Burglary Insurance Policy Types and Coverage in Malaysia
Burglary Insurance In Malaysia
Burglary insurance coverage in Malaysia is to cover losses or damages to your business properties due to theft. This can be first loss or full value basis as stated in the policy taken. Burglary insurance for home owners are covered by home insurance.
The types of business properties usually covered by burglary insurance are:
- Inventories, Materials, Components, Consignments, Stocks and Goods for Sale
- Business Machinery, Equipment, Tools, Fixtures And Furnishing
- Intellectual Properties, Blueprints and Designs
Different insurance companies will have different terms and conditions for burglary risk coverage for properties, premium pricing and claims processing.
Business Burglary Risks Coverage
Burglary insurance offers coverage for your business properties from the risks of theft and damages to the place or premises due to:
- Breaking and entering
- Armed robbery
- Robber hiding on premises
Full insurance coverage for all risks and perils such as burglary damages, fire damages, flood damages and others are covered by all risks insurance:
- All Risks Insurance
Business Burglary Sum Insured Types
There are two types of sum insured values for burglary insurance:
- First Loss Basis
- Full Value Basis
Burglary Insurance First Loss Basis
Burglary insurance sum insured based on possible selected items of your property to be stolen. This means that not all your properties listed in the burglary policy would be stolen in one go or at the same time.
Burglary Insurance Full Value Basis
Burglary insurance sum insured based on the total property being stolen. This means that all your properties listed in the burglary policy would be stolen at the same time.
Burglary Insurance Policy in Malaysia
What is a burglary insurance policy?
A burglary insurance policy covers losses to a business that results from a burglary at its business premises. The policy will state the properties to be insured, the sum insured of the properties and the location of the properties.
How do we calculate the sum insured for the burglary insurance policy?
The sum insured is based on the list of properties to insured at the particular business premises. And how these properties are secured, in a safe, locked room etc. This list is categorized by type of property as follows:
1. Stocks and Goods for Sale
2. Consigned Goods
3. Equipment and Tools
4. Furnishings and Fixtures
5. Cash
What is the burglary insurance claim process?
The burglary insurance claims process differs between insurance company SOPs. It is generally as follows:
1. Police report
2. List of items stolen
3. List of items damaged due to the burglary
4. Insurance adjuster investigation report
5. The excess to be paid by you as stated in the policy
6. The type of burglary insurance taken, i.e., First Loss or Full Value basis
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