Burglary Insurance

Burglary Insurance

*A standalone Burglary Insurance is not entertain unless accompanied by Fire Insurance and Other classes of insurance.*
INTRODUCTION                                                
The policy affords cover for loss of or damage to the property insured by Theft whilst contained in the Business or Trade premises.

SCOPE OF COVER
(i) THEFT accompanied by Actual, Forcible and Violent ENTRY.
(ii) By THEFT committed by any person (other than an employee) illegally concealed in the premises.
(iii) Resulting of armed robbery.
(iv) Resulting in damage to the Property Insured.
(v) Resulting in damage to the Premises due to such Theft
or any attempt thereat.

DEFINITIONS

TYPES OF POLICIES

i. Full Value Policies
These types of policies are usually subject to the Average Clause. Therefore, in order to ensure adequate indemnity at the time of loss the proposer must insure his property for the full value. The correct sum insured should be what the proposer considers to be  the highest amount at risk at any one time.
If the stock is subject to frequent fluctuation, then arrangements may be made to have a declaration endorsement attached to the  Policy stipulating monthly or quarterly declarations of the highest values during either the month or quarter respectively, similar to  the Declaration Conditions applicable to Fire policies.


ii. First Loss Policies
These can be issued where the size of the risk and the nature of stock make such a policy appropriate. The sum insured must be not less than the anticipated maximum probable single loss and in no event should it be less than 10% of the total value of the property covered.
A First Loss policy should also not be granted when the total sum insured is less than RM 25,000.00. Where the cover is arranged on this basis, the insured should declare the Full Value of the property at risk and the sum insured proposed for insurance. Average will apply should the actual Full Value be less than that declared.

PRINCIPAL EXCLUSIONS
(i) Theft by any member of the Insured,'s family staff or domestic servants or any person lawfully on the premises.
(ii) Medals, Coins, Curios, Rare Books, Plans, Patterns, Models, Designs, Deeds, unless specifically included in the Schedule.
(iii) Loss of or damage arising from unoccupancy for a period exceeding 30 consecutive days.
(iv) Loss or damage if there is undisclosed dual occupancy or incorrect description of occupancy.
(v) 'Premises' excludes yard, garden, outbuilding unless specifically  included.
(vi) Damage by Fire or Explosion


EXTENSIONS AVAILABLE
i. Strike & Riot
ii. Cash in Locked Safe/Cabinet up to a maximum of RM1,000.00

BURGLARY INSURANCE OCCUPATION CODES AND INDICATIVE RATES ONLY SUBJECT TO MARKET CHANGES, RISK MANAGEMENT & UNDERWRITING EXPERIENCE.
                                                                                                                                       
