Burglary : Accompanied Baggage Policy : The subject matter insured is accompanied baggage whilst in transit with the passenger under ticket or luggage under ticket. The risk covered is all risks subject to stipulated exclusions.Burglary : All Risks Policy : It is an all risks Policy in the sense that it covers loss or damage by theft or burglary or by Fire and allied perils or by any other accidental or fortuitous circumstances. The Policy is especially suited for jewellery, valuables, watches, clocks, cameras, furs and similar article.Burglary : Business Premises Policy : Policy providing protection on the contents of office, shops, godowns factories, etc against perils of burglary, housebreaking. The Policy covers not only loss of the insured property, but also damages to such property and damage to the premises caused by burglars.Burglary : Cash-in-Safe Policy : Providing protection on cash secured in a locked safe during the night, i.e., outside the business hours, against loss of cash due to burglary, house breaking. Riot, strike, terrorism, robbery and/or dacoity perils may also be insured.Burglary : Combined Fire and Burglary Insurance Policy : The Insurance provides protection on the contents of office, shops, godowns, factories, etc, against perils of burglary, housebreaking, theft, fire, lighting and other allied perils. Fire and allied perils are covered against the contents only and not against the building.Burglary : Declaration Policy : A burglary declaration Policy is one where the sum insured does not remain fixed and it varies according to the fluctuation in the value of the insured property. Such a Policy is customarily issued in respect of commodities like food-grains, cotton, jute, rubber etc., where the fluctuation in values takes place very frequently. The proposer has to state in advance the likely maximum value of stocks at any point of time. The Insurance is made for this amount. A provisional premium equivalent to 100% of the annual premium payable on the maximum value is charged at inception. The insured has to declare every month the value of the stocks held by him during the preceding 30 days immediate to that date. After expiry of the Policy the average of the monthly declarations is taken and the actual premium is obtained by applying the rate of premium on the average value. The provisional premium is adjusted against the actual premium, any shortfall being met by the insured by an additional payment and any excess being refunded by the Insurer subject to a minimum retention of the certain percentage (usually 50%) of the provisional premium paid.Burglary : First Loss Policy : There are certain bulk commodities stored in loose form like sulphur, rock phosphate, etc as also heavy machinery the total loss of which is practically impossible. The proposer in such cases desires that since the maximum probable loss is unlikely to exceed a certain percentage of the full value, the property may be insured for a sum representing that percentage only. If the insurer agrees to such a request, “first loss” policy (also known as “partial value” policy) is issued. The policy insurer the property for a specified Amount only, which is estimated to be the maximum likely loss on any one occasion. The sum insured is expressed as a percentage of the full value, say Rs. 25 lacs being 25% of the full value of Rs. 100 lacs. Since the policy is not “full value policy” the pro-rata condition of average is applied in a different manner. In the event of the total value of stocks at risk at the time of loss be greater than the total value declared the insured shall be considered as being his own insurer for the difference and shall bear a rateable share of the loss accordingly.Burglary : Floating Policy : Covering more than one location under the sum insured. However, the subject matter of Insurance has to be identical in all locations, and the locations should be in the same city, town or village.Burglary : Full Value Policies : A full value policy covers the goods insured for their full value. In reckoning full value, considerations of profit are to be excluded. Can be “non-declaration” and “declaration” policy.Burglary : Jewellery and Valuable Insurance Policy : The protection is available on jewellery and valuables against risk perils of theft, burglary and housebreaking. The cover is not operative whilst the jewellery is worn on the body of a person.Burglary : Non Declaration Full Value Policy : Where full value is indicated at inception and premium is charged on the value indicated. Any increase or decrease in sum insured is to be effected by endorsement and premium charged or refunded at short period scale. Suitable for insuring property the value of which is likely to remain more or less stable during the period covered by the policy.Burglary : Policies Based on Inventory and Valuation : The policy is issued with proviso to settle claims by incorporating an “inventory and valuation clause” in the policy which provides that (i) an inventory and valuation of the contents should be carried out by a professional valuer, (ii) the value set opposite to each item by the valuer is accepted as the value of the property on the date of valuation and the claims would be settled without insisting on any other evidence s to value or cost. The clause however provides that a reasonable allowance for appreciation or depreciation of the value should be allowed within the limit of the sum insured.Burglary : Private Dwellings Policy : The theft risk is also covered in addition to burglary and housebreaking risks. The total contents are to be insured for their full value and should be divided into (i) furniture and general household goods. (ii) personal effects of every description, and (iii) jewellery and valuables.Burglary : Valued Policies : Valued policies or agreed valued policies are contracts where the sum insured is deemed to be the actual value of the property insured throughout the currency of the insurance. Claims of total loss are settled without any adjustment which may arise on considerations such as adequacy of the sum insured, market value etc. Usually issued for valuables, paintings, pictures, curious, antiques and other works of art.Burning Cost : The actual cost of claims paid or incurred during a past period of years expressed as an annual rate per unit of exposure. This is sometimes used, after adjustment for inflation, as a method of calculating premiums for certain types of risks or monitoring experience, e.g., motor fleets and non-proportional reinsurance. Also Refer: “Reinsurance, Burning Cost.”