inventory from any episode of theft, burglary or other such attacks. Unlike, the first loss policy, the assured sum under the Stock declaration policy is not a specific amount but can be estimated according to the values indicated in the periodic declarations. The stock declaration policy requires the insured to document the values of the stocks at recurrent intervals, from a monthly basis to a quarterly basis. The insured needs to be precise and transparent about the value of the stocks or inventory.
The full-value policy offers coverage for the actual value of the assets or insured property. This policy provides complete protection against any event of theft or burglary, and therefore has a higher premium as compared to stock declaration and first loss policy.
Apart from the three, there are several different types of burglary insurance designed to meet the specific coverage requirements and the location. This includes cash in transit, cash in drawer, business premises, or residential premises as well as specific to jewelry or other such valuable assets.
Covrzy’s Burglary and Theft Insurance provides protection to your property and contents in the event of unlawful or violent break-in causing theft, vandalism or assault. Here are the key features as follows:
The burglary and theft insurance provides coverage for the damage caused to the property and assets within the property premises in the event of violent or unlawful entry with the intent of theft, vandalism or other criminal intent. When burglary and/or robbery occurs at the property, the policyholder (owner of the property) has to update the insurance company as well as report to the police authorities and follow their guidelines along with filing an FIR. The policyholder must file a claim and submit the required documents which includes property details, policy details and evidence of damage, FIR and other required details. The insurance company initiates the investigation by appointing a surveyor to estimate the total damage and tally it with policyholder’s statements and FIR. When all the details about the damages caused are clear and the claim assessment is complete, the insurance company compensates for the damages as per the conditions and coverage limits of the policy.
With a customer-centric approach, Covrzy works to simplify business insurance and curate customized policies that align with the unique requirements of your business. Covrzy offers a streamlined claims process and guides you at every step from tailoring the policy coverage as per business requirements, initiating the claims process, documentation process, and receiving the policy benefits.
Covrzy’s Burglary and Theft Insurance policy provides with:
Burglary and theft insurance policy is an essential policy to safeguard the assets and property damage in the event of an unlawful and violent break-in with the intent of theft, vandalism or assault. The policy is a safety measure to ensure any damages to the inventory, personal assets, equipment, machinery or any other valuable contents on the property are covered.
Burglary insurance can have a number of categories depending on the required coverage. It can be for residential or commercial (business) utility. Going further, it can also be categorized according to the extent of coverage needed and losses incurred.
First loss insurance: It is for theft of a specific portion of property contents and the compensation is only for losses that exceed the first-loss level.
Full value policy: Coverage for complete value of insured assets and policyholders can claim the whole amount.
Stock declaration policy: For businesses who cannot precisely estimate the value of their stock, this policy provides coverage with the highest possible value of the inventory or property items to ensure adequate coverage for the evaluated loss.
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Bizcovr Insurance Broking Pvt. Ltd. | CIN - U66220KA2023PTC179675 | Registered Office - 3rd Floor, Al Mannar building bearing, 777/E, 100 Feet Rd, above Titan World, HAL 2nd Stage, Doopanahalli, Indiranagar, Bengaluru, Karnataka 560008 | Phone No. +91-9354963947 | Email - [email protected]
Insurance products are offered and serviced by Bizcovr Insurance Broking Pvt Ltd | Registration No. 981, Registration Code No. IRDAI / DB 1113 / 2024, Valid till 14/07/2027, License Category - Direct Broker (General).
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