Services  >  Corporate Insurance  >  Property


What it is?

Policy provides coverage for Property, Furniture, Fixtures & Fittings, Machinery, Equipment & Stocks of every description in the premises against Fire, Lightning, Explosion, Riot Strike Civil Commotion, Vehicle impact, Burst water pipes, Earthquake, Storm, Flood and Theft

  • Property includes Buildings, Stock-in-trade or work-in-progress, Raw Materials, Machinery, Equipment,   and All Contents in the premises
  • There is option to include Business Interruption (Loss of Profits) due to damage to property caused by the same insured perils
  • Temporary housing of Stock in other locations can also be covered so can the Business Interruption extension at that other locations
  • Many extensions are available under this policy which can be added without incurring any additional premiums

There are 2 main types of property insurance coverage:

Fire and Allied Perils

The policy provides cover for loss of or damage arising from fire, lightning, aircraft damage, earthquake, storm, flood, explosion, impact damage, bursting of pipes, riots, strikes, malicious damage and sprinkler leakage

The coverage provided by this policy is probably best suited for non-manufacturing risks, such as retail establishments, trading companies, offices and apartment blocks.

Industrial All Risks (IAR)

This policy covers:

Section A – Material Damage. This covers all properties described in the policy schedule, including their contents therein, equipment and machinery on an  “all risks”  basis.

Section B – Machinery Breakdown – this covers the cost of repair or replacement of damaged machinery due to accidents including boiler damage due to explosion.

Section C – Business Interruption – protects against loss of profits which includes fixed costs or standing charges arising out of any loss or damage to property covered by perils under Sections A and/or B of the policy

This type of policy is designed for manufacturing and industrial facilities/factories