Fire & Perils Cover

A Fire policy provides coverage in the event of damage to insured property by fire, natural causes such as lightning, earthquakes, floods or explosion of domestic appliances.

What you need to acquire a fire insurance policy:
• The value of the property to be insured (building/outbuildings, contents, stock, machinery plant etc )
• The nature of business/use of the building
• The nature of construction of the building.
• Location of premises
• Fire Fighting appliances available.

We recommend a comprehensive valuation of the properties such as buildings, property contents and plant machinery to acquire the accurate value for an adequate insurance cover.

How to File a Claim

  1. Call the fire station/police to report the fire incident.
  2. Call us immediately after notifying the police. AMS Insurance Brokers will notify your Insurer and/or adjuster to investigate the fire loss damage.
  3. Visit our offices to fill a fire claim form
  4. We shall notify you immediately our insurance adjuster verifies the loss estimations.

Business Interruption Insurance (also known as consequential loss) is a type of insurance that covers the loss of profit that a business suffers after a fire loss. The loss of profit covered, may be due to closing of the business facility or to the rebuilding process after a fire to the property.

Coverage

The following are typically covered under a business interruption insurance policy:

  • Profits. Profits that would have been earned (based on prior months’ financial statements).
  • Fixed Costs. Operating expenses and other costs still being incurred by the property (based on historical costs).
  • Temporary Location. Some policies cover the extra expenses for moving to, and operating from, a temporary location.
  • Extra Expenses. Reimbursement for reasonable expenses (beyond the fixed costs) that allow the business to continue operation while the property is being repaired e.g auditors fees, salaries and utility bills.

This coverage extends until the end of the business interruption indemnity period determined by the insurance policy. Most insurance policies define this period as starting on the date of the covered peril and the damaged property is physically repaired and returned to operations under the same condition that existed prior to the disaster.