Page 402 - IC38 GENERAL INSURANCE

3. Exclusions
The policy does not cover theft by employees, family members or other persons
who are lawfully on the premises, nor does it cover larceny or ordinary theft.
It also excludes losses that are covered by a fire or plate glass policy.
4. Extensions
The policy can be extended to cover riot, strikes and terrorism risks at extra
premium.
5. Premium
Rates of premium for burglary policy depend upon the nature of insured
property, the moral hazard of the insured himself, construction and location of
premises, safety measures (e.g. watchmen, burglar alarm), previous claims
experience etc.
In addition to details given in the proposal form, a pre-acceptance inspection is
done by insurers where high values are involved.
Test Yourself 3
The premium for burglary policy depends on ______________.
I. Nature of insured policy
II. Moral hazard of the insured himself
III. Construction and location of the premises
IV. All of the above

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