Fire Class Fire
and Allied Peril Insurance
This policy protects property and pays for the physical loss of or
damage to the property insured.
The basic Fire policy provides protection against Fire,
Lightning and Explosion (of gas used for domestic purposes) only. The meaning of “Fire”
The following rules apply when determining whether or not damage was
caused by fire..
•
There must be actual ignition (or
fire).
•
There must be something on fire which ought not
to have been on fire
•
The fire should be accidental or fortuitous.
The Policy could also be extended to cover
•
Explosion - Damage caused by an explosion
other than bombs.
•
Malicious Damage - Damage caused as a result
of a malicious act by a third party. (Not granted without Riot
and Strike cover)
•
Impact Damage - Damage caused by a vehicle or
animals not owned by the insured.
•
Aircraft Damage - Damage caused by falling of
an aircraft or any part of it or any other aerial device.
•
Cyclone, Storm and Tempest - Any fire or damage
caused due to cyclone, storm or tempest.
•
Flood - Any fire or damage caused due to flood
(not granted without Cyclone, Storm or Tempest cover)
•
Electrical Extra (for Electrical Appliances)
- If a fire occurs in electrical equipment and thus causes damage
to the insured premises/items.
•
Bursting or overflowing of water tanks, apparatus
or pipes - Any fire or damage caused due to bursting or overflowing
of a water tank, apparatus or pipes.
•
Earthquake - Any fire or damage caused due to
an earthquake.
•
Riot Strike and Civil Commotion - Any fire or
damage arising as a result of a Riot and/or Strike as governed
by the Government Riot Fund.
•
Terrorism - Any fire or damage caused due to
terrorist activities as governed by the Government Riot Fund.
(Not granted without Riot and Strike cover).
Following are some of the examples that could be covered under this
policy.
• Building
• Stock
• Machinery
• Furniture and Fittings
Business Protection Insurance (Loss of Profit)
Interruption or stoppage of business means loss of income from the
business. However EXPENSES such as Salaries, Rent and Interest payable,
known as standing charges CONTINUE to be paid out, although no income
is generated until the business is restored fully. Cover is available
under this policy for financial losses consequent upon interruption
of business activities due to destruction of buildings, machinery
and stocks by the perils insured under the standard Fire and Allied
Perils policy.
Hotelier’s Comprehensive Policy
This policy is issued to hotel owners and the policy is to cover
the following:
•
Fire and allied perils
•
Burglary cover for valuables, stock - in trade,
linen, and other contents (including valuables belonging to
a guest kept under care and custody of the Hotel).
•
Public Liability in respect of premises for bodily
injury to or damage to property of guests and other visitors.
•
Cover could also be extended to include Liabilities
arising from:
a) Passenger lifts and elevators
b) Food/Drink poisoning
c) Legal Liability due to Fire & Explosion.
•
Plate Glass Cover (against accidental damage)
•
Cover for money
a) Whilst in Premises and in a locked safe b)
Whilst in transit to and from the Bank.
c) Cover for money could also be extended to include Strike,
Riot, Terrorism, Hold-up, and Infidelity of employees.
b)
Whilst in transit to and from the Bank.