Protect Your Property Against Most Risks Lurking Around
It is always right to be prepared for whatever is coming along our way. We all know that incidents can happen at any time in any place. It could be natural disasters like floods, burglary, or even fires. But the good thing is you can be assured that UGIB can be your backbone when these things happen. Our property policies will cover your property and help to get your business back on its feet as quickly as possible.
Property All Risk
This policy covers all risks of physical loss, destruction, or damage to the insured property which occurred during the policy’s period and is subject to certain terms, conditions, and exclusions. This policy provides a wider coverage range than the Fire and Allied Perils insurance policy.
Property All Risks Insurance Policy is available with the following extensions:
- Loss of profits business interruption
- Loss of rent
- Third-party legal liability including the landlord’s liability towards tenants and the tenant’s liability towards the landlords
- Strikes, riots & civil commotions
- Malicious damage
- Accidental damage to plate glass fixed to the building
- Expenses incurred on removing debris following the loss or damage of the insured property
- Fire brigade charges and extinguishing expenses
- Architects, surveyors, legal and consulting engineering fees
Business Interruption
Business interruption insurance is a kind of insurance coverage that replaces income lost when your business is temporarily halted due to events beyond your control and whatever situation your business gets into after a tragedy.
The income loss coverage may be due to natural disasters and termination of business. This type of insurance also covers operating expenses, a move to a temporary location, rent, and lease payments, loan payments, employees’ payroll, civil authority coverage, losses caused by damage that prevents access to the business area or building.
Fire and Allied Perils
- Fire Policy: This covers insurers against the risk of losses or damages due to fire and lightning only.
- Fire and Allied Perils: this type of policy covers a number of additional perils which may differ from one policy to another, but usually includes the following perils:
- Explosions
- Storms, tempests, and floods
- Earthquakes and volcanic eruptions
- Aircraft or any other aerial devices or articles dropped that cause damages to your own or any third-party road vehicles, horses, or cattle.
- Bursting or overflowing of water tanks, apparatus, or pipes
- Loss of profits or the interruption of business
- Loss of Rent
- Third-party legal liability including the liability of landlords towards their tenants
- Tenants’ liability towards their landlords
- Strikes, riots & civil commotion
- Malicious damage
- Theft/Burglary following a forcible entry/exit from the insured premises
- Accidental damages to plate glass fixed to the buildings
- Removal of debris expenses following losses or damages to the insured property
- Fire brigade charges and extinguishing expenses
- Architects, surveyors, and legal and consulting engineering fees.
ELECTRONIC EQUIPMENT INSURANCE (EEI)
This is certainly a specific kind of insurance based on “all risk” cover for electronic equipment. It covers physical loss or damage to Equipment. This insurance covers specific items, devices, equipment or computer and data handling devices.
The policy extends to cover Increased Cost of Working
Exclusions
Property Cyber and Data Exclusion- can be covered in a separate policy (Hyperlink to Cyber Risks Insurance)
Money Insurance
Money is constantly vulnerable to accidents such as burglary, theft, stealing and other money crimes. To protect against this risk, Money Insurance provides extensive coverage against any setbacks while our round-the-clock customer service and seamless claims process leave absolutely no room for any sort of worry.
Money Insurance policy covers:
- “Money” carried by the Insured or the authorized employee, messenger cashier, accountant while in transit.
- Loss of money on transfer caused by robbery, break-in, theft or any other accidental reason
- Money that has not been spent and has been reserved in a safe is also covered after business hours.
- Loss or damage to Safe
Exclusions:
Infidelity of Employees- can be covered in a separate policy (Hyperlink to Fidelity Guarantee Insurance)