Basic: Fire / Lightning – covers the insured property against direct loss or damages caused by Fire or Lightning.
Optional (Allied Perils):
Earthquake Fire/Earthquake Shock
Earthquake Fire – covers the insured property against direct loss or damages caused by fire following an Earthquake.
Earthquake Shock – covers the insured property against loss or damages (other than fire) occasioned by or through or in consequence of the earthquake.
Typhoon – the existence of a typhoon is based on the records of the Weather Bureau which has defined as having a maximum wind velocity of 64 knots or over.
Flood – this is defined in the Tariff Manual as “the entry of water into the premises insured, from without, due to inundation of land not usually covered by water,
• by reason of an extraordinary high tide, or
• following typhoon, cyclone, and/or windstorm, or
• due to the bursting or overflowing of rivers, reservoirs, canals, and the like.
This is a “packaged” endorsement covering the perils of the following:
Explosion – covers loss or damage caused by the explosion.
Aircraft and Vehicle – covers loss or damage due to physical contact or impact, including falling objects from aircraft.
Smoke – covers loss or damage due to sudden, unusual and faulty operation of any heating or cooking unit when connected to a chimney by smoke pipe/vent in the premises.
Riot, Strike, and Malicious Damage
Riot – may be defined as a tumultuous disturbance of the peace by three or more persons assembling together with mutual intent to assist each other against any who shall oppose them. This covers loss or damage directly caused by:
– Strikers and locked out workers;
– Persons disturbing the peace; and
– Lawful authorities acting to suppress/prevent the disturbance.
Riot and Strike cover may include malicious damage and deterioration of goods (caused by change in temperature due to damage to machinery)
The term of coverage under the Standard Fire Insurance is one year.