Fire and Allied Perils
PERILS/RISK COVERED
Fire, Lighting,
Explosion Of Domestic Boilers/Gas,
Earthquake, Storm, Tempest, Flood & Tornado,
Aircraft Damage,
Riot & Strike Excluding Ethnic, Religious And Political Disturbances,
Malicious Damage,
Burst Pipe, Impact, Bush Fire and Explosion.
Theft, during and after the occurrence of fire
Property’s own fermentation, or it’s undergoing process of heating or drying
Burning of Property by public authority
Spontaneous Combustion
Nuclear Weapon
Radioactive Contamination
Subterranean Fire
War, Invasion, act of foreign enemy, mutiny, military or popular uprising
Subsidence
Automatic Reinstatement of Sum Insured
Reinstatement Value Clause
Architects, Surveyors, Consultants, Legal & Other Fee Clause
Public Authorities Reinstatement Clause
Removal of Debris Clause
Trust Clause
Property Designation Clause
PERILS/RISK NOT COVERED
Theft, during and after the occurrence of fire
Property’s own fermentation, or it’s undergoing process of heating or drying
Burning of Property by public authority
Spontaneous Combustion
Nuclear Weapon
Radioactive Contamination
Subterranean Fire
War, Invasion, act of foreign enemy, mutiny, military or popular uprising
Subsidence
SPECIAL EXTENSIONS (ALREADY COVERED)
Automatic Reinstatement of Sum Insured
Reinstatement Value Clause
Architects, Surveyors, Consultants, Legal & Other Fee Clause
Public Authorities Reinstatement Clause
Removal of Debris Clause
Trust Clause
Property Designation Clause
WHAT WE CAN OFFER
At a cost or Extra Premium
|
Risk
|
Rate
|
|
Escalation (Max 25%)
|
50% of the Fire/Special Perils Rate
|
|
Omission to Insure
|
(Max 5%) Policy Rate
|
|
Temporary removal of stock
|
10% Loading on premium
|
|
Loss of rent
|
Policy Rate on Specified Sum Insured
|
|
Cost of alternative accommodation
|
-do-
|
|
Ethnic, Religious & Political Disturbances up to 75M
|
0.75% of Limit
|
|
Spontaneous Combustion
|
0.1% of Sum Insured
|
|
Subsidence
|
0.1% of Sum Insured
|
EXCESS/DEDUCTIBLE
Compulsory Excess
|
Fire, Lightning, Explosion
|
N100,000
|
|
Earthquake
|
500,000
|
|
Spontaneous Combustion
|
50,000
|
|
Other Perils
|
10,000
|
Voluntary Deductible
This is a voluntary excess in respect of which the insured earn a discount.
|
Deductible (N)
|
Discount (%)
|
|
250,000
|
5
|
|
500,000
|
7.5
|
|
750,000
|
10
|
|
1,000,000
|
12.5
|
|
1,250,000
|
15
|
|
1,500,000
|
17.5
|
|
2,000,000
|
20
|
Savings in premium is not to exceed 331/3 of the amount of deductible.
DECLARATION POLICY
The insured can enjoy a discount of 10% if the stock item on the policy is insured on declaration basis.
Declaration Condition
Applies to stock and intended to give maximum cover at the same time avoid over insurance with its consequent overpayment of premium
Policy is issued for an amount estimated to represent the maximum sum likely to be at risk during the year
Provisional payment is made of 90% of the premium on the estimate sum insured
Declaration of the actual stock is required on monthly basis on agreed date or within 30 days thereafter
If declaration is not received, sum insured will be deemed to have been declared
The basis of declaration is the maximum value of risk since the last declaration
On expiry, the actual premium is calculated on the average of the declarations & refunded if due is given to the insured.
If the declared amount is greater than the sum insured, sum insured under the policy will be taken as the value declared
Insured has option of increasing the sum insured during currency of the policy at add premium
DISCOUNT
1) Fire Extinguishing Appliances
Internal Appliances – 2.5%
External Appliances –
Mobile Power-driven pumps – 7.5%
Hydrants – 7.5%
Maximum Allowable – 15%
2) Long Term Agreement :
3years – 5%
5years – 7.5%
.
