The business class includes coverage of property against fire, lightning, explosion (due to domestic boiler only), etc. Additionally, it can cover the cost of replacement, reconstruction or repair. Policies cover damage to the building itself, and might also cover damage to nearby structures, personal property and expenses associated with not being able to live in or use the property if it is damaged depending upon the policy document and insurance premium.
Fire Insurance policy provides compensation to the insured person or firm in the event of damage to the property insured (i.e. buildings, Stocks, Machinery and Other contents) caused by fire, lightning.
The additional covers that can be provided depending upon the insurance premium include
- Riot and Strikes
- Malicious Damage
- Atmospheric Disturbance (Flood, Inundation, etc.)
- Earthquake, Fire and Shock
- Aircraft Damage
- Impact Damage
- Burglary and Housebreaking
- Electrical Clause B
- Removal of Debris
- Loss of Rent
The following are the main exclusions which are not covered
- Theft/Burglary House Breaking
- Wilful Act
- Gross Negligence
- Loss to Bullion, Documents, Currency etc.
- Loss of Earnings / Business Interruption
- Losses arising out or War and War like situations
- Terrorism, Civil Commotion, Popular / Military Rising, Insurrection etc.
- Nuclear Fission / Biological
- Spontaneous Combustion
- Loss or Damage to the property insured by order of Public Authority
Other property products available include
- Property All Risks
- Comprehensive Machinery Insurance
- Consequential Loss due to Fire/Business Interruption
- Hotel Owner’s All Risks Insurance
- Home Insurance