Fire
A basic fire policy covers loss and/or damage:
- Fire
- Lightning
- Explosion
- Of domestic boiler
- Domestic gas cylinder not forming part of any gas works
- Damage by water or other extinguishing agents used to put out a fire
- Damage resulting from gaining access to a fire in the premise
- Smoke damage caused by fire
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For more information on this product or Tahan Insurance’s other innovative, value-added personal insurance packages, please call us directly at 03 - 2694 8000, or walk into one of our branches located at various locations nationwide, we would love to serve you.
You may also download a copy of the Proposal Form, complete it, and send it back to us.
For more information on the above insurance, please contact our Customer Careline number at 03-2694 8000
Fire Consequential Loss
The standard fire policy covers the physical loss of or damage to the insured property only. The consequential loss policy provides protection against losses arising directly out of the interruption of or interference with trading or business as a result of a fire or any other special peril insured under the Fire Insurance policy.
A standard consequential loss policy covers loss of Gross Profit due to reduction in turnover and increase cost of working. Apart from that, there are other methods of insuring consequential loss:
Where the uninsured working expenses is almost negligible the gross revenue specification should be used. Example of trade using this method is solicitors, hotels and other service industry.
Wages can be insured on a separate item in the policy. This method wages is insured on 100% for the initial period and for a lesser percentage for the remainder period of indemnity.
In this method, wages are insured for a limited period and not for the entire duration of the gross profit indemnity period. The sum insured is declared separately and must represent actual wages for the period of cover requested.
In the event the insured is making a loss this option can be adopted. However, it should be underwritten on accommodation only,
Fees for producing and certifying any details contained in the insured’s account book or other document information or proof as required by the insurance company can be insured as a separate item in the policy.
- Increase cost of working only
This is another form of limited cover but it is more appropriate for businesses where the interruption would result to loss of increase cost of working only.
Get in touch with us
For more information on the above insurance, please contact our Customer Careline number at 03-2694 8000
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