Property Insurance 

Property Insurance  provides the coverage against loss or damage caused by Accidental Fire and Lightening. The properties that can be insured under this insurance are Office & Residential Building, factory Building, Plant & Machinery and various types of equipment. Standard Fire Insurance policy covers perils: Fire, Lightning, and Earthquake. It may include coverage against loss by windstorm or earthquake and other allied risks when such risks are covered by an extension to fire insurance policies or under separate policies.

Allied Perils

Earthquake

• Earthquake Fire – Covers the insured against direct loss or damage by fire occasioned by an earthquake,
• Earthquake Shock – Coverage against loss or damage by shock in consequence of an earthquake.

Typhoon

Coverage is normally given for completed buildings and contents of fully enclosed and roofed structures. Hence, buildings in the course of construction and goods stored in the open are usually excluded from the coverage. Loss or damage to the contents or interior of a building is covered only if the building itself is externally damaged.

Flood

Coverage against loss or damage caused by extraordinary rising of water following typhoon, cyclone and/or windstorm. This excludes flood caused by overflowing, bursting or leakage of water apparatus and lack of proper drainage.

Extended Cover

Explosion

Coverage against loss or damage caused by fire as a result of an explosion but excluding loss or damage by boilers, economizers, steam engine pipes and other apparatus in which pressure is used.

Aircraft / Vehicle Impact

Loss or damage must be caused directly by the impact of an aircraft, including articles dropped therefrom or land vehicle.

Smoke

Coverage against loss or damage due to smoke arising from the sudden, unusual and faulty operation of any heating or cooling unit but only when such unit is connected to a chimney.

Riot/Strike

Covers all direct loss or damage caused by strikers, or locked-out workers including wreckage and looting. This may be extended to cover deterioration of goods, in addition to direct loss or damage due to fire arising from public disturbance.

Malicious Damage

Covers loss or damage to the property insured indirectly caused by the malicious act of any person whether or not such act is committed in the course of a disturbance of the public peace.

Tsunami

To constitute fire under fire insurance policy should be actual ignition, accidental in nature and property destroyed should not be on fire in a general way. The premium rate is determined by Beema Samiti, the tariff which is based on the class of construction, type of commodity and type of occupancy.