Private Property (Home and Contents)
This policy provides cover to the homeowner and the householder for loss or damage resulting from the occurrence of various perils. It also extends cover for potential liabilities incurred such as Property Owner’s Liability, Tenant’s Liability, Personal and Public Liability as well as liability to domestic employees.
The term building includes garages, outbuildings, fixtures and fittings, walls, gates, fences and swimming pools.
This includes furniture, household goods and personal effects (except any specially insured as “separate items”) for the insured and any member of the family normally residing with him or for whom he is legally responsible.
All Risks Extension
If required, the policy can be extended to cover the insured against loss or damage to specified electronic equipment and valuables belonging to the insured caused by any accident or misfortune (except those specifically excluded) happening within the territorial limit.
The insured must choose the territorial limits for the specified items at inception of cover. Full details of the property to be insured must be submitted for coverage (make, model, serial number, model number and value).
This policy covers loss of or damage to the property insured by any accident or misfortune including fire and theft, subject to specific exclusions on the policy.
Property Insured may include;
Jewellery and other Personal Items for example “Cameras”
Coverage for these items can be at the insured’s premises, anywhere in Trinidad and Tobago or worldwide
This cover is provided under a Standard Fire policy* in respect of the basic three (3) perils;
Fire: This is actual burning damage following ignition. Most proximate cause damage is also covered, such as loss resulting from water used in the fire fighting, damage done by the fire brigade and property destroyed to prevent fire spread.
Lightning: Lightning is covered in full, whether or not there is a fire involved.
Explosion: Explosion cover is only granted to a limited extent. An explosion may occur without fire in which event all damages will be considered concussion damage and will be covered as such. Coverage is limited to boilers used for domestic purposes only where gas is used for domestic reasons, i.e. for lighting or heating the building.
*Please note that there are exclusions on the policy.
In addition to the Standard Fire Insurance cover there is a further range of perils for which cover can be provided at an additional premium. These are normally provided as extensions to the policy.
This cover is also known as“Loss of Profits” or“ Consequential Loss Insurance”. It enables the insured to recover loss of gross profit due to a reduction in turnover and reasonable additional expenditure incurred in minimizing the reduction in turnover.
Various forms of cover are available depending on the nature of the business. The most common cover is Gross Profit, which is suitable for most industrial and commercial businesses.
Definition of terms:
This is the main item insured under an Interruption Policy. It represents the sum of the net profit and expenses which still have to be paid even if the business insured is not trading.
This refers to the income of the business which may arise from sales of goods, services fees or rent.
The maximum period of time (as determined by the insured) that it would take a business to move back into full production and recover market share following a loss. This will vary from twelve months for a small or simple business to a longer period for a large complex business.
Increase in cost of working:
Also payable under a business interruption policy, this cost represents the additional expense associated with increased production in order to make up for lost time. F or example, if a company owns two premises and one is lost, then by paying overtime rates and bonuses it may be possible to increase production at the other. Such costs are payable provided they are cost effective, i.e. the additional cost must be equal to or less than the loss of gross profit thereby avoided.
This is the sum of the net profit and standing charges compared to the turnover and needs to be calculated in the event of a loss. During an interruption, turnover is reduced and the policy pays the amount produced by applying the rate of gross profit to the reduction in turnover.
Specified working expenses:
These are charges such as packing, carriage and freight that vary proportionately to turnover.
Property insurance that gives you peace of mind.