FIRE & SPECIAL PERILS

Indemnity to you on your assets against loss, destruction or damage caused by fire, lightning, bush fire, explosion, earthquake, shock, aircraft, impact, tornado, flood, windstorm, hurricane or cyclone, bursting and overflowing of tanks, apparatus or pipes, riot, strike, malicious damage and impact by road vehicle or animal. The assets can be classified into Buildings (including fixtures and fittings), Plant and Machinery, Office/trade furniture and fixtures and other contents (apart from stock), and stock.

Burglary Provides indemnity against loss or damage to the property insured and/or the premises following forcible entry into or exit by violent means from the insured’s premises, or any attempt thereat. Premises shall include any garden, yard, outbuilding, veranda or open space. There are two types of premises: Private Dwelling — the policy covers the insured’s household goods and personal effects and those of his domestic servant against the above risk. Business Premises — the same risk above is covered but in respect of stock-in-trade, property of the insured or those held in trust or on commission; it also covers furniture and fittings of the insured. This policy is sometimes granted on a first-loss basis, where the insured’s total liability is capped at any one time, used when stock is bulky and unlikely to be lost in totality.

Contractors’ All Risks / Erection All Risks (CAR/EAR) This policy provides an all-risks cover for loss or damage to contract works, as well as your liability to third parties arising from the contract/project during the contract period. It covers the full replacement value, i.e. the cost of rebuilding the whole project. Principal-supplied materials should be insured too — these can be included as long as their value has been declared in the sum insured. Allowances required by contract also need to be insured, such as professional fees, removal of debris and increased costs; these are typically limited to a percentage of the contract value (e.g. 5%) or a fixed amount. Transit — provides cover for materials to be incorporated into the works during transit to and from the contract site. Materials in storage — provides cover for materials to be incorporated into the works when they are stored off site. Expediting expenses — allows for overtime, express delivery etc. to speed up repair time and get the project back on track.

Erection All Risks The Erection All Risk policy is specially designed to cover loss or damage to projects that involve erection/installation of plant, machinery and equipment, ranging from a single machine to a large power plant. This is an "All Risk" policy covering various activities of erection/installation, testing and commissioning of plant and equipment (except specific exclusions mentioned in the policy). It protects a contractor or employer against physical loss or damage to the contract works, construction plant and equipment or machinery, and also includes cover for damage to third-party property and bodily injury to third parties. The policy can be taken out in the joint names of the contractor and the employer, enabling the Contractor or Employer to comply with the insurance requirements of the Contract.

All Risks Insurance that covers each and every loss except for those specifically excluded. If the insurance company does not specifically exclude a particular loss, it is covered — mainly for computers, communication gadgets, phones and electronic equipment.