Insurance Act, 2021 (Act 1061), Sections 218 and 219, requires all commercial buildings to be insured against risks such as collapse, fire, earthquake, windstorm, and flood. The Standard Fire and Allied Perils Insurance, unlike All Risks Insurance, is a traditional coverage that protects buildings and its contents against specifically named perils. The policy covers both real and personal property from loss or damage caused by fire, lightning, domestic explosion, earthquake, windstorm, flood, explosion, riot, strike, civil commotion, bursting or overflowing of water tanks, pressured equipment or pipes, malicious damage, impact from road vehicles and animals, aircraft and other aerial drops, as well as other related perils that could cause damage or destruction to the property. This policy is suitable for both individual and corporate clients.