Traditional Fire Insurance Policy Covers the Fire and/or Lightning risks only. The policy premium is charged in accordance with Tariff rate prescribed by Central Rating Committee (CRC). However; the Fire Policy can be extended to cover some allied perils such as Riot and Strike Damage, Malicious Damage, Flood & Cyclone and Commercial Explosion.
Property Damage All Risk Insurance
The property damage all risk insurance covers accidental loss or destruction of or damage to the Property Insured under the defined perils. The words “Defined Peril” shall mean Fire, Lightning, Riot & Strike, Explosion, Malicious Damage, Earthquake, Flood, Cyclone & Electrical Short Circuit (Electrical Clause “B”) and Burglary.
Industrial All Risk Insurance
To qualify for IAR insurance the minimum sum insured should be Taka 500,000,000 and above. The IAR insurance policy covers:
- Material damage
- All risks/perils other than a few perils excluded specifically in the policy wording.
- Business Interruption for a certain period of time (Optional).
The details of coverage, exclusion and extension in respect of fire, industrial risks and property damage all risks insurances can be obtained upon request from our offices.