 INDICATIVE ONLY RATES
 CODE
 OCCUPATION  (%) ON FULL VALUE (RATE)
 0001 Camera/Photo Studio R
 0002 Hand phoneR
 0003 HardwareR
 0004 Electrical GoodsR
 0005 Car AccessoriesR
 0006 ComputerR
 0007 Medical HallR
 0008 CigaretteR
 0009 WatchR
 0010  Advertising studio with high stock of computer
1.50
 0011 Advertising studio with low stock of computer
0.75
 0012  Air-conditioning
0.30
 0013
 0013 Amusement Arcade, Snooker Centre
0.75
 0014
Antique Dealer
R
 0015Art Dealer and Gallery
0.85
 0016Beer & Soft drink
1.25
 0017Book / Stationery (excluding cameras,electrical goods,computer accessories)
0.35
 0018Cafe/Bakery  0.40
 0019Chemist / Pharmacy  0.75
 0020Church/Non-Profit Organization  0.50
 0021Cinema and Theatre  0.50
 0022Clinic
0.50
 0023Coffee shop and Restaurant (excluding liquor, cigarette,wine, shark fin & abalone)1.50
 0024 Construction material0.75
 0025 Cosmetic, Perfume and Skincare product1.00
 0026Decorative Lighting / Fans 
1.25
 0027Departmental store,Supermarket,Grocery
(excluding Handphone, Jeweler, Ginseng, Bird nest, watches, liquor & wine)
1.50
 0028Dry and Frozen Seafood products
(excluding Shark fin,Sea cucumber & abalone)
1.25
 0029Electrical Cable
1.75
 0030Fertilizer
0.50
 0031Fire Fighting/Alarm Equipment
0.50
 0032Florist
0.50
 0033Furniture (excluding electrical goods)
0.50
 0034Garment / Outfit
1.50
 0035Glass0.30
 0036Golf 1.25
 0037Hair accessories & costume jewelery
1.00
 0038Hair Dressing/Beauty Salon
0.85
 0039Health Care Product (excluding Ginseng)
1.25
 0040Heavy machinery and spare parts
1.00
 0041Hospital, Nursing home, Childcare
0.50
 0042Hotel
0.30
 0043Laundry
0.50
 0044Leather goods
0.75
 0045Liquor/WineR
 0046Motor repair workshop (excl. car accessories)
1.00
 0047Motor spare part
R
 0048Motorcycle & Bicycle spare part
0.85
 0049Musical Instrument
0.75
 0050Night-club, Pub/disco
R
 0051Office with high stock of computer 1.50
 0052Office with low stock of computer 1.50
 0053Optical 1.00
 0054PCB Board without micro-chip
0.75
 0055Petrol station
1.50
 0056Pets i.e. dog & cat
0.75
 0057Plastic goods
0.30
 0058Pottery
0.30
 0059Precision Metal Products
0.35
 0060Printer
0.75
 0061Rubber goods
0.30
 0062Signboard Maker/Frame Maker Premise
0.50
 0063Souvenir/Pewter (excluding precious stone)
1.20
 0064Sport Equipment/Items
1.25
 0065Stock of copper /semi-valuable metal
1.00
 0066Sundry goods and toiletries
1.50
 0067Textile
0.85
 0068Toy
0.75
 0069Trading in Office equipment
without computer related type
1.00
 0070Type
1.00
 0071University/College/School/Kindergarten with low stock of computers
0.75
 0072Used Car
1.00
 0073VCD, DVD and Cassette
1.00
 0074Wedding studio
1.75
 0075Petroleum/LPG Gas
0.50
 0076Speaker parts manufacturer
1.00
 0077Private Dwelling
R
 0078Weighing machines/scientific equipment
R
 0079Industrial Lubricant Oil
0.75
 0080Paper
0.75
 0081Feeding mills factory
0.50
 0082Ice factory
0.35
 0083Recreation Club/Sport Club/Golf Club
0.75
 0084Kitchen Showroom
0.50
 0085Food processing manufacturer
0.50
 0086Electronic component manufacturer
R
 0087Shoe retail shop
0.75
 0088Cold storage - General
R
 
 1st LOSS LIMIT (%)  MULTIPLIER (%)
 100100
 9595
 9095
 85 95
 80 90
 75 90
 70 80
 65 80
 60 75
 55 70
 50 65
 45 60
 40 60
 35 55
 30 50
 25 50
 20 45
 15 40
 10 25
 5 10
 1 5
                  
REMARKS:
First Loss Limit  =     First Loss Sum Insured x 100
                                           Full Value


SECURITIES GUIDELINES
DISCOUNT
Alarm linked to CMS backup by GSM line with response team and more than one guard.
(Note: All sensors must be in placed)
30%
Alarm linked to CMS via GSM line with response team only.10%
Alarm linked to CMS using telephone line (normal line)
5%
Alarm linked to hand phone and residence phone2.5%
One (1) guards 15%
Two (2) guards 5%
One (1) armed guard & one (1) unarmed guard 10%
One (1) guard & one dog 12.50%
One (1) armed guard
 7.5%
 Note : Subject to max 30% 

Discounts

HIGH FULL                         FULL VALUE          
VALUE                           DISCOUNT FACTOR
 
  UP TO (%)
    5 million                                    10
  10 million                                    15
  15 million                                    20
  20 million                                    30
  50 million                                    40
100 million                                    50


TOTAL PREMIUM FROM        DISCOUNT FACTOR (%)
OTHER CLASSES
            (RM)
100,000/- and above                                             5
250,000/- and above                                           10
500,000/- and above                                           20
1,000,000/- and above                                        30

# Discount factor for Competition: subject to maximum 25%.


UNDERWRITING CONSIDERATIONS
i)  In view of the possibility of fraudulent claims every effort must be made to ensure that the moral hazard is good.
ii) Proposal form must be fully and properly completed and accompanied by survey report with details of all protective measures.
iii) Fire Insurance must be placed with us; otherwise the proposal for Burglary Insurance will be declined.
iv) Short period cover cannot be granted.
v)  A Limit of Liability in respect of any one article should be stated when describing the property insured.
vi) Excess must be imposed.
vii)Full Theft cover should not be granted.


