Who Needs Commercial Property Insurance?
Anyone owning commercial property or who is required to insure commercial property used in performance of a contract.
What we can offer
Whilst the definition of Property can be stretched to include any physical asset a company may own or use, for the purposes of the cover we can offer under our Commercial Property Policy we are primarily talking about Buildings and their contents, more about the type of property we can cover is shown later but it would exclude
- Stock and property covered under a marine &/or transit policy
- Motor road risks
(The above two items are covered under their own specific insurance policies).
The polices we issue provide Compliance with major oilfield operator contract conditions including:
- Joint Insured Clause
- Indemnity to Principal Clause
- Subrogation Waiver Clause
- 30 day notice of cancellation / alteration clause
Where you do not own the property but are contractually obliged to insure it, we also include clause relating to ownership / claims handling to negate any disputes arising over claims settlement payments
Claims Handling
Property losses and, if insured the subsequent direct interruption to the business can be complex to resolve both from the point of what caused the damage/loss and in quantifying the actual loss amount sustained.
We are experienced in dealing with small and large losses, both on a direct basis and working in tandem with International Loss Adjuster.
Key Facts
Please check out the key facts details in order to find the information and technical details you need to know about your insurance.
Quotations and Indications
Whilst we will undertake to provide a quotation or indication if requested for business presented to us, we cannot make any promise or guarantee that we can provide a quotation or indication.
Where we do provide a Quotation or Indication it will be ‘open’ for a number of days during which it can be bound. If cover is requested after this time has expired there is no guarantee that:
- Terms will be the same as originally indicated
- We will be able to provide a quotation or indication
We may therefore have to requote the risk and additional information may need to be supplied.
Where we have indicated that the cover is ‘Subject to’ a number of items either being provided or completed prior to issuing the policy and going on cover. These must be completed and confirmed acceptable by us in writing before we can issue coverage or where we have waived them this will only be if we have confirmed the waiver in writing.
General FAQs
The Financial Services Sector has strict rules in respect of Sanctions and Money laundering. By supplying us with the information we have requested we are able to run sanctions checks for sanctioned companies and individuals. We must do this to comply with Iraqi Government and Global Sanctions legislation. Our reinsurers also request the same information about you from us which is another reason we request it as without this we would be unable to obtain reinsurance and therefore be unable to offer you cover.
Occasionally we will request further information to assist in sanctions checks. This is not unusual as many people and sometimes companies, share the same name as an individual or entity appearing on a sanctions list. The additional information assists in making sure the correct entity or Individual is approved or rejected.
The contract along with the Statement of Work and if available Project Plan, provides us with information as to what you are doing. This information is key to the underwriting process and will normally contain the Material Information that you have a duty to disclose to us. We are sometimes within the contract asked to assume ‘Liability assumed under Contract’ and/or ‘Cross Liabilities’, and to do this we have to have sight of the contract to understand exactly what risk is being transferred from you to us as your insurer and in turn for us to transfer the risk to reinsurers.
We understand this which is why we are prepared to sign non-disclosure agreements which make it clear what we do with your data and who has sight of it. If you are still reticent about supplying the contract Contact Us to see what we are able to do.
Yes. As a fully licenced Insurance and Reinsurance company we are regulated by the Iraqi Diwan who annually renew our licence. All Insurance/Reinsurance companies and Brokers (Insurance and Reinsurance) who state they are regulated in Iraq are issued a licence which is renewed on an annual basis with a licence confirmation for the current year issued.
We accept a number of currencies these being Iraqi Dinar (IQD), US Dollar (USD) and Euro. We do not accept other currencies for Premium Payment.
No, we do not accept crypto currencies of any sort for payment.
All our policies contain the following which makes it clear how your data is utilised by us and others:
"How we use your information:
The information supplied to us by you may be held on computer and passed to other insurers and reinsurers for underwriting and claims purposes.
We may use your information for underwriting and claims purposes, statistical analysis, management information, market research, audits on the handling of claims, systems integrity testing and risk management.
We will only share your information as described in this notice or where we are required or allowed to do so by law.
We may record or monitor telephone calls for security and regulatory purposes.”
In certain claims circumstances we use standard industry protocols which enable us to provide ‘sanitised’ data where the claimants details are removed so as not to make the individual person identifiable.
We do not release or share information except under the circumstances shown above.
Related Sector FAQs
Yes, we can and do arrange surveys of risks that we cover. Our survey partners provide survey services throughout the MENA and wider region for both the petrochemical and retail sectors to Internationally acceptable standards. These cover the construction aspects of the risk but can be extended to include operational aspects if so required. Contact us to discuss your survey requirements
Depending on the basic information provided to us, the type of occupation, machinery & plant, stock and goods and taking into account potential processes at the site and values at risk we may require a survey before we can even quote to enable us to obtain reinsurance on the risk. If this is the case we will advise you and explain the options available to you. Please note that even with a survey there is no guarantee or promise that we will be able to provide any coverage
We are only able to cover standard properly constructed buildings built of non-combustible materials and with appropriate and well-maintained services such as the electrical supply. We also need to be aware of hazards at the premises such as fuel tanks, their construction and where they are in relation to the building plus the general condition of buildings in the vicinity. If a building is non-standard or not in a good state of repair or surrounded by derelict buildings the risk is higher. In all cases there can no guarantee or promise that we will be able to provide any coverage.
Because whilst you may be using your part of a building as an office your neighbour may be undertaking industrial processes next to you or have highly flammable stock. This makes a big difference to the risk hence why we ask about your neighbours. In isolation, adverse shared occupancy or combined with other risk factors may mean we will not be able to provide cover. We would advise you as soon as possible if this is the case.
There are many types of composite panels. Some are extremely flammable and very difficult to put out if they catch fire and release poisonous gasses whilst alight. We need to know what the panel construction is to provide best terms. If you cannot provide the construction, we will have to assume they are flammable which means we may not be able to assist you in providing cover or any cover we provide would be subject to restrictions and/or increased terms
We can sometimes provide this cover but there are numerous factors that would effect our and our reinsurers decision to provide business Interruption cover. We would require additional information which would include detailed financial information and details of contingency plans in place as a bare minimum. Contact us for more information. Please also note we will not provide Business Interruption cover on a standalone basis.
Provided the Party has an insurable interest in the property being covered then yes their interest can be noted in a number of ways, Contact us for more information.
A claims experience is important integral part of the underwriting process. One of the misconceptions is that by not supplying the claims experience you will get better terms. The opposite is true as with no claims experience, we and our reinsurers must rely on industry standard data and will always err on the side of caution regarding rating. Or in certain circumstances will be unable to provide terms or go on cover without a confirmed experience being produced.
Claims
A company’s wealth can be affected by circumstances beyond their control, for example a fire. An insurance policy enables a company to transfer the risk from fire and other perils by way of an Insurance contract (the Policy) to a third party (the Insurer) who will compensate you / Indemnify a third party for the damage or loss, subject to the policy terms conditions and exceptions.
You need to be certain the cover is correct for the risks being insured, if it is not then any claim may be withheld or reduced by the application of Non-Disclosure, Average or Indemnity protocols.
We have a track history in dealing with both large and small losses, for complex losses we and our reinsurers will nominate Independent Loss Adjusters to work with you to calculate your loss in line with the policy terms and conditions.
