FIRE / PROPERTY INSURANCE

The fire insurance policy is a written document evidencing the contractual agreement between the Insured and the Insurer, whereby:

The insurer undertakes, for a consideration (Premium), subject to certain conditions embodied in the contract, to pay or make good to the other party (Insured), or to an agreed amount (Sum Insured), for direct loss or damage to a particular property, caused during a specific period by fire or lightning.

Additional Types of Allied Perils:

  • Earthquake Fire– this covers the insured property against direct loss or damages caused by fire following an earthquake.
  • Earthquake Shock– this covers the insured property against loss or damage (other than fire) occasioned by or through or in consequence of an earthquake.
  • Typhoon– this covers the insured property against loss or damage caused by windstorms having a maximum velocity of 64 knots or over.
  • Flood– this insures against loss or damage caused by the entry of water into the property premises from outside due to the inundation of land not usually covered by water.
  • Explosion, Falling Aircraft, Vehicle Impact, and Smoke Damage– these four perils can all be included in the insurance policy’s Extended Coverage Endorsement (ECE) as a package.
  • Riot and Strike– this covers loss or damage directly caused by strikers and locked out workers, rioting persons disturbing the peace, and lawful authorities acting to suppress or prevent the disturbance.
  • Bursting or Overflowing of Water Tanks, Apparatus or Pipes– as indicated, this covers against loss or damage to the insured property caused by a malfunctioning water system, bad plumbing, backing up of sewer drains, etc.