FIRE & ALLIED PERILS:
This policy provides indemnity for material damage to the insured property viz. Building, Fixtures, Fittings, Plant & Machinery and all other contents, resulting from various perils such as fire and lightning, explosion/implosion, impact damage, aircraft damage, bursting / overflowing of water tanks / pipes/ apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, riots, strikes, malicious damage and earthquake, burglary/theft following upon actual forcible and violent entry or exit from the insured premises.
• Property policy will exclude property under construction / erection; hence, this could be covered under Engineering Line.
• This will cover the insured against Fire and named perils such as flood / natural catastrophes.
This policy can be extended to cover loss of income and fixed charges of running the business due to interruption of business caused by any of the Insured perils, which results in damage to the property insured.
PROPERTY ALL RISKS:
Property All Risks Insurance Policy indemnifies the Insured for accidental physical loss of or damage to the Property Insured whilst situated at the location/premises described in the policy.
This will include loss or damage by Fire, Lightning, Aircraft, Explosion, Earthquake, Strike, Riot, Malicious Damage, Storm, Tempest, Flood, Bursting or Overflowing of Water Apparatus (including Sprinkler Leakage), Impact by Own Vehicles, Theft or Attempted Theft (by violent and forcible entry to or exit from the premises) and other Accidental Loss or Damage unless specifically excluded under the policy.
The coverage is provided for a period of one year. The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The fixing of the Sum Insured is very important and needs to be given due consideration to avoid application of average in the event of a claim.
This policy broadly covers loss of gross profit on account of interruption of business, consequent upon material damage to property due to fire or any other insured peril under the standard fire, fire and additional perils or all risks policy. This insurance includes cover for increased cost of working following the loss, as well as the standing charges of the business. As an extension to your Property All Risks or Fire and Allied perils policy, this cover can provide continuity and stability to your business.
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