Property Insurance protects your enterprise's interest in any physical property against its loss or the loss of its income-producing abilities.
Physical property includes building, fixtures, machinery, equipment, inventory, stock and plate glass on your business premises.
Perils are fortuitous adverse events that cause damage or loss of physical property. You can insure against perils such as theft, fire, lightning, riot and strike, malicious damage, explosion, aircraft damage, impact damage, bursting and overflowing of water pipes, flood and earthquake.
Different types of property insurance insure different types of physical property
against different perils. Common types of property insurance include:
Fire and Other Perils:
a comprehensive policy that insures your business property against physical loss or damage by specific perils, except theft.
Theft:
provides indemnity for any insured property stolen from your business premises as well as damage of property following theft or attempted theft.
All Risks:
This type of insurance provides the widest scope, covering loss or damage to the property by fire, theft or accident, any of which arising from any fortuitous cause, provided that the cause is not specifically excluded from the policy.
Others, such as Industrial All Risks, Plate Glass, Electronic Equipment, Machinery and Deterioration of Stock.
Cargo Insurance protects against the financial
loss arising from the various risks of transporting your goods by cargo vessels,
aircraft or road conveyances.
Scope of cover range from Basic (fewer perils covered) to All Risks (more perils covered).
Common types of cargo insurance include:
Marine Cargo:
covers cargo transported by sea, air, land, parcel post and courier.
Inland Transit:
covers the risk of physical loss or damage to the insured goods (machinery, raw materials, finished goods, etc) during transit under a contract of affreightment.
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