Burglary insurance is designed to provide cover for financial losses caused to factory premises, godowns, warehouses, shops, offices, malls, hotels, hospitals, homes and its contents including stock, cash, valuables therein, against acts of and/or attempt of burglary or housebreaking.
The policy can be extended to cover theft and losses due to riots, strikes and malicious damage. The policy pays for the actual losses/damaged to the insured property and is subject to condition of average. Insured can choose full value insurance or a percentage of sum insured exposed to risk. The policy can be issued for floater as well as on declaration basis for stocks.
Goods held in trust or commissions can also be insured. The policy does not cover for war or allied perils, nuclear risks, inventory losses and sudden disappearance.