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MISCELLANEOUS INSURANCE (THEFT INSURANCE) (COMMON POLICY CONDITION (7…
MISCELLANEOUS INSURANCE (THEFT INSURANCE)
INTRODUCTION
BODY PART
HOW THE POLICY SHOULD BE OPERATED (MAIN PERIL)
CONDITIONS, WARRANTIES,EXCLUSION,SPECIALTIES &ENDORSEMENT
CLOSING PART
:red_cross:SIGNATATURE in the closing part ,signature only in the schedule
the policy is being attach with the schedule
the policy is signed by the authorized official of the insurer
The agreement have been tied up by 2 parties
PREAMBLE PART
PREMIUM QUOTED
ADDRESSED OF REGISTERED OFFICE
INSURED NAME
TYPE OF POLICY
INSURER'S NAME
DEFINITION : THEFT
Covers the insured against any loss or damage to the insured property with forcible or violent entry into / exit from the premises
result of theft including armed robbery/hold up
MAIN PERIL
The element of BURGLARY & HOUSEBREAKING must been happen in the same time
2 TYPES OF COVER AVAILABLE
FULL VALUE BASIS
FOR EXAMPLE :star: If we want to take insurance on jewelry items, we must inform the sum insured value to the insurer, based on market value &the premium that need pay also expensive
AND LET SAY, the sum insured of the jewelry is one million, if the jewelry stolen,the insured will get the compensation one million (the same amount)
FIRST LOSS BASIS
The premium rate lower than full value basis
the insurer will cover only half of the losses
when the insured decided that it is not possible for the entire property to be stolen at any one time
% of the total value at the risk would be taken as the sum insured
ETIQA : 20%
OTHER INSURANCE COMPANY : 15%- 20%
POLICY EXCLUSION
GENERAL EXCLUSION
WILL NOT COVER UNTIL THE END BECAUSE WE CANNOT CONTROL THE RISK
SEIZURE BY ANY AUTHORITY
NUCLEAR, WAR INVASION
CRIMINAL BREACH OF TRUST
ANY CONSEQUENCES OF STRIKE OR RIOT
UNINSURED
INSURER NOT COVERED THE RISK BUT AS INSURED WE CAN REQUEST TO THE INSURER, TO COVER THE RISK
THEFT BY ANY FAMILY MEMBER OF INSURED
LOSS OR DAMAGE OCCASIONED BY FIRE
DAMAGE TO PLATE GLASS / DECORATION
INVENTORY SHORTFALL/ACCOUNTING SHORTAGE
LOSS OR DAMAGE IF THE PREMISES LEFT UNOCCUPIED MORE THAN 30 DAYS
NEED TO PAY ADDITIONAL PREMIUM
EXTENSION POLICY
extended to cover loss or damage to your covered personal property caused by theft
COVERAGE
ADD SEVERAL SUBJECT MATTER TO BE COVERED
PREMIUM PAY ALSO WILL BE INCREASES
TIME
THE SAME SUBJECT MATTER
LESSER THAN 6 MONTH
USUALLY EXTENSION OF TIME HAPPEN IN THE BUSINESS
FOR EXAMPLE :pencil2: If the construction delays. they need extension period of time to cover the materials.
COMMON POLICY CONDITION
CANCELLATION
INSURER :no_entry: have 14 DAYS to cancel the policy
INSURED :no_entry: have ONE month period of time to cancel the policy
REINSTATEMENT
RECORDS
need to always updated the information
6.CONTRIBUTION
if the insured have other insurance policy that cover the same subject matter, the insurer will pay the compensation followed the rate proportion
PRECAUTION / RISK MANAGEMENT ACTION
the insured must take all the precautions
7.CLAIMS
report to the police
if the insured bodily injury or death,must have record from hospital
inform to the insurer as soon as possible if the theft occured
all document above must submit to the insurer
INTERPRETATION
UNDERWRITING PROCESS
THEFT HAPPEN IN ACCIDENTAL
TYPES OF PROPERTY
SECURITY
SIZE OF PREMIUM
LOCATION
PROPERTY COVERED
PRIVATE DWELLING
PERSONAL EFFECT
FURNITURE
HOUSEHOLD GOODS
JEWELLERY & VALUABLES
BUSINESS PREMISES
FURNITURE
FIXTURES
OFFICE EQUIPMENT
FITTINGS
STOCK IN TRADE
LOSS OF PROPERTY WHILST CONTAINED IN THE SPECIFIED PREMISES
by theft consequent upon actual, forcible &violent entry into or exit
as result of armed robbery