Property insurance against fire and other perils

The insurance, alternatively referred to as fire insurance, provides basic property protection against the risks listed in the insurance contract.

Insurance cover usually includes the following risks: fire, lighting strike, eruption, aircraft fall, explosion, implosion, hurricane, microburst, flood, hail, earthquake, land subsidence and landslide, avalanche, snow and ice, waterworks damages, inundation, vehicle impact, tree or building fall, supersonic boom.

The following types of property can constitute the object of insurance:

  • Buildings/premises and structures,
  • Machines, devices and equipment,
  • Investment expenditures (conversion and refurnishing expenditures),
  • Current assets,
  • Third party property,
  •  Personal property of the employees,
  • Monetary instruments.

Additionally, the insurance can be extended to include overvoltage risk, burglary and robbery, risk of vandalism and devastation, insurance of glass panes and glass objects against breaking.

Electronic equipment insurance

The insurance cover includes damages to electronic equipment, data carriers, software programs, and data sets.

The product is normally constructed on the basis of the All risks insurance, which means that the insurance cover encompasses all material damage resulting from accidents, with the exception of events excluded in the insurance conditions.

The insurance cover includes, in particular, damages resulting from fortuitous events (e.g. fire, eruption, hurricane, flood), overvoltage, operation errors, burglary, robbery, vandalism, fire, inundation, overvoltage, and other non-excluded causes. Insurance cover for portable electronic equipment can be extended to include damages incurred outside of the place of insurance on the territory of Poland, Europe, or the whole world.

The following items can constitute the object of insurance:

  • Stationary electronic equipment,
  • Portable electronic equipment,
  • Data carriers, software, and the costs of data restoration,
  • Additional costs incurred as a result of material damage to electronic equipment.

Terrorism risk insurance

The cover of terrorism risk insurance encompasses damages to enterprise assets resulting from acts of terrorism.

Terrorism risk is normally included under property insurance against fire and other perils, all risk property insurance, electronic equipment insurance, and profit loss insurance. Extending the insurance cover with this aspect can be implemented as part of the existing property insurance policies concluded or as a separate insurance contract dedicated to this type of damage.

The insurance can cover enterprise assets (buildings, fixed assets and current assets, electronic equipment) as well as profit loss connected with the destruction or damage to the assets insured incurred as a result of terrorism acts.

All Risk property insurance

As part of the insurance cover for this type of insurance, the insurance company provides protection against damages to property resulting from the occurrence of fortuitous events. In contrast to fire insurance, where the insurance cover includes only events listed in the contract, All risks insurance lists only the risks that are excluded from the insurance cover; this means that all other events are covered with the insurance. The following types of property can constitute the object of insurance:

  • Buildings/premises and structures,
  • Machines, devices and equipment,
  • Investment expenditures (conversion and refurnishing expenditures),
  • Current assets,
  • Third party property,
  • Personal property of the employees,
  • Monetary instruments.

The All Risk insurance contract usually includes liability limits for burglary, robbery, vandalism, glass breakage risks as well as for other types of events – depending on the needs of a given enterprise.

Profit loss insurance

This type of insurance makes it possible to compensate for financial losses resulting from breaks or disruptions in the business activities caused by damages to the property insured. This type of insurance is closely connected with the property insurance contract concluded.

The subject of insurance is net profit (in insurance terms, it includes sales profit as well as the constant costs of the enterprise).

Insurance cover includes the estimated gross profit that could be achieved in the indemnity period if the activities run were not disrupted or stopped as a result of damage included under the property insurance cover (against fire and other accidents or all risks) and under the profit loss cover.

The insurance cover offered under this type of insurance can include only basic risks mentioned in the insurance contract; it can also be extended to include all risks with the exception of events that are clearly excluded in the insurance conditions.

Zdjęcie: Archiwum MRC

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