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Property

Homeowners Insurance

Homeowners Insurance Policies is a type of property insurance that covers losses and damages to an individual’s house, which can also include cover for the Contents of the home (furniture, appliances, electronics, jewellery, valuables). This type of policy also provides cover for the Homeowner against their legal liability to the public and domestic Employees due to any accident on their property. Homeowner’s policies provide protection and coverage against the following:-

  • Fire, Lightning, Explosion

  • Earthquake, volcanic eruption and tsunami

  • Flood

  • Windstorm, hurricane and tornado

  • Riot and Strike

  • Collapse due to subsidence or landslip

  • Escape of water

  • Theft or attempted theft

  • Collision by an aircraft, vehicles or animals

  • Falling radio or television aerials (including satellites dishes) their fittings and masts


This is not an exhaustive list and specific terms conditions and exclusions apply to each policy.
 

Commercial Property Insurance

Commercial Property Insurance Protects Businesses’ property and assets against various perils and natural disasters as more detailed below. This can include cover for Buildings, Equipment, Furniture/Fixture/Fittings, Stocks, Computers and Office Contents. All types of business benefit from a commercial property policy including manufacturers, retailers, non-profit organizations, service companies, and Property Developers.


Types of Commercial Property Policies: -


Fire and Special Perils Policy
This policy automatically covers your insured property in the event of a Fire, however this is the most basic form as we can tailor the coverage to best suit you needs, to therefore also cover the following Special Perils:-

  • Riot & Strike,

  • Malicious Damage,

  • explosion,

  • hurricane,

  • Flood,

  • earthquake,

  • volcanic eruption,

  • Aircraft damage,

  • Vehicular Impact,

  • Burst Pipes,

  • Bush Fire

  • Spontaneous Combustion,

  • Smoke Damage

 

Property All Risks Policy


These types of policies are the most comprehensive type of coverage available. Along with the previously mentioned perils under the Fire Policy this may also include cover for

  • accidental damage,

  • burglary,

  • goods in transit and

  • other various covers specified for the type of Property being Insured (Building, Equipment, Machinery, Computers, Jewellery, Artwork etc).

Consequential Loss/Business Interruption Policy

This Policy covers the loss of Income that a business suffers after a disaster due to being unable to use the property or while in the process of rebuild. This policy is designed to put a business in the same financial position it would have been had the loss not occurred. This type of coverage can be crucial in the survival of a business following a major loss, as the loss of revenue puts a major strain on cash flow and can result in collapse.
This type of policy will therefore cover the following:-

  • Loss of Profits

  • Extra Expenses incurred in trying to restore normal trading conditions, for example the cost to rent alternative space.

  • Wages of Employees who are remain employed during this period, as in most cases it is not possible or desirable to let go of all employees.

  • Other Fixed Expenses and Overheads, for example utilities, rates & taxes.

 

While this type of policy is separate to the Fire/All Risks Policy it is not sold as a stand-alone policy, and is only written in conjunction with such property policies.

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