The standard fire policy will indemnify you against physical or material destruction to buildings and/or their contents, occasioned by any of the following perils: Actual fire, Lightning, Explosion, Bursting or overflowing of water tank, pipes and apparatus, Aircraft and other aerial devices or articles dropped there from, riot, flood, bush fire etc. By virtue of Section 65 of The Insurance Act 2003, it is mandatory for owners of public buildings, to insure such buildings “to cover legal liabilities in respect of loss of or damage to property or bodily injury or death, suffered in the course of use of such buildings.

The Act further defines public buildings to include “tenement house, hostel, building occupied by tenants, lodger and any building to which the public have ingress and outgress. The properties to be insured are your office furniture, fixtures and fittings, stock of materials etc. The policy can also cover such property held by you in trust or on commission.