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Property Insurance

  1. Property insurance is governed by Nepal Property Insurance Tariff 2076, Nepal.
  2. This is a comprehensive policy that covers property such as residential houses, factories, shops, showrooms, hospitals, stocks and other forms of assets against fire and lightening related, storm related, water related, land related, subsidence related, Explosion related etc risk, there should exist following three features:
  • There should be actual ignition.
  • It should be fortuitous/accidental in nature.
  • The property destroyed or damaged should not be on fire in general way.
  1. Rates under Nepal Property tariff are based on class of construction, type of commodity, type of occupancy.
  2. Riot, Strike, Malicious Damage, Terrorism and Sabotage covers are special perils which are governed by guidelines issued by Insurance Pool, Nepal.  

There are three type of special polices that can be issued under property section:
  1. Reinstatement Value Policy which can be issued for fixed assets only.
  2. Stock Declaration Policy which can be issued for stocks which fluctuates over the period on single location.
  3. Floating Policy for stock which is kept at more than one location.

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