For Residential, commercial and industrial risks
Cover for buildings, stocks, contents, manufacturing units and business Interruption.
The Standard Fire and Allied Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils.
Perils Covered:
All moveable/ immoveable properties of the proposer on land (excluding those in transit) broadly categorised as follows :
This Policy indemnifies against the accidental physical loss or damage to the Property Insured described in the policy. It includes loss or damage due to fire, lightning, aircraft, explosion, earthquake, strike, riot, civil commotion, malicious damage, storm, tempest, flood, bursting and or overflowing of water tanks, pipes and apparatus (including sprinkler leakage), impact by own vehicles, theft or attempted theft (by violent and forcible entry to or exit from the premises) and accidental loss or damage.
Generally insurance policies cover only physical damage to property by insured perils, covers the expenses incurred for repairing or replacing the damaged property . But what about the financial loss suffered due to interruption of business operations whilst the damaged property is being repaired or replaced ?
This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured.
This policy can be taken only in conjunction with Property damage Policy.
This policy is also known as Business Interruption Policy or Loss of Profit Policy
