Canadian Accredited Insurance Broker (CAIB) Two Practice Exam

Which types of property are covered under a Safe Burglary policy?

1. Only money and securities

2. Only stock

3. Money, securities, and property

4. Rare collectibles only

The correct answer is: Money, securities, and property

A Safe Burglary policy is designed to cover losses specifically related to the theft of money, securities, and property when they are burglarized from a locked safe or vault. This type of coverage recognizes the unique risks associated with high-value items that are often stored securely within safes. The correct choice includes money, securities (like stocks and bonds), and other forms of property that may be included under the policy. This comprehensive coverage is essential for businesses that hold valuable items and ensures they are protected against loss due to burglary. In contrast, just focusing solely on money and securities or just stock overlooks the broader variety of property that can be protected under such a policy. Likewise, singling out rare collectibles does not address the full scope of coverage, which is designed for a wider range of valuable property items.