1. The sum insured on Fire and Extraneous Perils, Fire (Building) and All Risks must represent the following:
- Full reinstatement values for building and renovation/improvements
- Full replacement costs for contents other than stock-in-trade
- Market value for stock-in-trade
Without allowance for wear, tear and depreciation otherwise any claim settlement will be proportionately reduced.
2. Premises occupied as an office or store in an industrial building are accepted for SMECare.
3. Referred trades^ for underwriting:
- Computer components, integrated circuit chips
- Motor garages, showroom, workshop
- Scrap metal
- Ceremonial i.e. joss sticks and paper products
- Spring mattress, bedding fabric
- Paint and Vanish
- Battery and Tyre
- Alcohol, wines and Spirits
- Accommodation providers, backpacker’s inn
- Traditional Chinese herbs, dried seafood products
^Standard terms are not applicable to referred trades
4. Excluded trades:
- Blasting, smelting, or other operations involving hazardous actiåvities
- Hot work and/or spray painting
- Jewelry, precious stones/metals, watches, work of arts
- Contractors of all trades including landscaping
- Charcoal, fireworks and other explosive goods
- Livestock and/or Nurseries
- Oil, kerosene, petroleum, LPG and other flammable liquid and gases, chemicals (flammable, toxic or explosives)
- Rubber, Plastics, Foams
5. The following types of Premises/Construction are not covered:
- Building not of Class 1 construction, shared premises, multi tenanted
- Property kept in the open/without perimeter, fence, security, pre-war premises
- Risks outside Singapore
6. Directors and Officers Liability Optional Extension is only available for companies with total assets less than S$10,000,000 and without securities listed on any securities exchange.
Note: Please approach our underwriting team should you have questions on referred trades and excluded trades.
The information provided here is a summary. Please refer to the actual policy wordings for the terms and conditions.