Insurance Against Theft

1. Parties and Definitions

1.1. Parties

Insurer: [Company Name], [MERSIS/Registered Number], [Address]
Policyholder: [Name/Title], [Turkish National Identity Number/Tax Identification Number], [Address]
Insured (if different from the Policyholder, if any): [Name/Title], [Turkish National Identity Number/Tax Identification Number], [Address]
Agent (if any): [Title], [Agent No.]

1.2. Definitions

Insurance Location: [Residential/Commercial/Warehouse/Branch] [Full address + independent unit information]
Goods and Items: Commercial goods, commodities, machinery and equipment, fixtures, office and household goods located at the insured premises, as well as other valuables specified in the policy.
Theft: Loss of possession occurring through the methods listed in Article 1 of the general terms and conditions, or within the scope of the special clauses of this agreement.
Precious Assets (if any): Cash, securities, precious metals/stones, jewelry, stamp/coin collections, etc. ( specific limits and security conditions ).
Increased Risk: Changes that worsen the risk, such as reduced security measures, changes in intended use, increased risk from neighboring properties, etc., as indicated in the Risk Assessment Form attached to the policy.

2. Subject of the Contract and Scope of the Security Coverage

2.1. Subject Matter The Insurer undertakes to cover, within the limits of the coverage and deductible , any material loss or damage to goods and property located at the insured premises resulting from theft or attempted theft , in accordance with the general and special conditions set forth in this policy and its annexes

2.2. Types of Coverage (Optional Coverages – those that are applicable will be marked) a) Forced Entry: Entry by breaking, forcing, climbing, wall climbing, lock breaking, key making, or similar methods that leave physical traces. b) Concealment and Hiding: Theft committed by secretly entering and hiding/locking in place of the insured. c) Violence/Intimidation: Theft committed against the insured, their family, or employees by force, threat, injury/death. d) Attempted and Damaged Property: Damage to doors/windows/safes/walls/showcases, etc., resulting from theft or attempted theft. e) Showcase Clause (For Business Premises – Optional): Theft/attempted and damaged property with glass breakage to items displayed in an open showcase (with specific limits and security conditions). f) Employee Theft Clause – Addition (Optional): Theft committed by an employee acting as a third party outside of working hours using the methods described in the first paragraph (separate limits and exemptions). g) Safe/Jewelry Clause – Residence/Business Premises (Optional): For cash, jewelry, precious metals/stones stored in a steel safe , provided that safe standards , securing , two keys , and alarm requirements are met. h) Electronic Equipment and Vehicle Parts Clause (Optional): Special limits and proof rules for high-value electronic and spare parts that are subject to theft and can be removed and transported.

2.3. Special Limitations and Exemptions

General Limit: [₺ / USD / EUR]
Minimum Securities Deposit (total): [₺ …] (subject to safekeeping)
Display Item Limit: [₺ …] – subject to glass breakage condition
Single Event Exemption: [Rate % … / Amount ₺ …]
Maximum Number of Compensations/Annual Limit (if any): [ … ]

3. Exclusions from Insurance Coverage

3.1. Unless otherwise agreed, the following are excluded from coverage (in general):

Items located in outbuildings outside the insurance location (maid's room/storage room, cellar, garage, etc.);
Goods belonging to third parties that are held due to reasons such as pledge, deposit, lease, or loan;
Leaving the insurance premises vacant and unattended for a continuous period exceeding [..] days ;
External window display (unless there is a special clause or a condition regarding glass breakage);
Strikes, lockouts, riots, looting, and theft carried out by taking advantage of these (unless a special clause is made);
Theft committed by those living with the insured;
Actions performed by the employee during working hours (unless otherwise specified);
Only damage from breakage of glass/mirror/display case (if there is no damage to property, unless a "glass breakage" clause is added separately);
Fire/explosion damages (covered by fire insurance);
Entry with the original key that was seized (not falling under the circumstances in Article 1);
Looting/theft by taking advantage of extraordinary circumstances such as natural disasters or war;
Nuclear risks;
public authority savings .

Note: If needed, coverage can be expanded with additional clauses such as "Strike-Lockout-Riot (GLK)" , "Terrorism" or "Post-Earthquake Looting" ; premiums and security conditions will be increased.

4. Start Date, Duration, and Geographic Scope

Start/End: [dd/mm/yyyy] time [..:..] – [dd/mm/yyyy] time [..:..] (Turkish time)
Geographic Coverage: [Turkey / Specific province/district / Multiple address list] – address-based limits and total annual limits are clearly stated for multiple addresses.

5. Declaration and Notification Obligations

5.1. Pre-Contractual Declaration:
The risks are accepted based on the declarations in the offer/policy. Intentional or negligent false declarationsmay result in cancellation, termination, a claim for premium difference, and/or a reduction in compensation.

