What is Burglary or Theft Insurance?
Burglary or Theft Insurance is a policy which covers loss of or damage due to burglary or theft to property involving entry into premises by forcible and violent means, including damage to premises consequent upon such theft or any attempt thereat
What specifically does Burglary or Theft Insurance cover?
A wide range of items caused by any of the above such as:
(i) Moveable Plant and Machinery
(iii) Office Furniture, Fixtures, Fittings and Utensils
(iv) Office Equipment
Why should I choose Burglary or Theft Insurance?
Regardless of your background or financial status, you will have items that are very important to you. These may consist of laptops/PCs that are essential for your studies, work or even your ‘side hustle’; furthermore, you may own and/or be responsible for some office or manufacturing equipment which is essential to carrying out your daily operations.
As a result of the above, it is in your interests to limit any distractions from maximising your profits. You are in business to have a fulfilling life and it is a responsibility to bear this in mind, even when things can be challenging and stressful. If it is sincerely your desire to avoid stress, Burglary or Theft Insurance is designed to give you the peace of mind you deserve
How do I affect Burglary or Theft Insurance cover?
- Follow the designated steps on the insurance section of the Money Matters site
- Fill the mandatory boxes with the info relevant to your circumstances:
1) Name of the insured,
2) Business name (if/where applicable),
3) Office/Residential Address
4) Choose the policy
5) List the items you would like to cover and also their estimated values
6) email address
7) telephone number
8) Choose (tick the designated box) whether it is a Takaful/Islamic insurance product
- Choose the best priced quote and select the option at the bottom of the page to move to the final stage
- Submit payment using the online POS option (a safe and the most convenient payment option) or make contact with our customer service team to conclude policy arrangements
Can I insure more than one item or set of items?
Yes, you can and you’ll just need to list the items and their corresponding values in the designated space to affect cover for all items
What is the name of the payment that is made to affect cover?
The payment required to affect an insurance policy is called a ‘premium’ in insurance parlance. It is often payable in advance of the insurance policy being affected
How are premiums calculated?
This is calculated based on a percentage of the estimated value of the items or property being insured
What happens in the event of an accident and a claim needing to be made?
- You will have contact and other relevant info/instructions provided from the policy’s inception. These will help you as you make contact with the insurance provider
- In the event a claim needs to be made, this will be registered by the insurance provider’s customer service rep
- You’ll be notified whether the claim is successful or not
- Once confirmation has been received that the claim is successful, the amount that the claim is for will be paid out, less the excess fee
What is an excess?
- An excess is a pre-determined figure which will be paid in the event of a successful claim being made. This can be looked at as a nominal or small contribution to the cost of repairing damage or replacing a motor vehicle.
- An example of this may be stolen jewellery in the event of being burgled. If the cost of replacing the item is N600,000 and the excess N30,000, you will receive N570,000 in the event of a successful claim.
Is there any reason why a claim may be unsuccessful?
- As long as you are honest about the details required to affect Burglary or Theft Insurance, and honest in providing all the relevant info when making a claim, there’s no major reason for concern.
- Typically, unsuccessful claims arise in the event of a customer committing insurance fraud or violating any terms of her/his insurance policy