PROPERTY / FIRE INSURANCE
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.
Fire Insurance
Fire Insurance is an insurance which covers any accidental loss of/or damage to your property and/or interest caused by fire and other perils which is covered under the policy.
Insurance companies in Indonesia generally refer to the Indonesian Standard Fire Policy.
Perils Insured under Indonesian Standard Fire Policy are :
* Fire
* Lightning
* Explosion
* Impact of falling aircraft
* Smoke
Extended coverage with additional premium that are usually offered by Insurance companies accompanying the Indonesian Standard Fire Policy are :
* Riot, Strike, Malicious Damage (RSMD) plus Civil Commotion as per DAI version
* Earthquake, Fire and explosion following earthquake, Volcanic Eruption, Tsunami
* Removal of Debris
* Landslide/Landslip
* Business Interruption
* Typhoon Flood, Water Damage Windstorm
* Smoke and Vehicle Impact
Property All Risk
Property All Risks (PAR) is an insurance which covers any unforseen, sudden and accidental physical loss/damage/destruction to the insured's property subject to some exclusion causes as follows :
* War, invasion, act of foreign enemy, hostilities, strike, riot, civil commotion, revolution, terrorism, sabotage and the like
* Nuclear radiations or contaminations
* Nuclear radioactive toxic explosive
* Willful act or willful negligence of the insured or the insured's representatives
* Total or partial cessation of work
Kinds of Coverage in a Property All Risks insurance policy consists of two sections as follows :
* Section 1 : Material Damage
* Section 2 : Business Interruption
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