Fire and Named Perils Insurance Thailand
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What is Fire and Named Perils Insurance ?
Fire and Named Perils Insurance is a type of property insurance that provides coverage for specific perils or risks that are explicitly named in the policy. This means that only losses or damages resulting from the specified perils are covered. On the other hand, Insurance against All Risks (IAR) provides coverage for physical damage to insured property caused by any accidental event unless specifically excluded in the policy.
Named Perils Insurance typically covers specific risks such as fire, lightning, explosion, theft, and other specified perils listed in the policy. This coverage is useful for property owners who want protection against a specific set of risks. The policy will only provide compensation if the loss or damage results from one of the named perils.
In contrast, IAR provides broader coverage for physical damage caused by any accidental event unless explicitly excluded in the policy. This type of insurance is suitable for property owners who want comprehensive coverage for their property. The policy will provide compensation for any physical damage that occurs, except for those specifically excluded in the policy.
In summary, Fire and Named Perils Insurance provides coverage for specific risks named in the policy, while IAR provides broader coverage for physical damage caused by any accidental event unless explicitly excluded. It's essential to carefully review and understand the terms of the policy to ensure that you have adequate coverage for your needs.
Who should buy Fire and Named Perils Insurance ?
Fire and Named Perils Insurance is suitable for businesses that are located in areas prone to natural disasters, such as :
- All Business
- SME
- Coastal businesses
- Businesses located in earthquake-prone areas
- Businesses located in areas prone to wildfires or floods
- Residential properties
- Industrial properties
Fire and Named Perils Insurance is something to consider for businesses looking to protect themselves from the financial consequences of natural disasters.
What does a Fire and Named Perils Insurance policy cover ?
Fire and Named Perils Insurance divided into 3 types to respond to the different risk profiles of policyholders. These types include:
- Fire and Named Perils Insurance for Residential Properties
- Fire insurance (suitable for business establishments)
- Property Insurance
Fire and Named Perils Insurance for Residential Properties
Fire and Named Perils Insurance for Residential Properties provides coverage for buildings (excluding foundations) used as a primary residence, such as houses, townhouses, duplexes, apartment units, condominiums, and property inside such buildings, such as furniture, fixtures, appliances, and other personal property necessary for habitation, against the following perils:
- Fire, including damage to electrical appliances and fixtures resulting from electrical surges caused by lightning strikes
- Lightning, including damage to electrical appliances and fixtures resulting from electrical surges caused by lightning strikes
- Explosion
- Impact by aircraft or land vehicles, such as elephants, horses, cattle, or buffalo
- Falling objects from aircraft or other sources, including self-propelled missiles and spacecraft (excluding missiles as weapons)
- Water damage resulting from accidental release, discharge, or overflow from water tanks, heating/cooling systems, air conditioning, water pumps, and including rainwater that enters the building through damaged roofs, windows, doors, vents, and gutters
- Windstorm
- Flood, including natural or man-made floods (excluding roof drains), or caused by rain, forest runoff, or tsunamis
- Earthquake or volcanic eruption
- Hail, snow, sand, or dust that enters the building through cracks or openings in the walls or roof, or damage to structures resulting directly from hail
The coverage also includes temporary rental expenses for residential properties that are covered under this policy and have suffered damages due to the above-mentioned perils.Natural disasters are covered up to a maximum of 20,000 Baht per year, and coverage for damages caused by perils listed above in points 1-6 is also extended to rented residential properties in the event of damage
Fire insurance (suitable for business establishments)
This insurance policy is suitable for businesses and provides coverage for buildings and structures (excluding foundations) used for various business operations such as shops, cinemas, shopping centers, warehouses, industrial factories, and any property insured under the insurance policy, such as furniture, fixtures, office equipment, electrical appliances, stocked goods, machinery used in production, and more. The policy covers damages resulting from:
- Fire, excluding explosion caused by gas used for lighting or residential purposes, direct or indirect damage from earthquakes, damage to insured property caused by decay, natural wear and tear, or spontaneous combustion during any process involving heat or drying.
- Lightning.
- Gas explosion used for lighting or residential purposes only, except for gas explosions caused by earthquakes.
In addition, the policyholder can request additional coverage for damages from other types of disasters, such as earthquakes, floods, insect damage, work stoppage, malicious acts, electrical hazards, and more.
Property Insurance
Property insurance is based on the principle of fire insurance but provides broader coverage than fire insurance. It covers damage to property insured as well as damage caused by sudden external factors that the policyholder did not intend or anticipate. The insurance policy defines the scope of coverage, and any exclusions are explicitly stated in the policy. Exclusions may be more extensive in property insurance than in other types of insurance to clarify what is not covered. Property insurance provides protection for damage to insured property caused by various perils such as earthquakes, floods, vandalism, theft, and other causes.
How much does a Fire and Named Perils Insurance policy cost ?
The premium rates for Fire and Named Perils Insurance are mainly determined by the following factors.
- Insured Amount
- Industry Type
- Building age and construction
- Location
- Fire protection systems
- Occupancy type and use
- Surrounding environment
- Prior claims history
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