MSIG Malaysia

Take precautions against theft

Break-ins and burglaries of commercial premises pose serious challenges to businesses. For a businessmen who have taken care to insure the stock against fire, but not against burglary should reflect for a moment on the following scenario –arriving at work one morning to discover the premise is broken into, and stocks have disappeared. Such incidents are by no means uncommon, and can bring about huge financial loss to your business.

Insure your business against all possible losses

Your MSIG Burglary Insurance offers coverage if such properties were stolen or damaged by burglars. Loss as a result of armed robbery is also covered. Thieves frequently damage building and such damages would also be covered.

Jess is a retailer of tools and equipment for the automobile industry and has been running his business for more than 10 years. Part of his routine would include dropping his children to school everyday before heading for his shop. On one Friday, he heads to the shop and upon reaching, he found that the padlock securing the front roller shutter was broken. He then lifted up the roller shutter and proceeded into the premises.

To my surprise, I found that the drawers of the tables were open, papers were thrown all over and a rack consisting of tools and equipment estimated at RM30,000/- were all gone.

He immediately called his trusted agent and was advised of the following:-

  • Report to the Police immediately and obtain a copy of the Police Report
  • Do not discard, remove or commence any repair works of the damaged items without receiving MSIG’s approval
  • As the loss was quite substantial, the agent informed that a firm of adjusters would be appointed to look into the loss

The agent assisted him with the completion of the Claim Form, and also in the compilation of the documentation required by the adjusters. Six weeks later, he was indemnified for the full loss amount as his Sum Insured was adequate.

MSIG’s Burglary Insurance policy covers:-

  • Burglary and Theft with forcible entry to and exit from the building
  • Damage to the building due to burglary and theft or any attempt thereat
  • Sum Insured on a First Loss or Full Value basis

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