The policy covers fire and lightning on the property insured.
This includes protection against the direct physical impact of fire, such as destruction or scorching, as well as damage resulting from electrical surges, power outages, or structural impacts caused by lightning strikes.
The coverage extends to the main insured structure, its permanent fixtures, and any contents explicitly listed in the policy schedule, subject to the terms, conditions, and exclusions specified in the policy document and the cover may be extended to include the following:
1. Fire, lightning, explosion and implosion
2. Aircraft damage, riot, strike, malicious damage and terrorism
3. Storm, tempest, flood and inundation
4. Impact damage, subsidence
5. Landslide/rockslide
6. Bursting and/or overflowing of water tanks, apparatus and pipes
7. Missile testing, leakage from automatic sprinkler installations and bush fire
8. Earthquakes
9. Riot & Strike (arson)
10. Malicious Damage
11. Architects, quantity surveyors and other fees
12. Rent Receivable/Payable Clause
13. Removal of Debris
Sum Insured: The fire cover will be issued on Depreciated Value (Indemnity Value) or on Reinstatement Value.
Premium: The premium is charged based on factors like construction of the building, trade and so on. Extension of cover calls for additional premium.
Deductibles: Specified for all other claims except claims preparations and Business Interruption- Time Excess (minimum 72 hours).