Under this Class of business various property like Buildings and / or it’s contents whether they be Machinery, Stock or other contents are covered against Material Damage and also caters to Financial Losses occurring as a consequence of such Material Damages.

1. Fire Insurance - This is an insurance cover which forms the very basic cover available on Property Insurance and covers Loss or Damages caused by Fire and Lightning.

2. Fire & Allied Perils Insurance - As with the Fire Insurance Policy discussed above this is another “Named Perils” policy which covers the property against loss or damage caused not only by Fire & Lightning but also by certain other perils which are by practice covered under this class of insurance.

The additional perils so covered can include Riot & Strikes, Malicious Damage, Impact Damage (by Vehicles &/or by animals), Damage by Air-craft / Space Craft or articles falling there from, Storm, Typhoon, Flood & the like, Earth-quake, Burglary etc. Depending upon specific requirements these policies can be extended to cover other perils like Sprinkler Leakage, Accidental Damage and the like.

3. Property All Risks Insurance - Unlike the “Named Perils” policies discussed above, this type of policies does not specify the perils which are covered. These policies name the exclusions thereby covering all other damages. Effectively these policies cover all the “Named Perils” which are usually covered under the Fire & Allied Perils Insurance Policies. Two Policy wordings are more commonly used viz. the LM7 wordings (which covers Accidental Damages to Glass) and the ABI wordings (in which the Accidental Damage to Glass is a specific exclusion)

4. Business Interruption Insurance – Fire (Also Known as Fire Loss of Profits Insurance and Fire Consequential Loss Insurance)- In the unfortunate event of a loss happening to a Commercial Firm, under one of the policies discussed under 1,2 & 3 above, the loss very often extends beyond the cost of the materials lost in the event. The Client would often suffer financial loss in the nature of certain standing charges like Rent, Salaries & Wages etc. In addition their financial projections can get seriously deranged due to the reduction in turn-over or sales as a result of the interruption in their business following a Loss Incidence. The Business Interruption Insurance seeks to provide the required cover for such an eventuality. For a claim to be admissible under this policy it is mandatory that the Property, the loss or damage to which led to the consequential loss, is covered under an appropriate Property Insurance policy and a claim is admissible there-under.