The burglary/theft insurance protects the insured against loss or damage to the insured property caused by actual, forceful, and/or violent entry or exit from the premises. It includes damage to insured property or the premises caused by theft or any attempt threat, including armed robbery/hold-up.
Scope of Burglary Insurance Cover
Loss of insured property whilst within in premises due to burglary following :
- Entry or exit by forcible or violent means or hold-up or armed robbery
- Damage to premises consequent to such burglary or attempt.
EXCLUSIONS
- Damage occasioned by fire or explosion
- Theft by the insured, members of his family, and employees (will cover under fidelity guarantee)
- War, strike, riot, civil commotion, and kindred risks.
- Radioactive contamination
In burglary insurance, you can either insure your property on Full Value or First Loss basis
- Full Value
This basis is adopted when there exists a possibility of your entire property insured being stolen at any one time. You must ensure the adequacy of the sum insured since the insurance will be subjected to the Average Clause and you will not be fully indemnified at the time of loss if the property is underinsured.
The correct sum insured should be what you consider to be the highest value at risk at any one time.
- First Loss Basis
This basis is adopted when it is not possible for your entire property insured to be stolen at the same time. The sum insured shall be based on your assessment.
Excess
Some of the insurance companies might have excess on the burglary policy. For example, Etiqa excess is 5% of each and every loss subject to a minimum of RM750 to be borne by the insured in respect of each and every claim
This burglary policy must be taken or attached with fire insurance. It can/t be a stand-alone policy for some companies. This scope of policy will be under miscellaneous cover.
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