5.2. Notification During the Contract Period

Change of Location/Status: Change of intended use (residential→office), renovation, reduction of security measures, increased neighborhood risk, alarm deactivation, etc. will be notified within [..] days
Change of Ownership: In case of transfer/death, the policy automatically terminates; premiums will be refunded on a daily basis.
Change of Possession: In cases such as leasing, the security deposit is suspended until notification is given .

Application note: The insurer shall exercise its right to terminate/pay the premium difference [..] days ; any unexercised right shall lapse.

6. Commencement of Bonus, Payment and Liability

The premium can be paid in a single payment or in installments. Liability does not commence until the first installment is paid (this is written on the policy).
two installments are not paid consecutively , the acceleration and termination procedure will be initiated (notary/receipt notification + [..] months payment period).
Marking a promissory note does not change the nature of the debt.

7. Damage Reporting, Recovery, and Proof

7.1. Insured's Obligations in Case of Damage a) Immediate notification to law enforcement (report); urgent notification to the bank/issuer if there are valuable documents to prevent circulation and payment . b) Notification to the insurer within [...] days at the latest (+ photos/videos of the incident scene, alarm/camera recordings, entry traces). c) Rescue/protection measures; compliance with the insurer's instructions. d) Loss list (type, quantity, make/model, approximate value), claim for damages and all information/documents within a reasonable time. e) No alterations that would compromise the integrity of evidence at the incident scene. f) Immediate notification if there are other insurances (double insurance priority).

7.2. Inspection and Access Authorized representatives of the insurer are permitted to conduct on-site inspections and view documents . Legitimate interests and contractual performance are considered legal grounds for camera/data sharing within the scope of the Personal Data Protection Law (KVKK).

8. Compensation Calculation and Payment

8.1. Valuation Criteria

Commercial commodity: Market purchase price the day before the damage occurred
Semi-finished product in process: Raw material cost + labor + overhead share (cannot exceed the market price of the finished product).
Machinery/equipment/fixtures: New cost – wear and tear – difference in efficiency/specifications.
Household/office and personal belongings: New value – wear and tear.
Cash/Securities: Nominal/market value; replacement cost for substitutable assets
Underinsurance: Compensation is paid proportionally , based on the ratio of insured amount to insured value .
The proportional rule does not apply to damage to valuables/cash/bullion/securities and real estate (special conditions apply).

8.2. Payment and Waiting Period

Payment will become due within [..] months after the necessary documents and convincing evidence are provided .
If there is a criminal investigation/prosecution, the insurer may postpone payment until the investigation is concluded

8.3. Goods Seized

If the goods are found after the compensation payment, the insured immediately notify in writing .
full compensation is awarded, the insurer may choose to take over ownership or the insured may return the compensation.
partial compensation is involved, the provisions for auction/settlement and price sharing will apply.
The loss of value (damage/missing items) due to theft will also be compensated.

9. Arbitration-Expert Procedure (Determination of Value in Disputes)

If the parties cannot reach an agreement, each party shall appoint an arbitrator-expert within [..] days ; these two shall choose the third arbitrator .
If no appointment is made/agreement is reached within the specified time, the president of the commercial court .
The impartiality of the third referee and their selection from outside the local area may be required.
The report is binding ; however, if there are obvious discrepancies, an appeal for annulment can be filed within [..] weeks from the date of notification .
Arbitration fees: The parties pay the arbitrators for their respective sides, and the third arbitrator is paid equally by both sides.
The arbitrator's determination does not eliminate the scope of coverage, exclusions, or provisions regarding over-insurance or under-insurance

10. Consequences and Recourse Regarding Compensation

Upon payment, the insurer legally assumes the right of recourse against the insured to the extent of the amount paid .
of total loss, the coverage for the affected unit terminates; of partial loss, the limit for that unit is reduced by the amount of compensation paid.
If the insurance premium has decreased, it can be restored to its previous level.

11. Taxes, Fees, Charges; Notifications; Trade Secrets

Any taxes, duties, or fees currently or subsequently imposed on the policy/premium are the responsibility of the insured.
Notifications and communications are made to the addresses specified in the contract notary/registered mail/hand delivery with signature.
The insurer any trade/professional secrets .

12. Competent Court, Dispute and Statute of Limitations

In lawsuits against the insurer: The commercial courts of the insurer's headquarters/agent's domicile or the location of the damage ;
In lawsuits filed by the insurer: The defendant's place of residence is the commercial court.
Statute of limitations: Claims arising from the contract are subject to a 2-year period.

