Stallion Insurance Brokers Limited

Fire and special perils policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, destruction or damage caused by aerial devices, man-made perils in the form of riots, strike etc., natural calamities like storm, cyclone, flood etc., damage caused by impact by a rail or a road vehicle, damage caused by landslide or subsidence, peril caused by pollution and contamination, bursting and/or overflowing of water tanks, apparatus and pipes, missile testing operations, leakage from automatic sprinkler installations and bush fire.

It is a contract wherein the insurer guarantees to pay for the loss and damage to the property for the specified period of time (normally the fire policy is a one year policy and renewable annually).

The valuation of assets is made according to the market value. The value factors in both the depreciation as well as the appreciation of assets due to inflation.

This is a combined policy and basically incorporates fire, fire consequential loss, theft and accidental damage perils.

With this policy, there will be no need of taking out Fire and Fire Consequential Loss Policies as well as Burglary.

The policy is issued under two sections and provides indemnity against all those risks not excluded by the policy.

Section A: covers Material damage of the insured's property e.g. Buildings, Plant & machinery, stocks, furniture fixtures & fittings etc.
Section B: covers the consequential loss e.g. Gross profit, wages and Auditors fees.

Burglary actually refers to the act of theft which involves the forcible entry or exit from the area (premises) where such act has been committed.

This type of insurance covers your movable property (Office equipment, Furniture, Stock of Goods, Raw materials, Machinery and Equipment,) against the risk Burglary/ Theft following actual forcible entry and/ or exit to/ from your business premises.

This insurance will provide cover for all your office equipment, including electronic equipment, portable items/assets, air conditioners, TV Screens, computers, electrical installations, furniture, fixtures and fittings.