(i) Define the term “burglary insurance”.
(ii) Jane Kioi wants to engage in the business of exporting of petrol. She has purchased a ship in order to advance her business. Advise Jane Kioi on the type of insurance under which she could insure the ship and three classes of policies available under that type of insurance.
(i) Definition of Burglary insurance
Is a contract to indemnity the insured against loss arising from burglary.
(ii) Type of insurance available and classes of policies available in that insurance
The type of insurance available to Jane Kioi is Marine Insurance.
Policies under Marine Insurance include:
- Mixed policy
- Time policy
- Voyage, policy