Leasehold Insurance will indemnify the Insured for the loss of advanced lease value resulting from termination of property lease contract, due to a constructive total or partial loss over 50% of the property leased caused by fire, lightning, explosion, such that the property is declared unusable.
Coverage
Benefits
- Fire including damage resulted from fire such as damage from smoke, fire extinguishing water
- Lightning
- Explosion of gas which is used for living or other risks under the insurance policy for rental place. Such damage causes structure that bears the building weight until it cannot be used and the damage is more than 50% and/or the building cannot be used anymore. According to the Law or municipal law concerning renting together with aforesaid incident, the rental contract shall be cancelled by lessor or terminated before the end of contract which is the cause depriving the right over such place or building.
Major Exclusions
- War, terrorism, nuclear weapon, radioactivity or radioactive radiation, properties burnt by the authority
- Loss or damage arises from action or omission of action ought to be done by the insured which is cause of termination of contract
- Loss or damage arises from the insured who cancels the contract
- Loss or damage arises from the breach of law concerning control of construction, repairing, adding, demolishment by the insured which is cause of termination of contract
*For international insurance brokers or clients who require insurer/reinsurer to hold a financial strength rating that is higher than that held by Chubb Samaggi Insurance Public Company Limited, please contact ACE INA Overseas Insurance Company Limited, Thailand Branch.
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