Allied fire and arms:
This policy provides compensation for physical damage to the insured property. Building, fixtures, fittings, machinery and all other contents, resulting from various hazards such as fire, lightning, explosion/implosion, collision damage, aircraft damage, bursting/flooding of water tanks/pipes/appliances, splash leakage, storms, hurricane, hurricane, tornado, storm, tornado, flood, Inundation, riot, strike, malicious and earthquake damage, burglary/theft after actual entry or exit by force and violence from the insured premises.
• The property policy will exclude properties under construction/construction. Thus, it can be covered under the engineering line.
• This will cover the insured against fire and named perils such as floods / natural disasters.
This policy can be extended to include loss of income and fixed charges for running the business due to business interruption due to any of the insured perils, resulting in damage to the insured property.
All ownership risks:
Property All Risks policy indemnifies the insured for accidental physical loss or damage to the insured property while it is on the site/premises described in the policy.
This will include loss or damage caused by fire, lightning, aircraft, explosion, earthquake, strike, riot, willful damage, storm, gale, flood, explosion or flooding of a water apparatus (including a leaking sprinkler), impact of private vehicles, theft or attempted Theft (by violent entry or exit from the premises) and other accidental loss or damage unless specifically excluded under the policy.
Coverage is provided for one year. The sum insured may be either based on the actual value or the new replacement value of the property but should be sufficient to cover the total exposure. Determining the sum insured is very important and due consideration needs to be taken to avoid applying average in case of a claim.
Business interruption:
This policy broadly covers loss of gross profit due to business interruption, or consequent physical damage to property due to fire or other peril insured under a standard fire, fire and additional perils or all perils policy. This insurance includes coverage for the increased cost of the business after a loss, as well as the company's permanent fees. As an extension of your property policy against all perils or fire and associated perils, this cover can provide continuity and stability for your business.