Fire Insurance
THE POLICY
The Fire policy is designed to cover non residential buildings, contents and stock in trade against loss or damage caused by defined perils of fire, lightning, explosion, storm and/or tempest and/or rainwater, flood, water discharged or leaking from water pipes or systems, impact by vehicles or animals, earthquake, aircraft or articles dropped from them, malicious damage and riots or civil commotion.
WHO NEEDS THIS COVER?
Suitable for Church owned property that does not require the breadth of cover provided by Catholic Church Insurances Limited's Composite Risks Property policy, particularly appropriate where the property is of low value or the period of insurance is short term, i.e. cover on a special event.
DEDUCTIBLE/EXCESS
The cover is subject to a deductible of $500.
LIMITS OF LIABILITY
The sums insured shown in the schedule are the maximum amount payable in the event of an insured loss.
FIRE SERVICE LEVIES and STAMP DUTY
There is no Fire Service Levy in South Australia, Queensland, Northern Territory and the ACT, the gazetted rate applies elsewhere. Where applicable, stamp duty is added and calculated on the total of the basic premium and FSL.
FEATURES and BENEFITS
The policy covers property on an indemnity basis or value at the time of loss basis which means replacement value less an allowance for wear, tear and depreciation.
The policy also covers:
Property whilst temporarily removed (for a period up to 90 days) and whilst in transit for an amount up to $20,000 on plant and machinery or property forming part of a building and up to 10% of the sum insured on other property:
- Architects, surveyors, legal and consulting fees.
- Labour costs in restoring or replacing business books or records.
- Fire extinguishment costs.
- Loss or damage to frozen foodstuffs caused by breakdown, failure of the public supply or the action of the refrigerant fumes, up to an amount of $300.
- Personal property belonging to employees, teaching staff and students for an amount of $200 per person and $5,000 in total.
OPTIONS/EXTENSIONS
The policy can be extended to include:
- Reinstatement or replacement of property which means old depreciated property is replaced without deduction for wear and tear or depreciation.
- Modified reinstatement or replacement which allows sums insured to be lower. This is often suitable for older, historic buildings where in the event of a total loss a more functional building may be preferred.
- Automatic indexation of sums insured so that adequate cover is maintained.
- Extra costs of reinstatement that may be necessary to comply with Acts and laws.
- Escalation clause that caters for cost movements during the period of insurance.
- Alterations and additions to the building for an amount up to $500,000.
- Removal of debris, demolition and any temporary repairs necessary.
- Loss of rent.
- Destruction or damage by electric current.
- Consequential Loss.
- Additional cost of working.
- Rewriting of records.
- Accountant's fees.
IMPORTANT POINTS
The scope of cover is more narrow than that available under our Composite Risks Property policy.
TAKING OUT A POLICY
Catholic Church Insurances Limited will assist in obtaining information necessary for providing a quotation and issuing a policy.
Claims need to be lodged with Catholic Church Insurances Limited as soon as possible.
Please note: this information sheet is not intended to replace the policy wording. It is designed for information purposes only and should be read in conjunction with the policy wording. For further information or a full copy of the policy wording please contact Catholic Church Insurances Limited on 1300 655 001.
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