GENERAL KNOWLEDGE

Detailed explanation-1: -Theft insurance is an insurance policy that protects against burglary, robbery and other. This insurance compensates the insured from loss incurred due to theft.

Detailed explanation-2: -It covers unlawful damages caused to the assets like furniture, fixtures, machinery, equipment etc., inside the business premises. Generally, this policy is bundled with fire insurance which includes damages caused due to fire, explosions, lightning, theft, storm, cyclone, typhoon, terrorist acts, riots, etc.

Detailed explanation-3: -Such policies cover the loss or damage caused to the property only by forcible and violent entry into the premises as under the definition of ‘Burglary’. Damage caused by any other means is not covered and the compensation provided will be to the extent of the basic value of the property, subject to maximum limit.