The Basic cover is against destruction or damage to buildings and contents by Fire & Lightning.
However the policy can be extended to include damage resulting from other Perils such as malicious damage, explosion, bush fire, earthquake, riot, strikes and civil commotion, damage from hurricanes, snow, tornadoes, windstorms, hailstorms, cyclones, floods burst pipes/tanks including impact damage from over flying airplanes, vehicles & animals.
Premium rate depends on the following among other factors:
(i) Construction of the buildings
(ii) Location of premises
(iii) Values & items insured
(iv) Processes or activities carried on in the premises