Fire and Allied Perils Insurance
This insurance covers the insured property (buildings & Contents) against loss or damage directly caused by Fire and /or lightning.
The following Allied perils can be added to insurance by an additional premium:
Explosion, Burglary by forcible entry/exit, Earthquake, Subterranean Fire, Impact by Vehicles, Falling of Aircrafts, Strikes, Riot or Malicious Damage , Storm, Tempest & Flood, Bursting or Overflowing of water tanks, apparatus or pipes. Also; Loss of Profit and Standing Charges, Loss of Rent and Third party property damage due to covered perils can be included in cover.
Property All Risks Insurance
This insurance covers All Risks of physical loss, destruction or damage to the insured property which occurred during the insurance period and is subject to certain terms, conditions and exclusions.
This policy provides a wider coverage than the Fire and Allied Perils insurance policy. Noting that PAR policy can be tailor made depending on the clients’ requirements.
The following extensions are available under the Property All Risks Insurance Policy:
• Loss of Profit ( Business Interruption)
• Loss of Rent
• Third party legal liability including the landlord’s liability towards tenants and the tenants’ liability towards the landlords.
• Strikes, Riot & civil Commotion.
• Malicious Damage.
• Accidental Damage to plate Glass fixed to the building.
• Debris Removal following loss or damage to the insured property.
• Fire Brigade Charges and extinguishing Expenses.
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Business Interruption Insurance
This insurance is also known as consequential loss and loss of profits insurance. It provides cover for the financial losses due to an interruption to a business caused by material damage to property.
For Business interruption cover to operate, it is compulsory that there be in place a Property All Risks or Fire insurance policy.
What Business Interruption Insurance Covers
Profits: Based on prior months’ performance, a policy will provide reimbursement for drop in profits due to an insured loss.
Employee wages: This is essential if a business doesn’t want to lose employees while shut down. This coverage can help a business owner make payroll when you are unable to operate.
Fixed Costs: These can include operating expenses and other incurred costs of doing business.
Temporary Location: Some policies cover the costs involved with moving to and operating from a temporary business location.
Extra Expenses: Business interruption insurance will provide reimbursement for reasonable expenses (beyond the fixed costs) that allow the business to continue operating while the business gets back on solid footing