Property Insurance

Insurance

Property Insurance

Property Insurance:

It is a Comprehensive policy which covers damage to Building- Residential/Commercial (Like- Godown, Factories, Industries, Shops, Hotels, Schools etc), its Furniture/Fixture, Machinery items etc.

It indemnifies the insured for the loss/expenses incurred as a result of the operation of the insured peril. Property insurance is governed by Nepal Property Insurance Tariff 2076, Nepal. As per tariff rates are defined on the basis of class of construction, type of commodity, type of occupancy. Riot, Strike, Malicious Damage, Sabotage and Terrorism (RSMDST) are special perils which are governed by the guidelines issued by Insurance Pool, Nepal. Policies can be issued on Reinstatement value basis (Other than stock) or on Declaration basis(Stock).

Some of the risks Covered under property insurance are:

  1. Fire
  2. Earthquake
  3. Lightning
  4. Explosion / Implosion
  5. Aircraft damage
  6. Riot, Strike, Malicious damage
  7. Storm, Tempest, Flood, Inundation, Hurricane, Cyclone
  8. Subsidence / Landslide including rockslide, etc.

Hope for the best, Prepare for the Worst

Main Features

Dwelling Coverage

Personal Property Coverage

Liability Coverage

Additional Living Expenses (ALE) Coverage

Replacement Cost Coverage

Risk-Specific Coverage

Policies
Loss of Profit
Loss of profit insurance is more commonly known as business interruption (BI) insurance which, in simple terms, is designed to help maintain your business’s trading position in the event that a serious incident – for instance a serious fire or flood affecting your business premises – disrupts its ability to trade as normal. 

  •  Loss of gross revenue and profit: Helping with loss of income while you’re unable to trade. It can also pay ongoing rent, employee salaries and other overheads. 
  • Increased cost of working: BI insurance can help with additional expenses you could be facing, such as the need to rent alternative premises, or hire temporary staff and equipment to keep your business running. 
  • Recovery periods: One important aspect of business interruption insurance is the length of cover it provides. It’s important to think carefully about how long it might take to return to the pre-incident level of trade, and ensure your BI cover will be there to support you throughout – a period that might be years rather than months .

The claim under material damage policy needs to be admissible before claiming under Loss of Profit Insurance 


The rates of premium are fixed according to the nature of business carried on by the Proposers and the Indemnity Period select