(1) Property All Risks Insurance
This policy provides all risk coverage to property whilst situated at the described premises against loss and/or damage due to any accident or misfortune other than those specifically excluded under the Policy.
ASNIC’s Property All Risks Insurance cover is based on Industrial and Commercial Property Insurance Policy Wording (Market 7 or LM7 Wording).
When compared to conventional Fire Policy, the Property All Risks Policy covers accidental damage to insured property in addition to the Fire & Allied Perils and Burglary.
(2) Fire and Allied Perils Insurance
This form of insurance designed to cover insured properties whilst at specified locations and is essential for all types of properties whether personal or commercial.
All moveable/immoveable properties, which are broadly categorized as follows whilst at specified locations, can be covered under the above Policy:
- Plant & Machinery, Equipments & Accessories
- Stock in trade
- Other Contents such as Furniture, Fixtures, Fittings, Office Equipments
There are two options of cover available under this category to insure property.
1. The basic cover under Fire Policy is for loss or damage to property due to Fire and Lightning only.
2. The second option is to cover loss &/or damage to property due to Fire, Lightning plus a host of Allied Perils such as :
(3) Burglary Insurance
This policy covers loss or damage to property due to theft following forcible entry into or exit from the premises.
The term “burglary or house-breaking” is defined as theft involving entry into or exit from the insured premises by forcible and violent means.
The cover for Burglary is availed in conjunction with the Fire and Allied Perils Insurance in either combined or separate contracts. The later case requires that a Fire insurance policy is in force.
(4) Business Interruption Insurance
A fire or an insured peril might do very little material damage to the buildings or the contents, yet the interruption of business might be very serious.
Consequential Loss Policy indemnifies the insured for Loss of Net Profit, Standing Charges and increase in Cost of Working Expenses resulting from an accident indemnifiable under the underlying Fire & Allied Perils or Property All Risks Insurance Policy.
It is important to select the Indemnity Period (for a period of 3 / 6 / 12 months or more) during which the business can be restored to its pre-loss position following a loss.
For Business Interruption cover to operate, it is compulsory that there be in place a Property All Risks or Fire Insurance Policy.
(5) Householders Insurance
This is a comprehensive blanket insurance policy covering different types of risks relating to household properties such as fire and allied perils, burglary, electronic equipment, plate glass, medical expenses, third party liability, all under a single policy.