A typical policy covers accidental physical loss or damage to the Building and/or Common Contents including:
loss or damage by burglary/theft
accidental breakage of fixed glass.
Flood is excluded.
A typical cover includes:
common contents up to a limit of one per cent (1%) of the sum insured on the building.
if this amount is inadequate, insure only the excess required over the automatic cover.
additional cost of reinstatement to comply with statutory regulations or local by laws.
floor space ratio index as a result of statutory regulations or local by laws.
architects', surveyors', civil engineers', legal clerk of works' and other fees incurred in reinstatement of the property insured.
expenses incurred in removing debris, dismantling and demolishing.
A typical policy is subject to an average/underinsurance clause which means that you must insure for full value, otherwise your claim will be proportionately reduced.
Redevelopment Property can only be insured for indemnity value.
Loss of Rent for up to twelve (12) months, or longer if required, as a result of loss or damage to the Building by any insured peril.