The Sonarwa Fire Insurance policy is suitable for the owners of property, one who holds property in trust or in commission, and individuals/financial institutions who have financial interest in the property. All immovable and movable property located at a particular premises such as buildings, plant and machinery, furniture, fixtures, fittings and other contents, stocks and stock in process along with goods held in trust or in commission including stocks at suppliers/customer’s premises, machinery temporarily removed from the premises for repairs, can be insured.
It covers any damage to the property as a result of fire, lightning and expression on buildings, materials, furniture, fittings and stock however, it can also cover large risks like the factory or industry. It goes beyond property insurance and covers the following:
- The cost of reconstruction
- The cost of replacement
- The cost of repair
- The loss can only be ascertained after fire break out and the insurer is liable for the actual amount of loss not exceeding the sum insured under the policy.
It also goes to an extent of covering the following perils on additional premium depending on the choice of the client; earthquake, water damage, floods, inundation, tempests and hurricane, volcanic eruption and landslides, spontaneous combustion, subterranean fire, impact of aerial or land devices etc., riots, strikes, malicious damage, internal and external glass breakage, damage to neighbors’ property including debris removal, and other natural disasters, strikes, bush fire, theft and burglary.