All risk property insurance means that the insurance policy will cover everything except the perils listed under the exclusion list. If something is not notably excluded from the all-risk insurance policy, the insurer will cover it. Property all risk insurance Dubai is a business property insurance covering physical loss, destruction, and damage to the insured property. The main aim is to protect business owners from losing their property due to potential injuries. The insured amount is either the actual value or the new replaced value of the property but sufficient to cover the loss.
Some of the coverage covered under the all-risk property insurance are explosion, burglary, fire damage, machinery breakdown, and business interruption due to machinery breakdown or fire. An all-risk property insurance policy gets you covered in the event of those losses or damages that arise due to a situation that you do not anticipate. When you file the claim, the insurance company evaluates whether the damages are the results of events. They check if it comes under the exclusion head; if not, the insurer offers the coverage.
Below are the lists of situations that are covered under the all-risk property insurance
- Fire damage
- Damage due to lightning
- Natural disasters (flood, cyclones, earthquake, and storms)
- Accidental damage
- Burglary or malicious damage
- Explosion
Below are some of the events that do not come under the all-risk property insurance;
- Electrical or mechanical breakdown
- War or nuclear situation
- Loss or damage that happens during cleaning, restoring, and repairing
- Deprecation of wear and tear
- Denting, scratching or brittle substances
Property all risk insurance Dubai comes with a compulsory deductible, which means the insurer will not settle the entire claim amount. The policyholder will have to pay a certain amount at the time of the claim. A policyholder can opt to pay for a higher deductible amount and get low premium rates.
In an all-risk property insurance, the insurer computes the sum insured as per the market value of the insured property. The policyholder can extend the policy to cover electrical and mechanical breakdown by paying an extra premium. If any loss or damage happens to the insured property, it is necessary to inform the insurance company immediately. As a policyholder, you must take the steps needed to cut down the damage and recover the property. It is also essential to inform the police in case of burglary and theft.
