What is

PROPERTY DAMAGE INSURANCE

INSURANCE

Property damage insurance, also known as material damages insurance or sometimes fire insurance, protects your physical assets against a certain number of events. It covers the cost of replacing or repairing your physical assets damaged or destroyed after a loss. Unlike liability insurance, it will only be limited caused to your own assets and not that of third party.

What does property damage insurance cover?

Property damages insurance covers your building, your equipment, your stock and all other physical assets that are under your ownership against a certain type of events. The main event is the fire but it is not the only one. Property damages insurance will include events such as storm, flood, earthquake, theft, vandalism, mechanical failure and many more.

What is the maximum cover I should
have?

Depending on your physical assets, we suggest declaring the replacement value of your building and equipment and the cost value of your stock. The replacement value is the amount to replace the object with one of the same characteristics at the date of loss. It will allow your business to buy a brand new replacement equipment without any wear and tear coefficient.

How does property damage insurance works?

The scope of cover could vary rom one property to another. The basic cover will include events such as fire, explosion, thefts, vandalism and natural events. It could then be extended to additional cover such as machinery breakdown, broken windows, water damage, electrical and electronic failures, crime and many more.

How much does it cost?

Property damage insurance rates are based on the sums insured, the level of deductible, your business activity and the protection measures in place. Some activities such as hotel, office, commercial centre are considered as low exposure hence rate will be minimum. Other activities such as warehouses, textile or wood manufacturing are considered as high risk so rate will be much higher. In any case, insurance premium will look very low compare to the consequences a fire or a natural event could have on your premises. Contact us if you have any questions about property damage insurance.

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