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Property All Risk Insurance

Brief Description

This Policy indemnifies against the accidental physical loss or damage to the Property Insured described in the policy. It includes loss or damage due to fire, lightning, aircraft, explosion, earthquake, strike, riot, civil commotion, malicious damage, storm, tempest, flood, bursting and or overflowing of water tanks, pipes and apparatus (including sprinkler leakage), impact by own vehicles, theft or attempted theft (by violent and forcible entry to or exit from the premises) and accidental loss or damage.

What It Covers ?

Provides comprehensive protection including fire, lightning, storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc. other than those few mentioned as ‘exclusions’ under the policy.


Possible Extensions

  • Architects fee
  • Debris removal expenses
  • Capital addition of assets
  • Temporary removal of property
  • Cover on reinstatement value (new for old) basis for property other than stock
  • Periodical declaration facility of stock sum insured

Normal Exclusions

Some of the important exclusions are losses directly or indirectly resulting from

  • Electrical or mechanical breakdown
  • Deterioration of property due to change in temperature
  • Subsidence ground heave landslip
  • Consequential loss (unless specifically included)
  • Contamination pollution wear and tear
  • Property in course of manufacture construction erection
  • War and Terrorism Nuclear weapons material

Period Of Insurance

The policy is usually issued on an Annual basis.

Sum Insured

The sum insured may be either on the basis of the actual value or the new replacement value of the property.

Key Benefits

The policy covers

  • Office equipment, furniture, fixtures and fittings
  • Industrial plants and machinery
  • Renovations and office partitions that do not form part of a building ,Electronic equipment e.g. computers Mobile items e.g. notebooks, phones and cameras

Notes

Premiums are based on the type of occupancy, physical features, values at risk, requirement of additional covers.

Business Interruption & Loss of Profit Insurance

Brief Description

From a burst pipe to mechanical failure, there are numerous risks that could affect your business. Business Interruption insurance is designed to protect the turnover of your company following an event that results in a loss. It allows you to focus on getting your business back on its feet by maintaining your cash flow. Loss of Profits policy is intended to cover loss of “Gross Profit” following material damage as a result of fire, lightning, Storm, hurricane, earthquake, volcanic eruption, flood, impact damage, etc. (or other insured peril) at your premises.

This policy operates only when there is an admissible claim under the property material damage policy. Subject to certain limitations, this includes additional expenditure which is incurred for the sole purpose of avoiding or reducing a reduction in turnover.

What It Covers ?

In simplest terms the business interruption policy is designed to restore the business to the same financial position as if the loss had not occurred.

To obtain Loss of Profits, it is always essential that you have a Material Damage policy in force, covering your premises for the same period.

The interruption period starts from the date of the loss and extends to when the business’s turnover and profit levels are back to where they would have been but for the loss. There is a limit set on this interruption period and termed as the ‘Indemnity Period’ which is chosen when the cover is taken out and is recorded in months.


Normal Exclusions

These are the general exclusions that apply to all Sections of this policy. In addition, there are specific exclusions which apply to each Section of this policy in which they are set out.

  • War and Terrorism This policy does not insure any death, injury, loss, damage, liability, cost or expenses of whatever nature directly or indirectly caused by, resulting from, or in connection with, any of the following regardless of any other contributing cause or event:
  • Serwar, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war;
  • Mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, insurrection, rebellion, revolution, military or usurped power, or any act of any person or persons acting on behalf of or in connection with any organization the objects of which are or include the overthrowing or influencing of any de jure or de facto government by terrorism or by any violent means;
  • Any act of terrorism. This policy also excludes any cost or expense of any nature directly or indirectly caused by, resulting from, or in connection with, any action taken in controlling, preventing, suppressing or in any way relating to, the events excluded above

Period Of Insurance

Period of insurance means the period of time stated in the schedule that this policy is in force.

Sum Insured

You can either insure your property on Full Value or First Loss basis:

  • FULL VALUE BASIS: This basis is adopted when there exists a possibility of your entire property insured being stolen at any one time. You must ensure adequacy of the sum insured since the insurance will be subject to the Average Clause and you will not be fully indemnified at the time of loss if the property is under insured. The correct sum insured should be what you consider to be the highest value at risk at any one time.
  • FIRST LOSS BASIS: This basis is adopted when is it not possible for your entire property insured to be stolen at the same time. The sum insured shall be based on your assessment.

Key Benefits

The policy covers

  • Broader coverage with fewer limitations
  • Flexibility to design the policy as per your needs
  • Coverage can be extended to include Professional accountants charges, Claims preparation expenses

Fire and Allied Perils Insurance

Brief Description

This cover provides comprehensive protection against fires, lighting, storms, hurricanes, earthquakes, floods, impact damages, etc. The property to be insured may consist of the following assets:

  • Building
  • Furniture, fixtures and fittings
  • Plant and machinery
  • Office equipment
  • Stock in trade – from raw materials to finished products

What It Covers ?

The basic cover under Fire Policy is for loss or damage to property due to Fire and Lightning only.

The second option is to cover loss &/or damage to property due to Fire, Lightning plus a host of Allied Perils such as:

  • Storm, Tempest and Flood
  • Bursting of Water Tanks, Apparatus or Pipes
  • Aircraft Damage
  • Impact Damage
  • Explosion
  • Riots And Strike
  • Malicious Damage
  • Earthquake, Tsunami

Normal Exclusions

These are the general exclusions that apply to all Sections of this policy. In addition, there are specific exclusions which apply to each Section of this policy in which they are set out.

  • War and Terrorism This policy does not insure any death, injury, loss, damage, liability, cost or expenses of whatever nature directly or indirectly caused by, resulting from, or in connection with, any of the following regardless of any other contributing cause or event:
  • Serwar, invasion, acts of foreign enemies, hostilities or warlike operations (whether war be declared or not), civil war;
  • Mutiny, civil commotion assuming the proportions of or amounting to a popular rising, military rising, insurrection, rebellion, revolution, military or usurped power, or any act of any person or persons acting on behalf of or in connection with any organization the objects of which are or include the overthrowing or influencing of any de jure or de facto government by terrorism or by any violent means;
  • Any act of terrorism. This policy also excludes any cost or expense of any nature directly or indirectly caused by, resulting from, or in connection with, any action taken in controlling, preventing, suppressing or in any way relating to, the events excluded above

Period Of Insurance

Period of insurance means the period of time stated in the schedule that this policy is in force.

Sum Insured

You can either insure your property on Full Value or First Loss basis:

  • FULL VALUE BASIS: This basis is adopted when there exists a possibility of your entire property insured being stolen at any one time. You must ensure adequacy of the sum insured since the insurance will be subject to the Average Clause and you will not be fully indemnified at the time of loss if the property is under insured. The correct sum insured should be what you consider to be the highest value at risk at any one time.
  • FIRST LOSS BASIS: This basis is adopted when is it not possible for your entire property insured to be stolen at the same time. The sum insured shall be based on your assessment.

Key Benefits

The policy covers

  • Broader coverage with fewer limitations
  • Flexibility to design the policy as per your needs
  • Coverage can be extended to include Professional accountants charges, Claims preparation expenses

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