The increasing incident of theft, fire, housebreaking miscellaneous risks coupled with inflation, call for this type of insurance.
The insurance can be arranged to cover the building or the contents or both. This form of policy provides cover against loss or damage to buildings, household and personal effects, and other specified insured items. Various other extensions which are not usually granted under fire and theft insurance can be arranged under this policy.
This policy covers loss or damage caused to Building and/or Contents by the following perils;
- Fire, lightning, thunderbolt, subterranean fire and explosion caused by gas used for domestic purposes, explosion by other than gas for domestic purpose.
- Aircraft and other aerial devices dropped there from, impact of road vehicles or animals, bursting or overflowing of water tanks or pipes, theft with forcible entry hurricane, cyclone, typhoon, windstorm, earthquake, volcanic eruption, and flood.
For quotation from the insurer, the following details will be required
- Nature and construction of the building
- The address of the risk
- The past claim experiences
- Inventory i.e., list of all items to be insured and their corresponding values.
BURGLARY AND HOUSE BREAKING
An insurance policy covering losses resulting from a burglary, which is the act of entering a building unlawfully with the intention of committing a crime, usually but not always theft. Goods and valuable items often disappear following raids by armed robbers. Despite tight security arrangements, the armed robbers appear to have their ways. The increasing incidents of major thefts to sophisticated robberies by armed gangs is a pointer that hardly could be find any dwelling house or business premises that could be described as immune to these robbers.
Burglary Insurance, therefore, is a form of protection to reimburse an insured for losses suffered because of burglary at business premises evidenced by violent, visible, and forcible entry to and exit from the premises.