Theft Insurance for Godown

As we get started, let us first understand burglary insurance policy. Burglary insurance for godowns is an insurance policy that extends a financial protection to businesses from the loss or damage to their assets, such as machinery, furniture, equipment, etc., from burglary or theft.

There is a striking difference between burglary and theft. While burglary refers to unauthorised, forced, or violent entry into an organisation’s premises to steal assets, theft refers to fraudulently taking assets without the knowledge of the owner to permanently deprive them of their ownership.

Theft can be included in burglary insurance or available as an optional cover. Also, generally, burglary insurance is bundled with fire insurance and is available as fire and burglary insurance in India.

There are three main categories of burglary insurance for godowns. However, the types and products offered under each category can vary between the individual insurance providers.

Full Value Insurance

Full value insurance provides the financial coverage and compensates for the total value of the assets that have been insured.

First Loss Insurance

If total loss is unlikely for the godown, the owner or the policyholder can opt for selective coverage based on a certain percentage of the assets that need to be insured.

Stock Declaration Policies

Stock declaration policies are considered when large stocks are involved and the quantity fluctuates throughout the year. The sum assured, and the premium will be fixed based on the total value of assets that the policyholder expects will be held at any given time during the year.

Generally, any form of theft that was not forcefully or violently planned through the entry to or exit from the godown’s premises that led to the loss or damage to the assets will be covered under the theft insurance for the godown. Any attempted theft planned and occurred outside of the godown’s premises will not be covered under the policy.

The inclusions and exclusions corresponding to the theft insurance for godowns can vary between insurance providers based on the types of products offered.

At Tata AIG, we offer fire and burglary insurance, with theft as an optional cover under the burglary insurance component. We have three coverage combinations: fire and burglary insurance coverage, fire and burglary money insurance coverage, and fire and burglary with public liability insurance coverage.

You can access our fire and burglary insurance online to get a customised solution based on your organisational requirements.

Financial Security

Theft insurance for godowns compensates for the losses arising out of theft, providing the most required financial protection. It also helps organisations recover faster from financial setbacks.

Covers all types of property types

Theft insurance for godowns can cover different types of properties, including furniture, finished goods, machinery, equipment, etc. It can also cover company retail stores, office spaces, or any other property, regardless of size. Comprehensive coverage ensures that all the properties of the organisation are protected.

Flexible

Every company has a unique organisational structure, and the assets that need to be protected will also vary depending on its business operations. Theft insurance for godowns is customisable, allowing business owners to decide on coverage and features personalised to their unique needs.

Extensive Coverage

Theft insurance for godowns offers extensive coverage, including losses and damages to the company’s assets. It helps mitigate risks especially, when the goods or contents are stored for a long time without any supervision.

When combined with fire and burglary insurance, they offer a wider scope of coverage, protecting businesses from the risks of fire and other burglary incidents.

Affordable Premium

Theft insurance for godowns provides comprehensive coverage with customisable benefits at an affordable premium. It makes the insurance benefits accessible for all business types regardless of their size.

Online Compatibility

Business owners can access the insurance products, compare the features and choose a suitable option online. In addition, in case of an unprecedented theft, they can initiate claims online and process the settlements for a quicker resolution.

• Find and list all the different types of business assets that are exposed to theft.

• Research and find different theft insurance policies. Compare the product features before choosing a product.

• Understand the policy features and benefits to avoid claim rejections later when in need.

• Calculate accurately and decide on the maximum coverage for total protection in case of theft.

• Look out for ways to reduce premiums by installing safety devices, setting up a secure boundary establishment, managing the workforce to restrict the entry of strangers, etc.

Theft insurance for godowns is crucial to securing an organisation’s assets from potential theft. The coverage for theft is generally available as part of fire and burglary insurance or as an optional cover. It offers extensive coverage at an affordable premium rate.

Business owners can access the different fire and burglary insurance policies online, compare the features and decide on a suitable product personalised to their unique needs.