Commercial Insurance Case Study

ii. II. Commercial Insurance

Commercial insurance for the business needs that secure the business start from the property, engineering, liability, marine and other important aspect. Each of these insurances have different coverage with different price of premium in days or years.

i. Property Insurance

Property insurance plan can be offered into two policies to the business such as fire insurance and fire consequential loss insurance.

a. Fire

Fire insurance is provide the basic or standard fire policy to cover and indemnify the loss or damage of the insured’s physical property that caused by the fire, lightning, and limited explosion, storm and more.

b. Fire Consequential Loss

Fire Consequential Loss is a complimentary insurance of fire insurance.

a. All Risks insurance

Policy that protects the Insured’s property such as office equipment, plant and machinery including portable items in case of happpening any loss of or damage to those item caused by fire, theft or any other accident.

b. Burglary

Policy that protect the business property or trade premises from loss or damage due to theft, any attempt threat or armed robbery. The sum insured can be arranged either full value basis where all assets most susceptible to loss or damage are insured or first loss basis where sum is estimates in the maximum probable loss in the event.

c. Equipment All Risks

Protection mainly for mobile plant and vehicles which are not licensed for road use and covers for the loss or damage to accessories or parts of equipment due to burglary, fire, or accidental collision.

d. Fidelity Guarantee

Policy indemnify when the employer may sustain through acts of dishonesty by the employees such as acts of faking, charges of fault, or theft in case of any direct pecuniary loss but also loss of real properties and