PROPERTY ALL RISK INSURANCE
What is Property All Risk Insurance?
It is variation of the Standard Fire Insurance Policy which is a named peril type of policy.
Below is the list of differences of Property All Risk Insurance compared to the Standard Fire Insurance
It is variation of the Standard Fire Insurance Policy which is a named peril type of policy.
Below is the list of differences of Property All Risk Insurance compared to the Standard Fire Insurance
- It is all all risk policy. Meaning, unless expressly excluded, a loss or damage to the insured property is covered.
- It expressly provides an option to settle based on reinstatement value basis.
- Acts of nature such as earthquake, typhoon and flood is not among the exclusions in this policy unlike the Standard Fire Insurance.
- Moreover, it expressly includes the following extensions: a. Removal of debris, b. Capital Additions, c. Fire Fighting Expense