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Summary of Covers Offered
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1. Physical Damage Covers: Named Perils
Covers the insured property against physical loss or damage caused by a peril named under the Physical Damage policy. - Fire
- Fire, Lightning, Explosion and Aircraft Impact
- Fire and Allied Perils, including but not limited to Flood, Earthquake, Hail, Windstorm, Boiler Explosion and Machinery Breakdown
2. Physical Damage Covers: All Risks
Covers the insured property against physical loss or damage caused by all perils (including Fire and Allied Perils and Machinery Breakdown) other than those excluded under the policy.
3. Time Element Covers
Covers the financial loss arising from the interruption of business due to an insured physical loss.
Contingencies Covered:
- Loss of Profits/Extra Expense
- Increased Cost of Working
- Additional Increase in Cost of Working
- Contingent Business Interruption
- Loss of Rent
- Ingress/Egress
- Interruption by Civil Authorities
- Customers and Suppliers
Placement Structures:
Direct or Reinsurance
- Primary
- Excess of Loss
- Quota share (from the ground up)
Specialities:
- Difference in Conditions
- Deductible Buy Back
- Coverage can also be arranged on a peril specific basis, e.g. Stand Alone Earthquake
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