Scope of Cover
The Insurance Policy broadly covers losses due to fire, lightning, explosion and implosion, aircraft damage, riot, strike, malicious damage, storm, tempest, flood and inundation, impact damage, subsidence and landslide/rockslide, bursting and/or overflowing of water tanks, apparatus and pipes, missile testing, leakage from automatic sprinkler installations and bush fire etc
Main Exclusions
The Insurance Policy does not cover the Losses arising out of war and allied perils, theft, willful act etc
Sum Insured
Property can be insured on depreciated cost (market value) or replacement cost basis. In order to get full protection, insurance on reinstatement (replacement) basis is recommended.
Premium
Premium rate depends on various factors such as construction of building, occupancy, protection, claim ratio, etc