Property All Risk Insurance:
Property All Risks policy provides you with a broader coverage than Fire & Allied Perils Policy. This insurance policy covers accidental loss or damage to your insured property. The scope of cover is limited by a set of exclusions.
What is the difference between Property All Risk and Fire & Named Perils?
Major differences: Property All Risk covers claims resulting from direct or indirect damage to the property; whereas the Fire & Allied Perils policy covers claims resulting from a direct damage only such as a direct damage of a thunderbolt to the property and not fires due to a thunderbolt hit on the main electrical supply of the neighbourhood.
The Property All Risk policy covers can be extended, in addition to the fire and allied perils policy to include:
- Forest Fires
- Burglary by forcible entry
- Hold Up
- Accidental Damages to property
- Strikes / Riots and Civil Commotions
- Loss of profits business interruption
- Loss of rent
- Third party legal liability including the landlord's liability towards tenants and the tenants liability towards the landlords
- Malicious damage
- Accidental damage to plate glass fixed to the building
- Expenses incurred on removing debris following the loss or damage of the insured property
- Fire brigade charges and extinguishing expenses
- Architects, surveyors, legal and consulting engineering fees
Exclusions:
The Property All Risk policy has a specific list of excluded risks whereas the Fire and Allied Perils policy has a specific list of the covered risks. Some of the important exclusions are:
- Electrical, mechanical breakdown
- Deterioration of property due to change in temperature or humidity or inadequate air-conditioning, cooling or heating system.
- Subsidence, ground heave, land slip, erosion, settling or crack-ins.
- Damage to equipment during installation or dismantling operations.
- Property in course of construction or erection.
- Property in course of manufacture.
- Money, cheques, securities of all kinds etc.
- Contamination, pollution, wear and tear, corrosion.
- Loss resulting from dishonesty, fraudulent action, infidelity.
Kindly note that the list above is not exhaustive. In order to get the full details of the coverage, please contact us to send you the policy wording.
Your Insuria agent is here to make sure your property insurance does its job: keeps you protected in case of an accident. As an insurance Broker, we can do the shopping for you, apply applicable discounts, and – most importantly – make sure you have the right policy for your situation