Scope Of Cover:
Covers the insured property (i.e. buildings, machinery and equipment, stocks, furniture and fixtures, appliances, personal effects and other fixed properties) as a consequence of fire and lightning, explosion.

The cover may be extended to include the following additional perils subject to additional premium.
• Burglary/Theft
• Storm/Typhoon/Flood/Hurricane
• Earthquake
• Falling aircraft
• Riot and Civil Commotion
• Water Damage
• Aircraft/Impact Damage
• Sprinkler leakage.

Basis of Sum Insured
• Market Value (present value of the Properties to be insured)
• Replacement Value (value of the Properties when new)

Stocks should be covered on Market value basis only.

Basis of indemnity in case of a CLAIM
If the Sum Insured is less than the amount required to be insured, the Company will pay only in such proportion as the Sum Insured bears to the amount required to be insured (subject to average clause as defined below). Every item, if more than one, shall be condition separately.
Average Clause - if the property hereby insured shall, at the breaking out of any fire, be collectively of greater value than the sum insured thereon, then the Insured shall be considered as being his own Insurer for the difference, and shall bear a ratable proportion of the loss accordingly. Every item, if more than one, of the policy shall be separately subject to this condition.