Any organisation is exposed to the possibility of fire losses. Accordingly, most of them seek to control their exposures to accidental fire losses by preventing fires, by taking measures to limit the size of losses that occur, and by using insurance to pay for losses that cannot be avoided, prevented or limited. All immovable and movable property located at a particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in progress along with goods held in trust or in commission including stocks at suppliers/ customer's premises, machinery temporarily removed from the premises for repairs can be insured.
Damage to property caused by smoke consequent to a fire and damages by water used for extinguishing the fire are treated as fire losses in the fire insurance policies.
Other than fire, a fire insurance policy seeks to cover damages as a result of operation of allied perils like lightning, explosion or natural calamities like cyclone, flood and earthquake.
Houseowner's and Householder's Insurance policy insure your residential building and its contents respectively. Householder's and Houseowner's Insurance insurance includes the following perils & or covers: Fire, Explosion (Domestic), Aircraft, Earthquake or Volcanic Eruption, Cyclone, Flood, Escape of Water from any tank, apparatus or pipes, Impact by any road vehicle or animal, Theft, Loss of Rent, Breakage of Fixed Glass and Sanitary Fixtures, Third Party Lability, Accidental damage to water, sewerage, gas, electricity and telephone, Domestics Servants Liability cover.
Indemnifies the insured against the financial consequences of accidents to third parties for which he is legally responsible or liable in case of liability and/or casualty and provides financial aid to either the insured or his beneficiaries in case of accidental death or disablement.
Marine insurance offers coverage for export and import of goods and their eventual loss or damage caused by insured perils, including collision, storm, theft occuring during the ordinary course of transit by sea and/or air plus inland transit until delivered to the final destination warehouse.
Premiums vary between individuals because they are calculated based upon a large number of criteria, i.e. the driver's age, experience, driving record, occupation, the type of vehicle and the insurance group that it fits into, where it is kept, the uses it is put to and the type of cover required. When buying motor insurance one must give the insurer full information. It it is an offence under the Road Traffic Act to make a false statement or withhold information for the purposes of obtaining a certificate of motor insurance and it may also invalidate your policy.
Excesses are the amounts of a claim that one has to pay. In the case of a third party fire and theft policy, your insurers will not pay the first excess amount of either a fire or theft claim. An excess does not apply to the third party aspect. With a comprehensive policy, most insurers will not pay the first excess amount in respect of anyone accident. Excesses may be increased due to the type of car you are driving, i.e. sports or high performance. In some cases you may elect to pay a voluntary additional excess for a reduction in the premium.
Covers your legal Liability for death of or bodily injury to third parties, damage to properties belonging to third parties.
Extends third party only cover to include own damage caused by fire.
Gives you protection if your vehicle suffers accidental loss (including theft) or damage, or if you cause damage to another person's property or cause bodily injury to third parties.