What is this product about?

This policy provides you with coverage for loss of profits/revenue/rental/net taking, standing charges, wages on dual wages basis and increase in cost of working due to business interruption as a result of fire and/or other extended perils.

What are the covers / benefits provided?

You may select to insure any of the following:

• Loss of Gross Profit / Rental / Revenue / Net Takings
• Standing Charges only
• Dual Wages
• Additional Increased Cost of Working
• Auditors’ Fees

Upon payment of additional premium, the policy can be extended to cover:

• Specified Supplier Extension
• Specified Customer Extension
• Prevention of Access Extension
• Public Utilities Extension
• Murder, Suicide, Pest, Food or Drink Poisoning or Defective Sanitary Arrangements

Period of Insurance

Duration of cover is for one year. You need to renew your insurance Policy annually.

How much premium do I have to pay?

The premium that you have to pay may vary depending on:-

• Sum Insured
• Type of business
• Construction of building
• Additional perils selected and the extensions required
• Fire extinguisher appliances available in insured premises
• The type of security protection installed in insured premises to prevent loss
• Length of indemnity period
• Past loss history
• Our underwriting requirements (if any)

What is the payment mode and how do I pay the premium?

This is an annual policy and you may pay your premium in full either by cash or cheque or bank transfer.

What are some of the key terms and conditions that I should be aware of?

• Duty of disclosure
  - You must give all the facts which you know or ought to know.
  - You must ensure that the proposal form is completed accurately as it forms the basis of the insurance contract.
• Sum insured
  - You may insure on an estimated sum insured taking into consideration of your Gross Profit / Gross Revenue / Gross Rental of preceding 12 months as per your statement of account plus projected profit for the current year, if any. If the actual amount earned during the period of insurance is less than the estimated sum insured, a pro-rata return premium not exceeding fifty per cent (50%) of the provisional premium paid will be allowed in respect of the difference upon receipt of your auditor’s certification.
  - You must ensure that the sum insured in your policy is adequate, you are deemed to have underinsured and will self-insured for the difference. This average condition will apply in the event of a claim.
• Under-insurance
  If the sum insured in your policy is less than the actual value at the time of loss, you are deemed to have underinsured and have self-insured the difference. This average condition will apply in the event of a claim. You shall be considered as being Your own Insurer for the difference, and shall bear a rateable proportion of the loss accordingly.
• Contribution Condition
  If at the time of any loss destruction or damage happening to any subject matter insured there be any other subsisting insurances whether by You or by any other person or persons covering the same subject matter, We shall not be liable to pay or contribute more than their rateable proportion of such loss destruction or damage.
• Claims Notification
  - In the event of a claim, you must notify us as soon as reasonably possible, but no later than 14 days from the date of the accident.
  - You must submit the claim documents to us within 30 days from the date of the loss or such further time as we may in writing allow.
• Deductible (Time Excess)
  This is the period of interruption that you have to bear before we indemnify you of a loss.
• Premium Warranty
  Premium must be paid in full and received by us within 30 days from the inception date of the cover, otherwise the cover is automatically cancelled and you will still be responsible to pay the proportion of premium for the period we have been on risk.

What are the major exclusions under this policy?

This policy does not cover:

1. This policy shall not be liable in so far as the interruption loss is increased:
   • by extraordinary events taking place during the interruption,
   • by restrictions imposed by the authorities on the reconstruction or operation of the business,
   • due to the insured's lack of sufficient capital for timely restoration or replacement of property destroyed, damaged or lost.
2. This Policy shall not cover loss or damage:
   1. to property occasioned by its own fermentation, natural heating or spontaneous combustion or by its undergoing any heating or drying process.
   2. occasioned by or through or in consequence of:
      • the burning of property by order of any public authority
      • subterranean Fire
      • loss or damage directly or indirectly caused by or arising from or in consequence of or contributed to by nuclear weapons material
      • directly or indirectly caused by or arising from or in consequence of or contributed to by ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion of nuclear fuel
      • occasioned by or through or in consequence, directly or indirectly, of any of the following occurrences, namely:
        • Windstorm, typhoon, hurricane, tornado, cyclone or other atmospheric disturbance
        • Explosion except loss or damage by explosion of domestic boilers and gas used for illuminating or domestic purposes
        • Flood
        • Bursting or overflowing of water tanks, water apparatus or water pipes
        • Vandalism and Malicious Damage
        • War, invasion, act of foreign enemy, hostilities or warlike operations or civil war
        • Mutiny, riot, military or popular rising, insurrection, rebellion, revolution, military or usurped power
        • Any act of terrorism

Note: This list is not exhaustive. Please refer to the policy contract for the full list of terms and conditions under this policy.

What are the pre-acceptance conditions for this product?

• The Fire Insurance must be placed with us.
• You must have a proper set of accounts.
• No loss/claims for the past 3 years.
• Insured has never been declined, cancelled or refused coverage previously.

Can I cancel my policy?

You may cancel the policy by giving Us fourteen (14) days’ notice in writing. Upon cancellation, you are entitled to a refund of the premium based on the unexpired period of insurance less 10% administration charge provided no claims have been made during the current policy period.

No refund of premium for any cancellation of policy if premium is charged on minimum premium.