| Covers Property Damage
against FIRE & LIGHTNING as the basic cover (including
explosion of domestic boilers and gas installations). This
policy is usually extended to cover following additional perils:
Explosion, Impact Damage, Aircraft Damage, Bursting and Overflowing
of Water Tanks, Apparatus or Pipes and named Natural Perils
(flood, earthquake, volcanic eruption, hurricane, typhoon,
windstorm, hailstorm, thunderstorm, tornado, tsunami and tidal
waves).
Further, policy could be extended to cover Riot, Strikes
and Civil Commotion, Terrorism and Malicious Damage (social
perils).
Standard Exclusions
- Loss by theft during and after the occurrence of a fire.
- Loss or damage to property occasioned by its own fermentation,
natural heating or spontaneous combustion or
undergoing any heating or drying process.
- Burning of property by any public authority.
- Subterranean fire.
- Loss or damage caused by nuclear weapons, ionising radiation
or contamination by radioactivity.
- Earthquake, volcanic eruption or other convulsions of
nature.
- Typhoon, hurricane, tornado, cyclone, storm, tempest or
other atmospheric disturbances.
- War and allied risks including riot, civil commotion and
terrorism.
- Bush fire, patnas, clearing of land by fire.
- Explosion other than explosion of gas or boiler used for
domestic purposes.
The insured has the option of obtaining the Policy on either
INDEMNITY basis or REINSTATEMENT basis (the latter will
not apply to stock, in a commercial situation). Further
details could be obtained from the insurer.
Following basic information would require providing a premium
quotation: Name of the Proposor, Risk Address, Description
and Value of the Property to be Insured and Perils required.
Insurer may call for additional information if necessary.
|
