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Fire with its associated
perlis like lightening, storm and earthquake is probably the most common
hazard known. It can cause devastating damage to fixed assets like
warehouse, office blocks, factories, plant and machinery, stocks of both
raw materials and finished products, residential properties, grain fields
and many valuable assets.
The Corperation provides
a number of insurance contracts to cater for specific situations within
the umbrella of fire insurance. The usual ones are briefly described
in the following subheadings:
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| Standard
Fire Insurance |
Buildings
Combined Insurance |
This policy
covers buildings (other than residential properties) such as
office blocks, warehouse, factories and shops. It also
covers stocks of materials in trade (raw material, materials in
process and finished goods), machinery, plant crops and fixtures
and fittings.
The basic
perils covered against are fire, lightening and explosion.
For a nominal additional premium, perils such as storm, wind,
hail, impact by vehilcles or animals, mallicious damage, roit
and strike may also be covered.
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- Loss
or damage to buildings, including all out-buildings, sporting
and recreational structures, landlords fixtures and fittings,
gates and fences.
- Accident
damage to property of the insured including service
connections like water, sewerage, electricity and telephone.
- Loss
of rent up to specified limits, following damage to the
property renderingit untenantable.
- Liability
to third parties (injuries and property damage)
- Burglary.
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| Office
Contents Insurance |
Business
Interuption / Loss of Profits Insurance |
This
ploicy covers
- Loss
of or damage to furniture,
office equipment and all other contents.
- Loss
of rent.
- Loss
or damage to documents.
The perils
covered against are the same as
in fire insurance but include theft and
accidental breakageof mirrors, glass, etc. |
The destruction
caused by fire may bring about a stoppage of production leading
to a draim of resources due to continued payment of overheads
like salary, rent, etc. The resultant losses are covered
by by this policy. Premium is paid paid on gross profit
insurance. Standing changes which are not proportionate to
level of production are covered and premium will vary according
to selection of indermnity period. This cover can be given
only if there is a concurrent fire policy covering material
damage.
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| House
Owners Insurance |
This insurance
covers loss or damage to buildings for private residence(s)
including all private garages, out-buildings, tennis courts,
boreholes (including pumps and motors), walls, gates, fixtures
and fittings, utility lines, etc. The perils covered are
fire, lightening, earthquake, storm, wind, flood, water, hail,
bursting and overflowing of water tanks and pipes, housebreaking
and impact with vehicles, animals and falling trees.
Additionally,
the policy covers loss of rent, accidental damage to glass and
sanitaryware, public supply or main connections, and property
owners liability to third parties.
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