13. Personal Data and Camera Recordings (KVKK Compliance Clause)

Camera/alarm/access logs may be processed and shared with relevant authorities based on the legal grounds of legitimate interest/performance of contract, in order to investigate the incident and conduct the compensation process
Camera recording retention period at least [..] days ; accesses must be logged.
The information notice and explicit consent (where necessary) are communicated to employees/customers by the Policyholder

14. Special Conditions and Clauses (Example Options)

Alarm and CCTV Obligation Clause: Coverage is conditional upon the alarm system [according to EN/TS standards] functioning and the CCTV system retaining recordings from [..] days prior to the date of the damage
Security Personnel Clause: Requirement to have an authorized security guard present [during specific hours]; breach exemption [..%]/coverage reduction.
Lock and Safe Standard Clause: Exterior doors/windows/covers [multi-point lock], safe fixed to wall/floor ; spare key stored separately in a locked location
Idle Period Clause: If the insured property remains vacant for more than [..] consecutive days , the coverage is suspended ; it can be resumed with prior notice and an additional premium .
Shop Window Glass Breakage Clause: Damages resulting from glass breakage in exterior shop windows, along with loss of goods (special limit/exemption).
Strike-Lockout-Riot (SL) Clause: Theft/looting carried out by exploiting SL events (with additional bonus and special security conditions).
Post-Earthquake Looting Clause: Limited coverage for looting lasting [..] hours following an earthquake (or specified disaster)
Employee Fraud/Theft Clause: Subject to certain limits/exemptions during working hours (appropriate internal control/double signature required).
Stock Transfer Declaration Clause: Requirement for monthly stock lists and notification of serial numbers/IMEI numbers of high-value products.

15. Annexes (An integral part of the contract)

Appendix 1: Coverage Limits and Exemption Table
Appendix 2: Risk Assessment & Security Measures Form (door/window/lock, alarm, CCTV, safe, storage plan, risk of being left unattended, neighborhood risk)
Appendix 3: Asset Inventory/Valuation List (brand-model-serial number for high-value items)
Appendix 4: Damage Notification and Document List (police report, images, entry traces, invoices, inventory)
Appendix 5: GDPR Information Text and Camera Policy (storage period, access authorization)
Appendix 6: Guide to Procedures for Arbitrators and Experts (timelines/fees)

16. Entry into force, Signatures

This policy and its annexes shall enter into force on [dd/mm/yyyy] . Signed in duplicate by both parties

Insurer ……………………. | Policyholder ……………………. | Insured (if any) …………………….

WHAT TO PAY ATTENTION TO IN PRACTICE — PRACTICAL CHECKLIST (LAWYER'S NOTES)

A. Risk-Collateral Compatibility

Are the clauses compatible with the intended use (residential/commercial/warehouse) ? (e.g., the shop window clause is only for commercial use)
the security infrastructure (alarm, CCTV, safe standard) included in the policy? Is it "actually present"?
Are there any special limits or storage requirements (safe/two keys/separate backup location) for valuables ?
Has a suspension/additional premium mechanism been established for the possibility of vacancy (due to vacation/relocation/renovations) ?

B. Valuation and Limits

Is the insurance value up-to-date? Has an inventory been added to reduce the possibility of underinsurance ?
the exemption (rate/amount) and maximum annual limit appropriate for the client's risk appetite?
If the inventory turnover rate is high, is there a clause for periodic reporting ?

C. Reporting and Proof

the damage notification period realistic? the requirement clearly stated?
the camera/alarm recording retention period (minimum [..] days) and access procedure defined?
other insurance policies, are the double insurance/preference provisions clear?

D. Employee/Internal Misconduct

employee theft is required, a separate clause/limit/exemption been added?
Is internal control (two-person counting, double signature, separate cash register keys) listed as an obligation ?

E. States of Emergency

Is looting following a GLK/terror/disaster an exception, or is it covered by an additional clause ?
If the area/neighborhood risk is high, additional security requirements and premium differences accepted?

F. Disputes and Time Limits

arbitration/expert witnesses (appointment/objection/cancellation cases) concrete and applicable?
the statute of limitations (2 years) and competent court in the client's favor?
determining the maturity of compensation proportionate (reasonable time)?

G. Personal Data Protection Law (KVKK) and Evidence Management

Was the information notice posted at the entrance of the workplace/residence?
the camera positions and field of view appropriate (to avoid privacy violations)?
security records and access logs being maintained?

H. Language and Placeholders

all date/time/day and duration placeholders been materialized?
the currency and exchange rate risk (and indexation, if any) been disclosed?

Examples of Short "Special Conditions" for Quick Use

Safe-Jewelry Special Condition : “The insured jewelry/precious metal/cash is covered provided it is kept in a steel safe equivalent to EN 1143-1 , secured to a wall or floor , with a spare key kept in a separate locked place . In case of non-compliance, a deductible of %[..] will be applied; loss from outside the safe is covered by the deductible.”
Alarm-CCTV Requirement:
“The insured premises active monitoring capability and of at least [..] days . In case of damage, the relevant recordings [..] hours . Otherwise, a [..]% discount will be applied to the compensation.”
Idleness Suspension Clause:
“If the insured premises [..] days , coverage can be continued upon prior written notification and additional premium ; otherwise, coverage is suspended for the vacant period.”
Window Glass Breakage Condition “For shop window breakage and loss of goods in the window, the amount is limited to ₺[..] per incident and ₺[..] annually ; [..]% deductible applies.”

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