Property Insurance
The policy covers loss, destruction or damage to property insured arising out of fire, lightning and named perils.
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Property Policies are issued on an "All Risk" basis or on a named peril basis.
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All Risk
This type of policy indemnifies insured for loss of and/or damage to insured property/interests as a result of accidental external cause except those excluded in the policy.
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Named Peril
Coverage for specific perils spelled out in the policy. This type of policy indemnifies insured for physical loss of and/or damage to insured property/interest as a result of:
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Fire and Lightning
Optional Coverages:
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Typhoon
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Earthquake
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Extended Coverage (Perils of Standard Explosion, Aircraft Damage, Vehicle Impact Damage and Smoke Damage)
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Vandalism & Malicious mischief
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Riot & Strike
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Tidal Wave, food, Highwater & Overflow (against rising of navigable waters)
Business Interruption
Covers loss of gross profits or revenue, increased cost of working following business interruption as a result of a loss or destruction of insured property under a Property Insurance policy.