Similar to Burglary (Business Premises) Insurance Burglary insurance is afro applicable to property of private dwellings. The policy does not pay more than the value of any particular article. The private dwellings insurance may be All Risk Insurances and Baggage Insurance.
All Risks Insurance Policy :
The policy seeks to cover loss or damage by fire or burglary or theft or any other accidental or fortuitous circumstances.
The policy is suitable for Jeweller, valuables, antiques, paintings, watches, clocks, works of art cameras, trumpets, and other similar articles. The insured values in respect of these items are decided on an agreed value basis. For Jewellery, gold and silver plates, the values are fixed in consultation with a professional Jewellery appraiser.
Full description of jewellery, number of precious stones, amount of gold, type of ornament and valuation made by reliable recognised jeweller.
Baggage Insurance Policy :
This policy provides indemnity to the insured to the extent of the insures value of the accompanied personal baggage of the insured or member of his family while the insured is travelling on tour and/or holiday. Exclusions:
The specific exclusions are loss or damage
(i) Occurring during routine travel
(ii) Articles which do not form part of the baggage when the journey commenced, unless declared and accepted by the insurer.
(iii) Articles of consumable and perishable nature.
(iv) Loss of articles like sticks, umbrellas etc. properly in use on the voyage or journey, articles or clothes whilst being worn or carried out.
(v) Loss arising from leakage, spilling of liquids, oils etc.
(vi) Damage caused by repairing or renovating.
(vii) Loss or damage arising through delay detention or confiscation by customs or by other authorities.
1. Baggage must be insured for its full value condition of average will apply.
2. The cover in scripts from the time travel begins and cover continues during the stay also at intermediate places and destination and ends at the original place, expires the policy-period.
3. The value is specifically declared when the article is fragile and high value in nature. Premium increases if the value is very high.
4. Notice has to be sent to the nearest office of the company during the journey. Secondly, a written notice on Railway Authorities, Shipping Co. Airline or Hotel may be necessary where the loss has taken place.
5. Notice to police in the case of theft is required to investigate into the matter.
The baggage insurance policy covers accompanied baggage (not dealer’s stock or traveler’s samples) during specified journey. Which includes air, sea, rail or road travel undertaken by the insured.
Proposal form fully describes the content and value of each package. All descriptions and individual values should be given for jewellery.
It is necessary to have a full inventory and individual valuation of each item. It is essential to have adequate Valuation at the time when the policy is affected. Separate valuations are insisted for each item such as cameras, watches, jewellery etc.
The following steps are involved for claims settlement
(i) An immediate written notice of the occurrence must be given for claim.
(ii) It is necessary to take all possible steps to discover the guilty person and to recover the stolen property.
(iii) It is necessary to furnish such evidence of the loss as the insurers may require.
(iv)It is to furnish to the insurers the claims form duly completed by him.
(v) It is to cooperate fully with the insurers and with the claims survey/inspection who may be appointed by insurer.
(vi) It is to abstain from fraud or intentional exaggeration in the particulars of the claims.
(vii) Claim form includes.
(a) The description and Value of the property stolen.
(b) Allowance has to be made for depreciation and wear and tear to arrive at the amount of the claim.
(c) Details are required in respect of date and time of loss.
(viii) The claim is processed on the basis of the claim form, survey report, the policies report and the various vouchers, proof of ownership and other evidence submitted by the insured to substantiate the loss.
(ix) There must be evidence of a broken lock, broken window, broken roof etc. to substantiate the claim. These would be violent and forcible entry.