What is Fire Insurance?
Fire insurance covers the physical damage to an insured property caused by fire(including lightning) and the damage caused during the course of extinguishing, or escaping from, fire. It may optionally cover other risks such as natural perils, electrical risks and theft risks.
- Buildings (residential, apartment, commercial or industrial)
- and other constructions
- Machinery, electronical equipment
- Facilities, furniture, fixtures, fittings
- Property floaters (stocks of raw materials or products)
What is Property All Risks Insurance?
Property all risks (PAR) insurance provides comprehensive protection from various risks to large industrial or commercial properties such as manufacturing factories, shopping malls, hospitals. It combines coverage from two or more lines of insurance – i.e. property, business interruption and liability - into one policy and helps cover the gap between the exclusions that would otherwise exist when separate policies are being used. A PAR policy can be tailored to the needs of the policyholder so that bespoke coverage could be provided.
- 01 Prevention of coverage gap or overlapping
- Unless specifically excluded in the policy, all risks to the insured property are covered under property all risks insurance, which prevents coverage gap or overlapping that may arise when multiple policies are used. In the case of fire insurance, a rider needs to be purchased for coverage against other risks including theft, natural perils, explosion and collapse. There are some risks that cannot be insured even through a rider, such as snow damage and defect. The inconvenience of adding riders or the issue of insufficient coverage can be resolved through the use of all risks coverage.
- 02 Premium discount
- It gives an insurer cost savings to incorporate coverage for multiple risks and locations into one policy, which may result in lower premiums charged to policyholders.
- 03 Tailor-made coverage
- Tailor-made coverage can be provided to policyholders depending on their needs, and the terms and conditions of a policy is determined according to the circumstances of the policyholder – i.e. industry, building structure, surrounding conditions and risk management practices.
- 04 Administrative convenience
- PAR insurance helps increase administrative convenience on the part of policyholders as it allows them to handle multiple types of insurance coverage through a single policy. All matters related to the insurance contract ranging from negotiation and contract signing to filing claims can be managed easily.
What is Inland Floater Insurance?
Inland floater insurance provides coverage for the personal or commercial property that is movable regardless of where it may be – whether it is in use, storage or transit – on an all risks basis except for the exclusions specified in the policy.
All types of movable property owned by individuals or corporations, including raw materials, leased machinery, equipment (electronical, medical, broadcasting and communications equipment).
What is Museum Insurance?
Museum insurance covers fine art works or historical artifacts on exhibition or held by museums or art galleries on an all risks basis except for the exclusions specified in the policy. The coverage is available for both owned and loaned objects. The insured may be the owner of the objects or the museum/gallery where the objects are being kept or their exhibition is being held.
Historical artifacts, fine art works on exhibition or held by such institutions as museums and galleries.