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THEFT INSURANCE (MISCELLANEOUS INSURANCE) (Common Policy Conditions…
THEFT INSURANCE (MISCELLANEOUS INSURANCE)
Definition
Policy covers the insured against loss or damage to the insured property consequent upon actual, forcible or violent entry into/exit from the promises, or damage to insured property or to the promises as a result of theft or any attempt threat including armed robbery/hold-up.
Theft Risk Covered by Insurers
Burglary
Housebreaking
Scope of Theft Policy Cover
Full Value Basis
The total of the property/goods will be declared as the sum insured. This basis is adopted where there is a possibility of the entire property being stolen at any one time.
First Loss Basis
This basis is adapted when the insured decides that it is not possible for the entire property to be stolen at any one time. Therefore a percentage of the total value at the risk would be taken as the sum insured. It is to take at least 20% of the total value declared.
Property Covered (Business Premises)
This policy provides cover against theft of property
e.g. stock-in-trade, office equipment, furniture, fixtures, fittings etc.
Property Covered (Private Dwelling)
Jewellery and valuables
Furniture
Personal effects
Household goods
Extension Policy
The policy is extended to cover loss of or damage to your covered personal property caused by theft
Extension policy can be in 2 ways :
Time
Extension in period of the policy can be made when the time period is end
Coverage
Any extension in coverage of the policy need an additional premium
Common Policy Conditions
Cancellation
Reinstatement
Records
Other Insurances
Precautions
Claims
Interpretation
Fundamental Factors When Underwriting of Theft Insurance
Theft happen in accidental
Types of Property
Security
Size of the premium
Location