This policy covers loss of or damage to the property insured by Theft, following entry into or exit from the premises by forcible and violent means, subject to specific exclusions.
Property Insured may include:
• Stock in Trade
• Furniture, Fixtures, Fittings
• Plant Machinery & Equipment
• Tenants Improvement & Betterment
Coverage must be done on a ‘first loss’ basis which indicates the amount the insured believes can be lost at any one time. This is because the total declared value may be so large that it would be virtually impossible for a total loss to take place during a burglary.
Beacon’s underwriting consideration(s): The type of business and the business location (as some areas are more susceptible to crime than others). To ensure the adequacy of protection a survey of the premises is conducted. The insured’s claims experience is also taken into account. A proposal form must be completed and the policy is subject to an excess.