What Is Fire & Perils Insurance?

Fire and Perils insurance is designed to protect your property against loss or damage. The coverage can be customised to suit your requirements and extends to cover you against fire and other destructive elements (perils) including:

The items you specify to be covered under the policy determine the cost of your insurance. Home insurance covers residential property. Besides coverage against the risks of fire and the perils defined above, it extends protection to cover losses that could occur as a result of burglary and theft to the contents of your home.

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What Are The Key Features of ICEA LION’s Fire & Perils Insurance?

Covers Most Insurable Interests:

Fire and Perils insurance is designed to protect your property against loss or damage. The coverage can be customised to suit your requirements and extends to cover you against fire and other destructive elements (perils) including:

  • Buildings and outbuildings
    (fences, gates, water tanks, compound structures etc)
  • Machinery and plant equipment
  • Instruments and accessories
  • Tools
  • Fixtures and fittings
  • Office furniture and equipment
  • Computer equipment and data
  • Records
  • Personal effects of employees
  • Works of art
  • Electrical installations
  • Stock (includes raw material, semi-finished goods, finished goods and goods in storage or in trade)
  • Specifically mentioned items such as precious metals, expensive jewellery and so on subject to appropriate valuations.

Perils Covered:

Covers Most Insurable Interests:
  • Accidental fire
  • Explosion/implosion
  • Smoke damage
  • Destruction or damage caused by aerial devices
  • Man-made perils in the form of riots and strikes
  • Vandalism and malicious damage
  • Natural calamities like lightning
  • Volcanic eruptions
  • Earthquakes, storms, hurricanes, typhoons, cyclones, tidal waves, hail, snow and floods
    and so on
  • Damage caused by impact by a rail or a road vehicle
  • Damage caused by landslide or sinking earth, peril caused by pollution and
    contamination, bursting and/or overflowing of water tanks, apparatus and pipes,
    missile testing operations, leakage from automatic sprinkler installations and bush fire.

Covers Losses:

This includes reinstatement of lost property and may include loss of profits or the cost of complying with new local regulations.

What Else Do I Need To Know About ICEA LION’s Fire & Perils Insurance?

Life Happens!

If for one reason or another you are unable to pay your premiums, you can opt for either of these options

Covers Loss of Profits: You can purchase a fire consequential loss policy together with your fire and perils policy. This policy operates when a fire or insured peril occurs, ultimately causing a loss in profits. It protects your business operations from the adverse effects arising from the interruption to your business.

Valuation is Key: It is important to value your property as you take up the cover the first time or as you renew it year on year. This is because if the property insured is valued higher than what you have insured it for, then you will lose out at the time of a claim, because we will only reimburse you the amount you insured it for. This means that you are expected to bear the proportion of the loss that is not insured in the event of a claim. The reverse of this is also true; you may end up paying much higher premiums than you need to, for the value of your property.

Unoccupied Property Presents Risks: If you leave your property unoccupied and unguarded for more than 30 days and there is loss or damage, your claim will unfortunately not be honoured.

Danger of Highly Flammable Materials: If you store highly flammable materials like oils and petrol at your residence and an incident occurs, we will unfortunately not honour your claim.

Interest in Insured Property:If you pass the property to someone else in any other way except by a Will or any acceptable operation of the law, then the property is unfortunately not covered.

What Other Covers Are Available At ICEA LION?

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