Home » INSURANCE » Definition of Robbery Insurance

Definition of Robbery Insurance

Robbery insurance is an insurance system that includes property accident insurance. Robberies, thefts and robberies have increased so much in the society that it has become as dangerous as human life and property. All these robberies, thefts, robberies, robberies.

Robbery insurance is one of the various types of insurance introduced by insurance companies for the protection of human life and property from these robberies, thefts, robberies and robberies.

People living in a society cannot meet their normal needs in a legal way and often resort to illegal means. Among these illegal means are robbery, snatching, robbery. Robbery, snatching, robbery etc. are notable among the feet. As a result of these illegal activities.

The real owner of the property is often deprived of the benefit of sharing his property. That is why robbery insurance is introduced. Robbery insurance is usually a security measure against damage caused by robbery. Extensive security measures

Broadly speaking, robbery insurance is an agreement between the insurer and the insured, which provides security by insuring the insured industry, factory or warehouse or the immovable property of an individual or trader in exchange for a certain premium.

The following are the claims that can be made on the immovable property of a private home or business under this insurance:

  • Business immovable property insurance policy.
  • Real estate insurance policy.
  • Gold ornaments and other movable property insurance policies and
  • Money transfer risk insurance. Robbery insurance can also be taken for business equipment, furniture stocks, etc. under the business property insurance policy. Robbery insurance is important in today’s volatile society.

At the time of receiving the robbery insurance policy, the insured must disclose to the insured the relevant information regarding the insured content. Because if the information is hidden, the insurance contract can be canceled. Moreover, in case of such insurance, proper assessment of the insured content is also very important for determining the rate of premium.

Moreover, the amount of robbery and risk also varies from area to area. Therefore, in the case of such insurance contracts, the insurer has to consider a number of factors. Such as- location of insurable content, construction structure of the house, entrance of the house, security system, characteristics of the neighbor, pre-history of robbery etc. Since there is a moral risk in such insurance, the insurer has to analyze the matter seriously.

Robbery insurance is not paid in the following cases:

  • If property is eaten for any reason other than robbery.
  • Unless the insured content is mentioned in the insurance contract.
  • If movable property has been looted in the wake of civil war, war, military coup, enemy intervention, etc.
  • In case of robbery through the owner’s own manpower.

If the type of loss of the insured is considered to be covered by any other insurance. For example, if it includes naval insurance or fire insurance.