DECLINED RISKS

i)   Antique.
ii)  Betting (4D & Magnum).
iii) Money Changer.
iv) Stamp.
v)  Jewelers/Goldsmiths/Pawnbrokers


MINIMUM PREMIUM: RM100.00



REFERRED RISKS
i)     Furs, handphone, computer, watch, cigarette, liquor, wine, electrical
       goods,
hardware, motor spare parts, car accessories, audio equipments,
       semiconductor /
micro-chips, camera, photographic equipments, birdnest,
       ginseng, sharkfin, abalon

ii)    Medical Hall, Bank, Public/Freight Forwarder's warehouse.
iii)   Moral hazard doubtful.
iv)   Proposer who does not keep stock records and is unwilling to implement such
       system.

v)    Contents of residence.
vi)    Risks in buildings of Class 3.
vii)   Risks which have suffered losses.
viii)  Risks which are in neglected area or in slums.
ix)   Theft prone, remote, new areas.




SECURITIES MEASURED REQUIREMENTS
i)    All entrance(s) and exit(s) to be double layers.
ii)   All openings e.g., window, entrance, exit, roof, air well should be secured by iron grilles.
iii)  Metal plates or grille or sensor should be installed to the rubbish chute.
iv)  All doors should be secured by good quality padlocks.
v)   Front and rear to be lighted at night.
vi)  Premises should be protected by a Burglar Alarm System of a reputable brand and installed by reputable Company.
vii) Contact Breakers at all entrances and exits. Motion sensors at stock areas.
viii) The Alarm system should be linked to a reliable Central Monitoring System (CMS) provider back up by GSM line (wireless).
ix)  The Insured should subscribe to a response team service.
x)  Security guard should be engaged to patrol, during the night, weekends and public holidays.


All security guards should be middle-aged (25-45), well-built and trained

Security guards should be provided with tele-communication equipment for emergency contact purposes

If stocks are highly attractive (High Hazard) or the risk is located in an isolated area, armed security guards with guard's dogs should be employed.

For High Hazard goods with high sum insured, reinforced guard house with panic button should be provided with at least one security guards stationed inside at all times.
Arrangements should be made with the Police and/or Security Company to carry out random patrolling at night.



SURVEY GUIDELINE

Referred Risks

Sum Insured of RM 750,000.00 and below, to be surveyed by branch.
Sum Insured above RM 750,000.00, to be surveyed by Head Office.

Non-referred Risks
Sum Insured of RM 1,000,000.00 and below, to be surveyed by branch.
Sum Insured above RM 1,000,000.00, to be surveyed by Head Office.
Sum Insured RM 150,000.00 and below, not necessary to be survey if the risk is protected by Burglar alarm system or guarded by security guard.

The following diagram illustrates the major components of burglary risk assessment:
Burglary survey should stimulate action to reduce loss potential, and provide a record of the findings and actions resulting from the survey.
CLAIMS: BURGLARY CLAIMS
1. Police report
2. Photographs of premises where entry is gained into
3. Repair / Replacement bills for damages to premises (For details of the survey process, kindly refer to the FireRisk Survey section.)
4. Purchase invoices (for stock)
5. Stock Cards
6. Claim Form


RM3.6 Million Computer Chip Robbery - Malacca; 17 Jul 07

 

Saturday December 13, 2008

RM47m Intel heist solved

By ANDREA FILMER


GEORGE TOWN: Police have classified the RM47mil Intel Technology Sdn Bhd microchip heist in 2006 as solved but the case remains open as the goods have yet to be recovered.

State deputy police chief Senior Asst Comm (I) Datuk Salleh Mat Rasid said more than 30 suspects had been arrested but none had been charged as there was insufficient evidence.

“Under the Emergency Ordinance, eight of the suspects were sent to the Simpang Renggam detention centre for two years while the remaining suspects were released.

“The goods cannot be recovered so we do not regard this as an achievement. We have classified the case as solved since we have identified the robbers, but not closed,” he said, adding that they suspected the microchips had been smuggled out of the country.

The heist, one of the country’s biggest and most daring, involved more than 20 robbers who stormed the Second Air Cargo Complex in Batu Maung in two trailers and escaped with 585 cartons and 18 pallets of microchips. Seventeen people were hurt during the robbery.

On a related matter, SAC Salleh told a press conference at investPenang yesterday that Penang’s crime index had declined.

He said the state police were focusing on improving their delivery system and crime prevention strategies.

The programmes for next year would be announced by Penang CPO Datuk Wira Ayub Yaakob soon, he added.

Chief Minister Lim Guan Eng, who chaired the press conference, said the state was looking into a proposal to set up a permanent police base at each end of the Penang Bridge.

On the use of the Emergency Ordinance on the suspected Intel robbers which involved the use of detention without trial, Lim said the disclosure of this information “did not mean we (Pakatan Rakyat) supported the law” as Pakatan had made its stand on the issue “very clear”.Thursday December 11, 2008



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