Fire & Special Perils Insurance

Every business has a specific set of requirements. It is pivotal to get adequate insurance cover for your business to mitigate risk. Valuable business assets could turn to ashes or undergo substantial damage due to a large number of dangers. The threats to which they are vulnerable include fire, typhoon, landslide, lightning, riot, earthquakes, impact damage, floods and several allied perils.  All the losses that are encountered by the business due to fire or its allies are covered under this policy.


Loss of Profits / Business Interruption

Insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril. The protection granted is in accordance with a policy formula, i.e. rate of gross profit applied to the reduction in turnover of the business in consequence of an insured peril, together with the increased costs to minimise an aggravated loss (but not exceeding the loss so saved) arising within the maximum indemnity period (as selected to be insured).

Provision is made for the accountancy definitions and the business, the premises and the insured to be defined. The perils insured (for which there must normally be counter-part physical damage cover) can extend to include those normal to property insurances and such special perils as failure of public electricity or gas supply, loss from infectious disease for hotel and similar trades, or electrocution of cattle in farming risks.


Marine, Cargo & Hull Insurance

Marine insurance is the oldest type of insurance. It has been in existence for long and has its origins in the Greek and Roman maritime loan. Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination Marine insurance covers both Cargo & Hull insurance.

Marine Hull Insurance covers loss or damage to hull and machinery. Hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator. Typically any vessel that moves and floats like a boat such as yacht, cruise liner, tanker etc can be covered by hull insurance.

Marine Cargo policy provides cover for loss of, or damage to, goods at sea. Cargo can be damaged by stranding, grounding, sinking, burning, collisions, faults or errors in navigation, heavy weather, entry of sea or river water, jettison, washing overboard, ship’s sweat, condensation, improper stowage by the carrier, hook damage, theft or pilferage, war, strikes or natural perils.