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It is type of insurance whichcompensate insured against financial loss or damage to commercial property being damaged or destroyed by fire and lightening but in response to market demand extensions of cover will be developed for other perils.
Types of fire policies
There are two policies issued under commercial line which are standard fire policy and industrial all risk policy.
1.Industrial all risks policy
It covers commercial and industrial property from loss or damage other than causes excluded and is used mostly to insure “larger property/factory risks.”
2. Standard fire and lightening policy
The standard policy cover is a named-peril policy covering various perils on demand bases in addition to fire and lightening.
This policy is issued for small to medium businesses to cover loss or risk of fire and demand based causes or perils against insured property.
Scope of cover
The policies under commercial line cover insured’s property includingbuilding, machinery, stocks, furniture, and other contents, against damage or losses arise out the following major perils
Exclusions
Some of the basic exclusions are damage or loss by:
Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994. Read more...
Apart from its major investments in real estates in the downtowns of Addis Ababa, Bahir Dar and Nazareth, Nyala Insurance selectively invests in various financial institutions like Dashen Bank, which have potentially high investment returns. Read more...
Protection House, Mickey Leland Street
Tel: +251-11-6626679/80/76
Email: nisco@nyalainsurancesc.com
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