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THEFT INSURANCE-miscellaneous insurance (WHAT SHOULD HAVE IN POLICY, WHAT…
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PREAMBLE PART-insurer name, insured name, premium charge, type of policy, address of register office
BODY PART-conditions, warranties, exclusions, specialties, endorsement,operating clause, insured peril
CLOSING PART- attestation clause, policy is being attach with scehedule
cover whatever loss or damage to 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
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FULL VALUE BASIS- declare as sum insured, depend on market value
FIRST LOSS BASIS-when insured decided that it is not possible for the entire property to be stolen at any one time
BUSINESS PREMISES-cover against theft of property- stock in trade, furniture, fixture, fitting
PRIVATE DWELLING-cover all the subject matter - household goods, furniture, personal effect & jewellery
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reinstatement-any loss or damage the sum insured set against any item of interest insured which has been lost or damage shall be reduced by amount of loss
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type of property- description of property, high property, high the chance to get theft
size of the premium- high sum insured, high will be charge