Accidental (Property) Damage Insurance
Accidental (Property) Damage Insurance (known as “Property All Risks Insurance” or “Industrial All Risks – IAR”) provides with protection for the property against perils in a quite broad extent, said that it protects the insured property for the direct unforeseen and sudden physical loss or damage, as a result of causes not specified in the exclusion of the insurance policy.
Business Interruption Insurance
The business interruption insurance is the policy, which shall provide with protection for loss of income following damage under fire insurance policy or accidental (property) damage insurance policy. This insurance is suitable for a commercial and industrial business. You can insure the business interruption such as a standing charge, which must be paid during the business interruption, including loss of gross profit or increase in cost of working, in order to restore the business operation as soon as possible.
Leasehold insurance shall compensate the insured for a case of loss of the leasehold, arising from fire, windstorm, explosion, earthquake or any other perils, prescribed in the policy, resulting in the leased premises being damaged in whole or in partial of more than 50%, whereby the law or ordinance deems that they are no longer suitable for use, and the lessee have terminate the lease contract for such reason. Thus, the Company shall pay compensation for the insured’s loss of the leasehold equivalent to the remaining duration of the lease contract.
The fire insurance is basic insurance for protecting the property against fire and any natural perils, thereby providing with basic protection as follows:
- Explosion of gas for lighting or domestic use, but not covering explosion of gas resulting from earthquake
This fire insurance policy can also provide with additional protection against perils as follows: earthquake, windstorm, hail, flood, water damage, explosion, smoke, aircraft, vehicle impact, including strike riot or malicious acts (excluding any action for political religious or ideological purpose)
Fire Insurance for Dwelling
Fire insurance for a residential house (not for business operation) provides with protection for the house structure and properties in the house, whereby the protection is as follows:
2. Lightning (including damage to an electrical appliance, arising from a short circuit and resulting in fire)
4. Vehicle impact
6. Water damage; (excluding flood)
7. Compensation for temporary residence
10. Earthquake, Tsunami
Coverage for natural perils for item 8 – 11 will be indemnified as per actual loss but combined not exceed Baht 20,000 per year.