WHAT DOES THEFT INSURANCE COVER?
It is coverage against loss through stealing by people, not in a place of trust. Theft, for the most part, covers all acts of stealing. There are three major kinds of insurance contracts for thievery, burglary, and other theft. Robbery is characterized to mean the unlawful taking of property inside premises that have been shut and in which there are obvious and visible marks evidencing forcible entry.
Such a narrow definition is necessary to restrict burglary coverage to a particular class of criminal act Burglary is characterized as that kind of unlawful taking of property in which someone else is debilitated by either power or brutality. In the burglary hazard, hence, the component of individual contact is fundamental.
Perhaps the most common of all burglary coverages is on safes. Often the loss in the form of damage to the safe itself from the use of explosives and other devices is as great as the loss of the money, jewelry, or securities it contains. Accordingly, the policy covers both types of claims. Another common burglary policy applies to Mercantile open stock. In this type of policy, there is usually a limit applicable on any article of jewelry or any article contained in a showcase where susceptibility to loss is high. In order to prevent underinsurance, the mercantile open stock policy is usually written with a coinsurance requirement or with some minimum amount of coverage.
Another common theft policy for business firms is a comprehensive crime contract covering employee dishonesty as well as losses on money and securities both inside and outside the premises, loss from counterfeit money or money orders, and loss from forgery. This policy is designed to cover in one package most of the crime perils to which an average business is subject.
A broad form of crime protection for individuals is offered both as a separate contract and as part of a “homeowner’s policy.” It covers all losses of personal property from theft and mysterious disappearance.
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What Does Theft Insurance Cover?
Theft insurance for landlords
For landlords, there are a number of different concerns when it comes to theft. A landlord got to think about the contents he provides for his tenants as well as the potential damage caused by a break-in.
If he let his property furnished or part-furnished and want to protect those furnishings from theft – or damage – then he should consider landlord contents insurance. This includes white goods, but will not cover his tenants’ belongings. The tenants will need to take out their own contents insurance to keep those protected.
And if the landlord’s property suffers damage during a break-in then landlord buildings insurance could pay out for repairs. It can also cover fires, floods and a range of other disasters that might befall your property.
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Theft insurance for small businesses and shops
In a small business setting, there are a number of theft concerns, though these vary from business to business. Tools, stock, business equipment, contents and the building itself – if one owns it – are all things he/she might want to protect.
In order to protect these different things, one will need to add the covers to his/her policy, but which ones he/she needs will depend on the nature of his/her business.
If the individual runs a business selling items he/she makes himself/herself, for example, the individual may need tool cover to protect the tools he/she uses to make his/her products and stock cover to protect the products themselves, as well as the raw materials.
However, If the individual runs a brick and mortar shop, his/her needs might be slightly different – he/she might not create his/her products so won’t need tool cover, but perhaps the individual has contents such as chillers that he/she might want to protect with business contents insurance.
It’s worth noting that theft insurance does not typically cover shoplifting, as there will need to be signs of a break-in for the policy to pay out.
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Theft insurance for tradesmen
It’s an unfortunate reality that many tradesmen worry about theft of their tools or vans.
If one is a tradesman then tool insurance covers theft of tools, while stock insurance covers theft of stock. And if he/she has larger plant and machinery then theft insurance can cover that too.
Theft insurance for freelancers
If an individual is a freelancer or other professional then it’s likely that computer equipment is vital to the running of his/her business. It’s likely portable equipment insurance the individual is after, or contents insurance – the type of insurance that’s applicable to him/her really depends on the specifics of his/her business.
It’s worth noting that ‘theft insurance’ doesn’t exist on its own, but when you take out a policy with us, items covered under that policy will most often be protected against theft