Any loss or damage to material and property causes hardship in terms of capital loss and other consequential losses. The aftermath of fires in particular may be drastic, and monetary relief is essential to rebuilding damaged property and returning business to its normal course.
The Fire insurance Policy covers 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 process along with goods held in trust or in commission including stocks at suppliers/ customer's premises, machinery temporarily removed from the premises for repairs against loss or damage by:
- Explosion/ implosion
- Aircraft and articles dropped there from
- Impact damage due to rail/ road or animal
- Strike, Riot and Civil Commotion malicious damage
- Malicious damage
- Subsidence and land slide
- Storm, cyclone, flood and inundation
- Sprinkler leakage
- Overflow, leakage of water tanks, pipes etc.
- Theft or Attempted Theft (by violence to persons or threat thereof or by violent and forcible entry to or exit from the premises)
- Accidental breakage
- Property being worked upon
- Property in course of constructions / erection
- Electrical or mechanical breakdown
- Normal wear and tear
- Motor vehicle, water craft or aircraft
- Animals, growing crops or standing timber
- Property whilst in transit
- Consequential losses
- Loss resulting from unexplained circumstances
- Mysterious disappearance
- War, sabotage and terrorism
Period of Insurance
The coverage is usually provided for a period of one year.
Basis of Sum Insured
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 sum insured is very important and needs to be given careful consideration to avoid applying the Average Clause (i.e. application of under-insurance) in the event of a claim.
There is a deductible for each and every loss under the policy.
Premium rates are based on:
- Type of occupancy
- Physical features of the risk
- Values at risk
- Nature of risk
- Type of industry
- Management and housekeeping
- Selected cover and benefits
Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.
For more information, please contact Dubai at +971 4 352 3133.
In case of a partial loss, payment for repairs and replacement is made. In case of a policy with reinstatement value clause, the cost of reinstatement will be paid upon completion of reinstatement subject to the overall limit of the sum insured. The insurance company may at its own discretion, repair or replace the affected property instead of paying for the cost of restoration.
You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.
Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact Nasco Dubai at +971 4 352 3133.