The Office Insurance Policy Wording
Each office insurance policy comprises a number of
policy sections providing insurance against specific
risks, exposures and legal liabilities. The insured
can select policy sections to suit their insurance needs.
There is no requirement to select all policy sections
if you are content with being uninsured for the exposure
concerned. Again, the main policy exclusions relate
to professional indemnity risks and workers’ compensation
liabilities.
Office Insurance Policy wording sections:
Office Insurance Policy wordings differ between insurers
and not all policies follow the same format. There are
variations between insurers in terms and conditions.
In general, the cover afforded by each insurer may be
expressed as under:
1. Property: Loss or damage to property
at the insured situation.
This section insures you against damage to your property,
accidental damage to property and theft of property
by any sudden or unexpected or unforseen occurrence
which is not otherwise excluded.
2. Business Interruption: Consequential
loss.
Under this section, the policy will pay consequential
loss arising from an interruption or interference with
the business caused by an insured contingency under
the Property section. The policy will pay the net profit
forgone as a result of the interruption to the business.
In addition all continuing expenses and all additional
expenses incurred in order to return the business to
normal operations.
3. Money: Loss or damage to money or negotiable
documents.
Money is insured against theft or loss, destruction
or damage caused by any accident, not otherwise excluded.
4. Glass Breakage:
The accidental breakage of all internal and external
fixed glass, toilet porcelain, mirrors and similar.
The replacement cost is paid including signage and security
5. Broadform Liability: Public and
products liability.
Insures the legal liability to pay compensation for
personal injury and/or damage to property as a result
of an occurrence and in connection with the insured
business. It needs to be noted liability arising out
of professional negligence and workers’ compensation
are excluded.
6. Employee Dishonesty: Fidelity Guarantee.
Indemnifies the policyholder against misappropriation
of insured property and money belonging to the insured
by an employee of the insured.
7. Machinery: Breakdown of machinery
and plant.
Pays the cost of repairing machinery, such as air conditioning
plant and refrigeration equipment, consequent upon a
breakdown. Additional costs associated with repairing
the item are also recoverable as is the loss of property
due to putrefaction.
8. Computer and Electronic Equipment:
Breakdown
Although accidental loss or damage covering computers
and electronic equipment is insured under the Property
Section, claims arising out of mechanical failure or
derangement are excluded. This section provides indemnity
to repair damaged electronic equipment consequent upon
a breakdown. Loss of income, additional expenses incurred
to repair the equipment and the costs associated to
restore lost data are also recoverable under this section
of the policy.
9. General Property: Loss or damage
to specified property at the situation or elsewhere.
This section insures property as specified in the policy
schedule for loss if damaged by any sudden or unexpected
or unforseen occurrence including theft at the insured
situation or elsewhere as specified.
10. Taxation Investigation: Cost associated
with a tax audit.
The policy, if this section is specified in the schedule,
will indemnify the named insured all necessary costs
reasonably incurred in the completion of a tax audit
or investigation by a statute body by either the Federal
or State Governments. The cover is limited to the expense
incurred and will not pay penalties and fines nor any
costs if the investigation or audit results in substantiating
fraudulent acts or omissions.
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