Commercial Building Insurance
It covers Commercial property against loss or damage due to Fire and Allied Perils.
Damage to the whole or part of the Commercial property described in the schedule, owned by the insured or for which they are responsible, including alterations by the insured as tenants to the buildings and structures by:
- Lightning or thunderbolt
Sum Insured (Value of the Property/Asset)
The fire cover will be issued either on Depreciated Value (Indemnity Value) or on Reinstatement Value.
- The premium is charged based on factors like construction of the building, trade, age, surrounding area, location and so on.
- In line with the market practice, the Best Practice Codes (BPC) fire rates will be utilised.
The various sections of the property that can be covered are:
- Electrical Installations
- Road accessibility - Building must have roads accessible to cars/fire brigades
- Photographs if taken in advance will ease the claim procedures
- Reasonable steps and precautions to prevent or minimize loss or damage
- Reasons for lapses in cover need to be addressed