ASIAN ALLIANCE RISK SERVICES TAIWAN
- Property Damage Insurance
- Marine Cargo Insurance
- Product Liability Insurance
- Commercial General Liability Insurance
- Directors and Officers Liability
- Construction/ Erection All Risks (Car/Ear) Insurance
In insurance market practice, Property Damage Insurance can cover the following damage caused by the insured losses:
Property Damage
In general, property insurance covers physical loss or damage caused by the perils specifically in the policy.
Risk Management and Insurance philosophy includes the provision that all facilities (e.g., buildings, structures, machinery & equipment, furniture & fixtures) be insured for property damage insurance on a REPLACEMENT COST BASIS (without allowance for depreciation) for like kind and quality of the property that was damaged or destroyed. All risk property insurance covers physical loss or damage caused by any peril unless specifically excluded in the policy. In addition to direct property damage, the policy can be written to cover many other exposures such as business interruption, extra expense, demolition and increased cost of construction, property in transit, valuable papers and records, accounts receivable and other coverages.
Business Interruption
Business interruption insurance is designed to cover the loss of profits and necessary continuing expenses during the period of interruption, from the date of loss until the property is repaired or replaced with "due diligence and dispatch", when there is a physical damage loss to insured property by an insured peril occurring during the term of the policy. When property used for selling goods is damaged or destroyed, sales may be impaired and business lost, Business Interruption Insurance will pay for lost of profits, fixed charges and expenses which result from physical damage to covered property. Also included are those extra expenses which reduce or avert Business Interruption loss to the extent where the amount that would be otherwise paid is reduced.
Business interruption insurance is designed to cover the loss of profits and necessary continuing expenses during the period of interruption, from the date of loss until the property is repaired or replaced with "due diligence and dispatch", when there is a physical damage loss to insured property by an insured peril occurring during the term of the policy.
When property used for producing or selling goods is damaged or destroyed, sales may be impaired and business lost. An interruption of business may result and cause losses in the form of:
1. Loss Of Net Profit
2. Loss Due To Additional Expenses During Shutdown
3. Loss Due To Continuing Expenses
Machinery Breakdown
The basic machinery breakdown policy covers the damaged caused by a sudden and accidental loss of machinery due to breakdown, explosion or collapse during the course of operations caused by defects in material, faulty design, lack of operator skills, etc. an accident to an insured object. Coverage for the property damage loss is provided on a repair or replacement valuation basis.
