Theft Insurance:

Know the features, extensions and exclusions of Commercial Products:

Theft Insurance:

There is no standard policy wording for theft however under the Theft Act 1968, a person is guilty of Theft if he permanently takes property belonging to another with the intention of permanently depriving the other of it.

1. Personal Insurance – “Full theft” cover or Theft as stated in the Theft Act 1968
2. Commercial Insurances – Insurers have added the condition “forceable or violence entry and or exit
3. Extensions:
4.   Breakage of glass in not specifically insured elsewhere
5. Replacement of locks

                     iii. Temporary removal

1. Index Linking of the sum insured
2.   Extended or Full Theft cover

1. Exclusions:
2. Collusion between thief and employee (can be included for an additional premium)
3. Fire & Explosion  (covered under a fire policy)

                      iii. Cash, Bank notes etc. (covered under money policy)

1. Livestock (usually insured under another policy)
2. Under commercial policies – entry by a key, trick, or by concealment on premises when open & leaving without force 

1. First Loss cover basis:

                       Policies are usually arranged on a First Loss basis as thieves will not steal 100% of items in premises, insurers’ rates are discounted as a result