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FIRE AND EXTRA PERILS
WHAT IT COVERS
It covers loss or damage
to the property insured
by fire and /or any of
the extra perils, which
may by insured against.
CLASSES OF COVER
(I) Cover for physical
property
(II) Loss of profit and
consequential losses
(e.g. rent)
Cover for one (I) above
may be for a fixed
amount or on declaration
basis for goods whose
value fluctuates e.g.
stock of raw materials.
The extra perils
include: -
(i) Explosion
(ii) Riot
(iii) strike and civil
commotion,
(iv) Malicious damage
(v) Earth quakes,
Tornados and windstorm
(vi) Flood
(vii) Burst pipe
(viii) Aircraft or other
aerial devices
(xi) Impact
(xii) bush fire
HOW TO TAKE THE POLICY
(A) PROPOSAL FORM
A proposal form is
completed to disclose
information.
Identification ,
Situation of property to
be insured for
underwriting
considerations.
(B) PREMIUM
It is rated based on the
survey report and the
sum insured
(C) RENEWAL
It takes effect after
premium has been paid. |
