Buildings, machinery plant and stock are the tangible assets of your company. Prudence dictates that you protect them, as they are means by which you gain your profitability. The acceleration of replacement costs caused by inflation has meant that a close vigil has to be kept on the adequacy of sums insured. An inadequate property insurance programme could result in underinsurance and unnecessary expenditure. Let us advise you on how to obtain optimum insurance cover at the most economical cost. We are well equipped to advise you of the special considerations necessary in the specialist areas of construction risks and high technology machines, such as computers.
Furthermore, when loss of property occurs the inevitable result is an interruption of the business with a consequent reduction in turnover. But all expenses do not reduce in proportion, some such as mortgage repayments remain at the same level. This will obviously impose considerable strain on the financial stability of the company.
Consequential Loss insurance in its various forms is available. FFK has the specialist knowledge to advise you fully.
Homeowners
Fire and allied perils burglary , public liability, employers liability
Types of Property Policies
Fire and Allied Perils [Click here]
Fire and Allied Perils insurance will provide cover for any damage to your interests incurred at the premises used by you for carrying on your business as a result of fire, lighting and explosion, damage caused by aircraft, riot and malicious damage, earthquake, subterranean fire, storm, tempest or flood, escape of water and impact by motor vehicles. But this risk does not include Burglary and Accidental Damage, and does not include machinery breakdown
Commercial All Risk [Click here]
This type of coverage is designed for the insurance of all buildings, the policy includes coverage for Fire and Allied Perils insurance will provide cover for any damage to your interests incurred at the premises used by you for carrying on your business as a result of fire, lighting and explosion, damage caused by aircraft, riot and malicious damage, earthquake, subterranean fire, storm, tempest or flood, escape of water and impact by motor vehicles. The major difference between Commercial All Risk and Fire and Allied Perils is that CAR includes burglary and accidental damage, the policy rarely includes machinery breakdown.
Contractors All Risks [Click here]
Contractors All Risks insurance (also known as Contract Works insurance) is an insurance policy specially designed for builders and a number of other trades working at a contract site. Contractors All Risks insurance can include cover for public and employers liability, contract works, own plant, hired-in plant and employee's tools.
The main part of the contractors all risks insurance is the contract works section which provides cover for the property being worked on (e.g. new house, etc.). However, cover for the existing property is excluded (e.g. the existing structure when building an extension) and must continue to be insured under its own insurance cover.
Burglary [Click here]
This insurance policy covers all contingencies arising out of actual loss/ damage to the insured property caused by burglary/ housebreaking as well damages caused to the premises by the burglars during burglary or attempts at burglary.
Business Interruption [Click here]
Business Interruption insurance will provide cover for any loss of profits or revenue following interruption of or interference with the business as a consequence of a loss which is indemnifiable under a Fire & Special Perils Policy or an Industrial All Risks Policy
Money Insurance
Engineering/Machinery Breakdown [Click here]
All types of machinery, plant, mechanical equipment and apparatus may be covered under the machinery breakdown insurance. Machinery Breakdown covers unexpected occurrences that can damage equipment and cause expensive production delays or interrupt cash flow. Steam explosion, machinery breakdown and electric arcing are not insured in a standard "all-risk" property policy.
The policy serves as an 'accident' insurance for the machinery through its nature. It covers unforeseen and sudden physical losses or damages to the insured items necessitating their repair and/ or replacement. Faulty design faults at the workshop or in erection, defects in casting and materials are also insured. Usually, such faults are discovered after the manufacturer's guarantee has expired and there is no possibility of recourse. Faulty operation, failure of safety systems, lubrication systems, control systems, lack of skill, negligence are also insured.
Tearing apart on account of centrifugal force, despite not being a very frequent cause can still result in heavy damage to the machine and the surrounding area. This risk is also covered under the conditions of marine insurance. Losses occurring due to short circuits, excess voltage, defective insulations, corona discharge and mechanical stress are also insured. Overheating of the tubing resultant in destruction of entire piping system is also an insurable risk and last but not the least, besides production and operational faults, the policy also covers damage due to the human element.
