Fire

What is Fire Insurance and why do we need it?

Most homeowners and business owners have fire insurance, but few truly understand what it is and how it works. This is a type of insurance that covers commercial properties and homes, which includes building, stock, machinery, equipment and more against loss or damage by fire, lightning, explosion, riot, strike, malicious damage, storm, flood, vehicle impact.

Fire insurance protects your investments.

Assuria No Claim Rebate: Residential Policies

One of the benefits of having a Residential Fire Insurance Policy at Assuria is that you can enjoy reduced premiums if no claims are made. These reductions are earned at the due date or anniversary date of the policy, provided that no claim is paid within the period of cover.

With a Residential policy you can:

• Get up to 30% reduction on your original Premium.
• Receive FREE Inhabitable Rental up to 100,000 for a maximum of six months.

The discount in the premium starts at 10% after the first year and continues for three consecutive years.

If a claim is presented within the first four years of coverage, then the no-claim rebate will no longer apply under the policy and the premium will be adjusted to the first year premium.

Here’s a better look at how it works:

Types of Coverages

Assuria provides coverage for the following risks:

• Fidelity Guarantee

A policy that covers loss of money, goods and more as a result of any fraudulent or dishonest act committed by any employee or other party.

• Cash in Transit/Premises

We provide policies to protect cash against theft whilst in transit to and from the Insured’s premises. This type of policy can also protect cash while on the insured’s premises during and after working hours. Coverage is also provided for assault or bodily injury to employees who were present at the time of a robbery.

• Plate Glass

The type of policy covers glass attached to a building against accidental or deliberate breakage.

• Equipment (Machinery) All Risk

A policy that covers equipment or machinery against physical loss or damage.

• Goods in Transit

This type of policy covers goods in the event of loss or damage by any accident or misfortune while in transit, which includes loading and unloading of such goods.

• Burglary
Assuria provides coverage against theft, actual forcible and violent entry into and onto the premises or any attempt at that point in time. Any damage done to the property or to the premises will be covered.

• Computer All Risk

This type of policy covers computers against damages as a result of incorrect operation, burglary, natural disasters and even more.

• Contractors All Risk

This is a policy that covers the permanent and/or temporary works forming part of a contract and the plant, materials and other effects used or intended for use in connection with such contract. However, it excludes deeds, bonds, bills of exchange, promissory notes, cash, bank notes, cheques, securities for money or stamps, all being the property of the insured or held by them in trust and for which they are responsible.

• Group Personal Accident

This type of policy compensates for temporary or permanent disablement, accidental medical expenses and loss of income, due to accidental bodily injury caused solely and directly by violent external and visible means, and being the sole and direct cause of death or disablement.

What does it mean to be covered by the Assuria’s Group Personal Accident insurance?

• A sum payable if death is the result of an accident.
• A sum payable if as the result of an accident, the person concerned becomes permanently disabled.
• A sum payable if the insured, as the result of an accident, is temporarily incapacitated to work.
• A sum payable for expenses for medical treatment caused by an accident.

Liability

If you cause an accident or someone is injured on your property, you could find yourself legally liable for the resulting expenses. Liability Insurance covers a policyholder’s legal money owed or expected to be owed resulting from injuries to other persons or damage to their property.

Visit any of Assuria’s locations countrywide or call to find out more on these types of Liabilities that we cover.

• Consequential Loss/Business Interruption

This type of policy covers loss resulting from necessary Interruption of Business caused by direct physical loss or damage, as a result of fire & lightning, explosion, riot & strike, civil commotion, malicious damage, aircraft & vehicle damage, earthquake, subsidence & landslip, flood & tidal wave, burst pipes, bush fire and spontaneous combustion perils.

• Employers Liability

A policy that provides protection to the insured against legal liability of damages (including claimant’s costs and expenses) with respect to bodily injury or death, sustained by any person under a contract of service with the insured.

• Public Liability

This provides an insurance to the insured for legal liability to third parties for damages (including claimant’s costs and expenses) with respect to bodily injury or death and for any loss or damage to property which happens in connection with the business of the insured.

Bonds

A Bond is a commitment by a third party, which is usually the insurance company, to pay interest and principal installments due on a bond in case the bond issuer defaults.

• Performance Bonds
This type of policy covers the employer of a project if the contractor is in breach of his obligation (s) under the contract and fails to complete the project at the agreed date.

• Mobilization Bonds
A policy that covers the employer if the contractor is in breach of its obligation(s) under the contract because the contractor used the advance payment for purposes other than the costs of mobilization with respect to the work.

• Bid Security

This type of policy covers the employer of a project if the bidder of the project:

• Withdraws his bid during the period of bid validity specified in the Bid Form
• Having been notified of the acceptance of his bid by his employer, during the period of bid validity:

◦ Fails or refuses to furnish the Performance Security, in accordance with the instructions to tenderers,
◦ Fails or refuses to execute the Agreement Form in accordance with the instructions to tenderers, if required.

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