BURGLARY INSURANCE AND ITS NEED IN PRESENT TIME

AUTHOR- ATHARV VYAS, STUDENT AT SCHOOL OF LAW, SVKM’S NMIMS INDORE

BEST CITATION – ATHARV VYAS, BURGLARY INSURANCE AND ITS NEED IN PRESENT TIME, ILE WEEKLY REVIEW (ILE WR), 1 (9) OF 2023, PG. 17-22, APIS – 3920 – 0037 | ISBN – 978-81-964391-3-2.

Abstract

The purpose of burglary insurance is to compensate the policyholder for financial losses caused by a burglary, robbery, or theft of the policyholder’s property and possessions, as well as any resulting property damage. The importance of insurance of this kind has been known for millennia. Recently, burglary insurance has developed into a niche market with its own coverage specializations, rating methodologies, and ratemaking processes. The umbrella term “burglary insurance” can be deceiving because it seems to refer to only one of the many subsets that make up this industry. Employee (fidelity) dishonesty insurance and non-employee (burglary-theft) dishonesty insurance are both included in this broad category. A more appropriate title would be “crime insurance,” which covers the illegal taking of another person’s property. The phrase “burglary insurance” has come to be used interchangeably with “non-employee dishonesty insurance,” as seen by the paper’s title.

Keywords: Burglary, Insurance, Security, Theft, Dishonesty Insurance.