We all know that under a normal building combined perils-based policy, the insurer only covers defined events, i.e. listed perils, such as fire, lightning, explosion, storm, wind, water, hail, theft, malicious damage, earthquake etc.
In other words, if the cause of the loss or damage is not one of the listed perils, there is simply no cover. This is a very restrictive form of cover. Assets All Risks policies on the other hand are much simpler.
The principal is that everything is covered unless it is specifically excluded.
In other words, if the cause of the loss or damage appears on the list of exclusions, it is not covered. If it does not appear, then it is covered.
CIA’s policy wordings are all on a Broadform Assets All Risks basis and are written in plain language which makes them easier to read and understand
No longer does the client have to wade through all the technical insurance jargon to try and understand what is covered and what is excluded.
It is in a simple layout; all the important words have been defined and all the exclusions have been printed in red for easy reference. The lists of exclusions are printed under one heading and are clearly shown, making it easier to find
CIA’s policy wordings are all on a Broadform Assets All Risks basis and are written in plain language which makes them easier to read and understand.