There are two categories of cover under this product in which one can insure property. The basic policy covers against the losses &/or damages due to Fire and lightning only. The additional cover is against losses &/or damages due to Fire, lightning and Allied Perils.
Both categories have similar terms but however for the additional cover of Allied perils each one differs from the other in terms of ratings. In addition to the above coverage one can also include the cover against losses and /or damage due to Burglary.
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 should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim.
The rate chargeable is always applied on a "Per Mille" basis (for every thousand units) on the Total Sum Insured and is dependant to the nature of risk, location and the housekeeping. There is a Deductible for each and every loss in addition to a number of other Conditions.
The insurance by this policy extend to include the legal liability of the Insured as Tenants of the Premises in the schedule by reason of damage or destruction by fire for which the Insured is liable to the owners.
The aggregate limit if liability of the Insured by virtue of the insurance shall not exceed the sum specified in the schedule.