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THEFT INSURANCE (EXCLUSIONS (War invasion act of foreign enemy…
THEFT INSURANCE
DEFINITION
Policy covers insured against loss/damage to the insured property consequent upon actual,forcible/ violent entry into/exit from the premises/damage to insured property /to the premises as result of theft/ any attempt threat including armed robbery/hold up
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SCOPE OF COVER
Full Value Basis
Total of property /goods will be declared as sum insured. This basis is adopted where there is a possibility of entire property being stolen at one time
First Loss Basis
This basis adopted when 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 risk would be taken as sum insured. It is to take at least 20% of total value declared
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EXCLUSIONS
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Theft by any member of insured's family, staff/domestic servants/any person lawfully in the premises
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UNDERWRITING
Location,security, theft happen in accidental, types of property & size of premium