BURGLARY INSURANCE Meaning and
Definition
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Burglary insurance refers to a specific type of insurance coverage that provides financial protection against losses resulting from theft or attempted theft at a premises. It is typically included as a part of property insurance policies, specifically designed to compensate policyholders for the loss or damage of their belongings due to burglary.
Burglary insurance usually covers the theft of tangible items such as cash, jewelry, electronics, furniture, and other valuable assets. The policy may also extend coverage for damages caused during forced entry into the premises, such as broken windows or damaged doors. In some cases, it may also offer coverage for property stolen from the insured while they are outside the premises, provided the theft was due to a break-in.
Policy terms and conditions may vary depending on the insurance provider and specific policy chosen. The coverage limit, deductible amount, and exclusions should be carefully reviewed when selecting a burglary insurance policy.
To make a claim, policyholders need to provide appropriate evidence of the burglary, such as a police report and inventory of stolen or damaged items. The insurance company will then assess the claim, and if approved, will compensate the policyholder based on the terms of the policy.
Overall, burglary insurance aims to provide peace of mind and financial protection to individuals or businesses by mitigating the potential losses resulting from theft or burglary incidents at their premises.
Etymology of BURGLARY INSURANCE
The word "burglary" originated from the Middle English word "burglari" which evolved from the Old French term "burgoise", meaning a borough or a walled town. The modern meaning of "burglary" refers to the act of breaking into a building or a home with the intent to commit a crime, particularly theft.
The word "insurance" dates back to the mid-16th century, derived from the French word "assurance" which was itself taken from the Latin term "securus" meaning secure. "Insurance" refers to a contract or policy in which an individual or entity is protected from financial loss or damage caused by specified risks.
The term "burglary insurance" combines these two words to describe a specific type of insurance that provides coverage for losses resulting from burglary or theft. It aims to protect individuals or businesses against financial losses caused by the theft of their property.
