The policy is designed to cover business premises against loss or damage to the property as a result of:
- Theft following actual, forcible and violent entry into the premises.
- Damage to the premises due to entry as above or any attempt thereat.
The cover provided is to the extent of the intrinsic value of the property so lost or damaged, subject to the limit of the sum insured.
There are two types of policies available:
- Full Value Insurance: The policy must be effected for the full value of the property to be insured.
- First Loss Insurance: In the event of improbability of total loss, the proposer can opt for a percentage of total stocks to be insured.
Exclusions:
The insurance company shall not be liable in respect of:
- Gold, watches, jewellery, precious stones, plans, designs, money, business books etc., unless specifically insured.
- Loss or damage where any insured or member of the insured’s household or of his/her business staff is concerned in the actual theft or damage.
The policy shall cease to attach:
- In the event of material alterations to the premises whereby the risk is increased.
- If the insurable interest has passed from the insured otherwise by will or operation of law.
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How to Claim
If an event giving rise to or likely to give rise to a claim under the policy comes to the insured’s knowledge, s/he shall immediately (within 24 hours) notify the insurer and within 14 days
- Report the incident to the police immediately and take any other practicable steps to discover the thieves and recover any missing property.
- Immediately notify the insurance company by phone, email, fax or in writing.
- Submit a Claim Form duly filled in to the insurance company.
- Give the insurer particulars of any other insurance covering the same event.
- Give the insurer written details of any claim.
- Give the insurer such proof, information and sworn declarations it may require from time to time and forward to the insurer immediately any document or details of any communication received in connection with a claim.
- In the case of theft give immediate notice to the police and take any other practicable steps to discover the thieves and recover any missing property.
- Take immediate steps to minimize the loss and ensure that all rights against any party who may be responsible for the loss are preserved.
- The Insured shall tender to the insurance company all reasonable information, assistance and proofs in connection with any claim hereunder and shall, if required, make an Affidavit or Statutory declaration in substantiation of such claim.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest Mirai General Insurance office for further details.
