This insurance indemnifies the Insured for accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy caused by Fire, Lightning, Aircraft, Explosion, Earthquake, Strike, Riot, Malicious Damage, Storm, Tempest, Flood, Bursting or Overflowing of Water Apparatus (including Sprinkler Leakage), Impact by Own Vehicles, Theft or Attempted Theft (by violent and forcible entry to or exit from the premises) and other Accidental Loss or Damage.
The coverage is usually provided for a period of one year. The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to specify the sum Insured but may seek help of our underwriters to determine how to do so. The Sum Insured is very important and needs to be given due consideration to avoid less than the amount the of claim due to application of the Condition of Average.