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PROPERTY INSURANCES FIRE & PERILS
This policy covers virtually all kind of properties for fire except where such property are insured under All Risks or Contractors All Risks. The term fire for insurance has a wider meaning than its liberal term. For instance damage through earthquake, impact, overflowing of water tanks are covered under fire and perils cover. The ideal properties for fire are factories, godowns, office blocks, manufacturing goods, raw materials and the like.
CONTRACTORS ALL RISKS
This policy covers construction sites. Materials on site as well as the ongoing contracts. The risks covered are fire, theft, damage caused by any of the insured perils earthquake.
BURGLARY
The policy covers theft of property from any declared premises and or open yards. One of the most unique features of Burglary theft cover is that it must be accompanied by visible entry and exit from such premises. Thus use of master keys (unless extended under the policy ) to gain access will not be recoverable under the policy. Another unique factors of the burglary cover is that it must not involve the staffs of the owner of the property.
ALL RISKS
As the name of the policy connotes it covers “All Risks” This means that damage, theft from any source, unless specifically excluded is covered. Example is damage to a mobile phone which the owner accidentally steps on. It will be covered. However any willful damage is excluded.
FIDELITY GUARANTEE
The policy covers the unfaithfulness of employees. Staff of different cadres are entrusted with money, stocks and or other properties belonging to the owner should they steal the properties entrusted to them, the policy will compensate the owner of the goods. As this could be abused the policy requires the owner to entrust such properties to persons of the highest integrity and some companies require that the owner obtains satisfactorily references of the persons they are employing, before engaging them.
