Fire and property insurance covers physical assets against fire, explosion, lightning, storm, flood, riot and allied perils. Cover can extend to business interruption, so lost gross profit during the shutdown is also protected.
The most common failure here is under-insurance. If the sum insured is below the reinstatement value, the claim is reduced proportionately — even for a partial loss.
Who needs this cover
- Factories, warehouses and workshops
- Shops, showrooms and offices
- Any business with premises, stock or equipment
Key benefits
- Cover for building, plant, machinery, stock and contents
- Allied perils including storm, flood and riot
- Optional business interruption cover
- Reinstatement value basis where opted
What is typically covered
- Fire, lightning and explosion
- Storm, cyclone, flood and inundation
- Riot, strike and malicious damage
- Impact damage and subsidence, where included
Eligibility
- Accurate declaration of assets and sums insured
- Risk inspection may be required for larger values
Key exclusions and limitations
- Wear, tear and gradual deterioration
- Wilful acts and consequential losses unless specifically covered
- Under-insurance triggers proportionate reduction of claims
Exclusions differ between insurers and product variants. Always read the policy wording for the exact list.
Claim information
Report the loss immediately and preserve the site until the surveyor attends. We help with the inventory, the surveyor's requirements and the negotiation.