Theft insurance covering robbery, theft and intrusion loss to the goods, stock, cash and valuables of a site, shop or warehouse, including facility-damage and incidental loss.
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
Theft insurance covering robbery, theft and intrusion loss to the goods, stock, cash and valuables of a site, shop or warehouse, including facility-damage and incidental loss.
Stock, money, securities and precious metals set in detail by category.
Restoration cost for doors, windows and safes damaged in the theft.
Theft of cash being deposited at or withdrawn from a bank.
A rate discount when linked to crime-prevention facilities and a security firm.
Retailers with high cash-value stock held.
Facilities holding large stock overnight / on holidays.
Sites holding cash, medicines and electronic equipment.
| Policy period | 1 year (renewable) |
|---|---|
| Payment | Lump sum or instalments |
| Insurers | DB · KB · Meritz · Hyundai |
| Turnaround | 2–3 business days |
| Channel | Individual consultation with our broker (010-5755-6465) |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Five areas of theft-risk exposure
Holding high-value assets. Review a combination with jewellers block & fine goods insurance.
High-value electronics stock. A high-theft-risk area.
Cash-dealing sectors. A separate cash limit is central.
24-hour retail. A night-intrusion risk area.
Holding large stock. A transit-theft combination area.
An electronics shop suffered a theft by external night intrusion. Under this wording the theft-asset loss and the restoration cost of facility damage during the intrusion (locks, windows) were reviewed for combined cover, with whether CCTV and the alarm system were operating just before the accident as key evidence. Whether the security-facility-maintenance duty stated in the wording at enrolment was met was assessed, and some assets had a differentiated limit by storage location (in-shop vs warehouse). A case showing that theft insurance is not simple asset cover but a wording combined with maintaining the security system.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
This theft insurance centres on external intrusion; theft, embezzlement or fraud by an internal employee is a separate crime-insurance area. The boundary is clear, so combined enrolment is essential where a site has both risks.
Cash, fixtures, stock, electronics and high-value goods each have a different limit. Cash usually has a small limit, and jewellery/high-value goods are a separate wording area. Reviewing per-asset-type limit adequacy at enrolment prevents a cover gap.
CCTV, alarm and locking maintenance is often a wording condition, and whether the facility was operating at the accident is central to the cover assessment. A failure or poor management can be a ground for exclusion, so regular inspection and record-keeping are essential.
The questions decision-makers ask most when considering theft insurance
It covers loss to a site's assets (cash, stock, fixtures, machinery, electronics) from theft, robbery or burglary by external intrusion. As ordinary fire and property-comprehensive insurance usually exclude theft or set a small limit, a site with high theft risk needs a separate wording.
Usually (1) theft by external intrusion (burglary, aggravated theft), (2) robbery by force, (3) theft in transit (endorsement), (4) in some wordings, loss from fraud/embezzlement (a separate crime-insurance area), and (5) facility-restoration cost after a theft.
This theft insurance centres on external intrusion; theft, embezzlement or fraud by an internal employee is a separate crime-insurance area. The cover boundary between the two is clear, so combined enrolment is recommended where a site has both internal and external risk.
Cash, fixtures, stock, electronics and valuables are usually covered. But the limit differs by asset type — cash has a separate (usually small) limit, and jewellery/high-value goods are separated into the jewellers block & fine goods area. Reviewing the per-asset-type limit adequacy is central to enrolment.
The site's security facilities (CCTV, alarm, guard, locking) greatly affect underwriting and the premium. Some wordings make security-facility maintenance a condition, and whether the facility was operating at the time of the accident is central to the cover assessment; a failure or poor management can be a ground for exclusion.
Theft during transport/movement away from the premises is outside the base wording and can be combined with a separate endorsement or the money & securities transit / movable all-risks area. A site frequently transporting cash or high-value goods needs a combined review.
The insurer assesses it on the site location (crime-rate grade), the sector (high-risk sectors such as jewellery, watch, electronics, cash-handling), asset value, the security-facility level, past theft history and the deductible design. The exact premium and acceptance are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
