WHAT AM I COVERED FOR WITH A BUILDING INSURANCE POLICY?

In this sub – section, we start off with the insuring clause which states:

We will pay for the repair or replacement of the insured property, resulting from damage which is not excluded in this section or is not excluded under the General Exclusions, occurring during the period of insurance.

This is clear and simple, “we will pay for the repair or replacement of the building if there was damage” – and damage, as previously mentioned, is clearly defined as:

Section A – Buildings and Contents

Specific Definitions applicable to this section only

DAMAGE

Means physical loss or damage caused by a single, sudden, unintentional and unexpected event, which occurs at an identifiable time.

Therefore, any damage that is unforeseen and occurs suddenly is covered, unless it is specifically excluded.

No other perils, or defined events, need to be mentioned or listed. This definition of “Damage”, replaces the old list of insured perils, which was all the client was covered for previously.

This is the main concept and benefit of Broadform Assets All Risks cover.