At AVA, we pride ourselves on being a one-stop solutions provider by offering a comprehensive spectrum of insurance products. They are grouped into 2 main categories, namely:
Fire and Extraneous Perils
This is a basic policy most commonly effected for the generic protection of the property against specified perils. It indemnifies the Insured for loss or damage to their properties arising out of perils as specified in the policy. Basic cover of the fire policy are against Fire and Lightning but most polices carries the following extraneous perils at no additional charge:
- Standard fire & lighting whether accompanied by fire or not
- Strike, riots & civil commotion
- Aircraft damage
- Vehicle impact damage - extended to include own vehicles
- Hurricane, cyclone, typhoon & windstorm, flood arising therefrom with extended flood
- Standard explosion damage
- Earthquake and volcanic eruption
- Bursting or overflowing of water tanks, pipes and apparatus
- Spontaneous combustion
- Smoke damage
- Malicious damage
- Sprinkler leakage (where applicable)
- Water damage
- Burglary / Theft Insurance
This policy indemnifies the Insured against losses resulting from a break-in, theft or burglary from within and outside the premises. The generic policy wordings require that there be signs of forcible or violent entry before policy responds. However, this requirement has largely been made obsolete by the “Full Theft” or “theft without forcible entry” extension. This policy excludes loss of cash or negotiable instruments and jewelleries as these falls under the Money and Jewellers’ Block insurance.
Industrial All Risk Insurance
This policy is usually procured by large-scale companies and industries with a higher risk level as it offers significantly better coverage with broader terms and conditions. It is made up of two distinct sections, with Section 1 covering the property at risk and Section 2 covering the financial and pecuniary losses resulting from a material Damage claim under Section 1. The scope of cover is basically modeled after the Basic All Risk policy as it indemnifies the insured against loss of or damage to the Insured’s property as a result of accident other than those risks that are specifically excluded. On top of this, it also incorporates a Business Interruption / Consequential loss section which compensates for any loss of gross profit or increase cost of working following a material damage loss.
Machinery All Risk
Higher cost and damage-sensitive machineries or equipment should be offered a higher level of coverage and be more appropriately covered under the All Risk policy. As the name literally suggests, this is a “Hold-all” cover as it indemnifies against loss or damage to Insured’s property by any accident or misfortune other than those specifically excluded.
Electronics Equipment (Computer) Insurance
This is a specialized cover for sensitive electronic and electrical equipment, computers etc. It covers all risk of accidental loss or damage other than those risk specifically excluded to such equipments. Policy can also be extended to cover additional cost of re-writing records, Data Media (Media replacement / Data Reconstruction expenses) as well as Increased cost of work resulting from the loss or damaged equipment.
Plate Glass Insurance
This policy covers and pays for accidental breakage, from any cause other than those specially excluded in the policy, of all types of glass plates situated at the Insured’s premises.
Contractors’ All Risk Insurance (CAR)
Contractors’ All Risk insurance offers comprehensive protection against cost of unforseen loss or damage in respect of contract works, construction plant and equipment and/ or construction machinery. It also covers third party claims (public liability) in respect of property damage or bodily injury arising in connection with the execution of a civil engineering project.
The CAR policy, as it is widely known, is designed to provide protection for building and civil works during the Contract Period. The policy is written to enable the Contractor or Employer to comply with the insurance requirements of the Contract and to cover the liability of the contractor for loss or damage during the maintenance period.
In summary, a Contactor’s All Risk insurance is a policy that covers all risks associated commonly with a construction project. It is usually issued under the joint names of a contractor and a principal (client), and typically also includes public liability and work injury compensation insurance.