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