Cover is provided in respect of damage to the insured buildings including all outbuildings.
The insured perils stand as follows:
- Fire, Lightning, Explosion
- Storm Wind, Water, Hail or Snow
- Accidental impact to exterior portion of the building
- Strike, riot, civil commotion and malicious damage.
- Theft or attempted theft.
The buildings combined insurance policy is used by the Society to provide insurance cover predominantly for boarding houses or flats.
Cover excludes loss or damage to gates, fences or retaining walls caused exclusively by weather related perils. (i.e., storm, wind, hail or snow). Wear, tear and gradual deterioration is not covered
The Society must check the value of the bonded asset from time to time to ascertain whether it still covers the loan balance (refer to section 17 on the frequency of valuations).