PROPERTY

The coverage provided by IAIC’s Property Department is classified under the following two types:

FIRE POLICY (WITH OR WITHOUT ALLIED PERILS)
The standard fire policy covers damage to property caused by fire and/or lightning; also included is a limited explosion cover. Since the property can be damaged or lost by a number of other perils, following can also be included in the fire policy to widen the cover offered by a simple Fire policy:
· Storm, tempest or flood;
· Bursting of pipes or overflowing of water tanks etc.;
· Earthquake;
· Aircraft damage;
· Riot, strike , civil commotion;
· Malicious damage;
· Explosion;
· Impact;
· Burglary. 
 ALL RISKS
This is a more comprehensive cover than the Fire and Allied Perils policy. The “All Risks” policy covers the loss or damage to the insured property due to any cause subject to certain exclusions. So, instead of stating what perils are covered it is stated what are not covered.