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Fire & Named Perils Insurance

Product Overview

Property Fire Insurance offers protection for real and personal property, either owned or rented, through compensation for tangible losses that may result from unexpected averse events 
Fire & Named Perils Insurance offers an option to compensate the insured for losses caused by unforeseeable damage or loss of property.

Property Fire Insurance will cover the following

  • Buildings and structures (the core and shell, including original interior and exterior finish, equipment, service systems, elevators, etc.) 
  • Improvements and alterations (interior finishing of premises) 
  • Building systems and equipment (for example, an air conditioning system) 
  • Furniture and office equipment 
  • Computer hardware 
  • Cash in safes 
  • Glazing, mirrors, showcase glass 
  • Other items (subject to approval) 

Property Fire Insurance provides the «basic» type of protection for property assets of the owner against most common types of risks, including

  • Fire 
  • Explosion (gas storage tanks, gas pipelines, explosives and gas, etc.) 
  • Breakdowns of water supply, heating, sewage or automatic firefighting systems; water or other liquid leakage from other premises (water damage, etc.) 
  • Acts of nature 
  • Lightning 
  • Damage caused by falling objects, pilot-controlled aircraft or their wreckage 
  • Burglary, robbery and depredation 
  • Malicious acts of third parties (intentional damage or destruction of property, disorderly conduct, vandalism) 
  • Glass, mirror, showcase glass breakage 
  • Automobile or self-propelled vehicle collision if they are not owned by the insured 

One of the most important tasks in Fire & Named Perils Insurance is proper estimation of the amount of coverage based on the replacement cost or book value. 

Replacement cost (insurance based on the «new for old» principle, i.e. the cost of the new comparable property) may be a better solution in the event of loss. 

Book value (the value that factors in depreciation) is a better choice for new properties. In all other cases, book-value based insurance is associated with additional expenses as depreciation is covered by the owner. 

Competent estimation of the amount of an unconditional deductible is of paramount importance in insurance. 

In developing Fire & Named Perils Insurance programs, AIG relies on a customized approach to its clients, gaining insight into busing of their companies and selecting the risks typical of each individual case. 

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