Policy Overview
This policy provides financial protection against loss or damage to insured property arising from fire and a range of specified special perils, subject to policy terms and conditions.
Covered properties typically include buildings, contents, stock, machinery, and other tangible assets.
Who Can Take This Policy?
This policy is suitable for:
- Homeowners
- Businesses and Commercial establishments
- Industrial and manufacturing units
- Property owners (landlords or tenants with insurable interest)
Policy Description
The policy covers loss or damage caused by
- Fire
- Lightning-Direct impact only
- Explosion / Implosion
- Aircraft damage and articles dropped therefrom
- Riot, strikes and malicious damage (Non-Political)
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood, and inundation
- Bursting or overflowing of water tanks, apparatus or pipes
- Impact damage by any road vehicle or animal (excluding own vehicle)
- Burglary (involving forcible and violent means)
- Ground Heave, Subsidence, Collapse or Landslip
- Loss of Rent / Alternative Accommodation
- Debris Removal Costs
- Architects, Surveyors & Consulting Engineers Fees
- Temporary Removal of Stocks
- Escalation Clause
- Buildings – Reinstatement Value or Market Value basis
- Stock – Cost or Market Value basis
- Machinery & Equipment – Reinstatement or Depreciated Value
- Contents – Replacement value basis
It is important that the Sum Insured reflects the full reinstatement value to avoid underinsurance
- A compulsory excess applies to all claims
- Higher excess may apply for specific perils (e.g. flood, cyclone, riot)
- Additional excess may apply depending on risk location or occupancy
This policy does not cover:
- Wear and tear, depreciation, or gradual deterioration
- Faulty design, defective workmanship, or inherent vice
- War, nuclear risks, and radioactive contamination
- Loss or damage due to cessation of work or delay
- Electrical/mechanical breakdown (unless fire results)