Applications.
The Theft insurance policy refers to items in an insured premises,
and covers the event of forcible entry into the premises by persons
not employed by the insured. To cover events perpetrated by company
employees, please refer to Positions Fidelity insurance.
Valuation.
The Theft policy is based on an all-inclusive list of items, with
assigned values (based on Actual Cash Value) for each item. Selective
listing is not allowed, but there is the possibility of insuring
on a first risk basis, at 100%, 50% or 25% of the total value of
the list. For inventories, it is possible to negotiate with INS
for a policy on a reporting basis, where a provisional premium is
paid in advance based on estimated inventory peaks, and then it
is adjusted at the policy anniversary date following monthly inventory
reports submitted to INS by the insured.
Premiums.
Are computed as a percentage of the total value of the list and
will vary depending on vulnerability, security measures in place,
location, and the percentage of cover selected on a first risk basis.
For policies at 100% First-Risk, annual rates usually fall between
0.75 and 1.5%. To the resulting premium, add 13% Sales Tax.
Claims.
The claim process is bureaucratic and complicated, involving much time-consuming paperwork on the part of the insured.
Disclaimer: This document is intended
as a summary of most relevant points of the insurance policy; as
such, it does not contain every provision stated therein. |
