This Insurance Policy indemnifies the Insured for accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy. It includes loss or damage by Fire, Lightning, Aircraft, Explosion, Earthquake, Strike, Riot, Civil Commotion, Malicious Damage, Storm, Tempest, Flood, Bursting or Overflowing of Water Apparatus (including Sprinkler Leakage), Impact by Own Vehicles, Theft or Attempted Theft (by violence to persons or threat thereof or by violent and forcible entry to or exit from the premises) and Accidental Loss or Damage.

The coverage is usually provided for a period of one year. However, if it is the requirement of the Insured or the principals i.e. Banks, Government Departments or Municipality etc., then such coverage can be arranged for a longer period than one year, but up to a maximum of two years.

The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured has to provide the sum Insured but may seek the assistance of our technical staff to determine the adequacy. Sum Insured is very important and needs to be given due consideration to avoid application of Average [i.e. application of under-insurance] in the event of a claim.

The rate chargeable is always applied on "Per Mille" basis (for every thousand units) on the Total Sum Insured and is very much dependant on the nature of risk, location and the housekeeping and other physical features of the risk. There is a Deductible for each and every loss under the policy. The Insurance is also subject to other terms and conditions as printed on the Policy.