Fire and Allied Perils
The Comprehensive Homeowners insurance policy provides five main covers.
The first section covers the insured's building against Loss or damage caused by perils such as fire, explosion, lightning, storm, hurricane, tornado, flooding, earthquake, volcanic eruption, bursting or overflowing of water tanks, etc.
The second section covers the insured"s contents against the above perils as well as burglary or any attempt excluding theft not involving entry into or exit from the private dwelling house, domestic offices, garages or outbuildings by forcible and violent means. In other words, these two sections are similar to a combined fire & allied perils and burglary policy.
The third section of this policy covers the insured’s liability to the public. That is, death and personal injury to any person not being a member of the insured’s household, servant or employee and accidental damage to property not belonging to or in the charge of or under the control of the insured or a member of his household, servant or employee caused within the limits of the private dwelling house.
The fourth section of the policy provides cover for personal accident, that is bodily injury which independently of any other cause shall result in death, temporary disablement or permanent disability and medical expense caused to the insured and or spouse and or children.
The fifth section provides the insured with the actual cost of renting an alternatively reasonable accommodation for the period necessary for reinstatement (maximum 12 months) for an amount not exceeding ten per centum of the full value of the property per annum or the proportionate part thereof monthly.
Fire and Allied Perils
Our compulsory fire insurance for commercial properties extends to cover collapse of the building material damage and legal liabilities to the third parties.
The Business Interruption Insurance pays for those indirect losses following loss or damage to property. The items paid for include:
Standing charges (i.e. expenses that are still incurred during the period of disruption, such as salaries, certain wages, rents and rates:
Any necessary additional expenses incurred in minimising the lost (eg. renting temporary accommodation).