- Fire and Allied Perils.
A basic property insurance policy designed to cover you from natural and unexpected events, including riot and strike, explosion and impact damage. Basic covers are Fire & Lightning, Earthquake, Storm, Tempest, Flood, Bursting & Overflowing of Water Tanks and Apparatus, Impact Damage, Aircraft Damage, Riot & Strike, Malicious Damage, Explosion etc.
- Property All Risk Insurance.
This policy covers all risks of physical loss, destruction or damage to the insured property which occurred during the policy’s period and is subject to certain terms, conditions and exclusions. This policy provides a wider coverage range than the Fire and Allied Perils insurance policy. Noting that the PAR policy can be tailor made depending on the profession clients and their requirements.
The following extensions are available under the Property All Risks Insurance Policy:
Loss of profits business interruption, Loss of rent, Third party legal liability including the landlord’s liability towards tenants and the tenants liability towards the landlords, Strikes, riots & civil commotions, Malicious damage, Accidental damage to plate glass fixed to the building, Expenses incurred on removing debris following the loss or damage of the insured property, Fire brigade charges and extinguishing expenses, Architects, surveyors, legal and consulting engineering fees, etc.
- Business Interception.
The policy covers Loss of Net Profit and continuous expenditure towards Standing Charges and reasonable Increased Cost of Working incurred to avoid the reduction in turnover following an indemnifiable loss under the underlying Fire & Allied Perils or Property All Risks Insurance Policy.
It is important to select appropriate Indemnity Period during which the business can be restored to its pre-loss position following a loss.