The Policy covers property insured as described in the Schedule against destruction or damage resulting from the perils of Fire or Lightning during the period of insurance. Additional or Special Perils may be added to the Policy on payment of the appropriate premium. The more frequently used Special Perils are Riot & Strike, Malicious Damage, Explosion, Hurricane, Flood, Earthquake & Volcanic Eruption, Aircraft Damage, Impact Damage, Bursting or Overflowing of Water Tanks, Bush Fire, Spontaneous Combustion and Smoke Damage. Various types of property are capable of being insured by the policy e.g. Buildings, Stock in Trade, Plant & Machinery and Office Contents.

The Policy is subject to various Conditions, Exceptions, Limits and Excesses. A specimen copy of the Policy is available on request.

Consequential Loss following Fire & Special Perils

The owner or Directors of a business will normally insure the business' property against Fire & Special Perils and if a fire occurs at the premises, subject to the insurance being adequate, will be able to recover the material loss. However, this material damage recovery is not enough, since the repair/replacement of buildings, machinery etc takes time, often a considerable time. In the meanwhile sales will be greatly reduced or may cease entirely, many of the overhead expenses of the business will continue, alternative premises may have to be rented, etc.

Consequential Loss or Business Interruption Insurance caters for these exposures and can be provided for all types of businesses whether, wholesalers, retailers, manufacturers or service providers. It is customary for the Insured Perils of the Consequential Loss Policy to mirror the perils of the Fire & Special Perils Policy as it is necessary for the Fire & Specials Policy be liable for the material damage loss before liability can attach to the Consequential Loss Policy, following the occurrence of an insured peril.

The Policy is subject to various Conditions, Exceptions, Limits and Excesses. A specimen copy of the Policy is available on request.