This insurance policy protect your property like buildings, plant and machinery, stocks and other installation against losses or damage caused by fire, flood, storm, earthquake, terrorism, vandalism, theft, smoke, hail, the impact of snow and ice, lightning, accidental damage and breakdown and more. This policy cover the cost to replace or repair the property by providing monetary compensation.
The policy protects stock, machines, tools, equipment lying in industrial, shop, warehouse premises against risk of burglary.
Any individual, firm, organization, or institution can apply for the burglary insurance policy. The only need is that you have an insurable interest in the asset either in your custody or possession.
In a retail outlet dealing in apparels of all kinds, a loss was reported under the assets item i,e AC copper wire. This theft of copper wire was aroun 1 Lakh. FIR on formal format was not lodged.
The insurer held the view that this FIR which was not lodged on the right format, was not acceptable to them and therefore the claim will not be entertained.
Convinced the Insurance Company to get the claim settled on the basis of acknowledgement received from the Police station as there was other evidence to show that the theft had indeed occurred.
The insured was formaly adivised to lodged formatted FIR in such situations especially for high value claims.
While trying to enter the premises of a retails outlet, the thieves caused huge damages to Property.
Damage to property was substantial causing loss to door, windows and wall which was caused during theft/burglary. This was not claimed by the insured and therefore not allowed by the surveyor.
We intervened immediately and convinced the surveyor to add this amount arising out of damage to property while theft is committed. The same was agreed by the surveyor and paid to the client.
Damage to property at the time theft/burglary is payable in the policy.
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