Fire & Accidents

We offer a wide variety of insurance solutions to protect your property.

Highlights

  • Insurance Products available off the shelf or tailor made
  • Expertise in Risk Management, Risk Surveys, Risk Improvements
  • A rich experience in the underwriting of various risks

Product Information

 

Standard Fire and Allied Perils

There are two categories of cover under this product in which one can insure property. The basic policy covers against the losses &/or damages due to Fire and lightning only. The additional cover is against losses &/or damages due to Fire, lightning and Allied Perils.

Both categories have similar terms but however for the additional cover of Allied perils each one differs from the other in terms of ratings. In addition to the above coverage one can also include the cover against losses and /or damage due to Burglary.

The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim.

The rate chargeable is always applied on a "Per Mille" basis (for every thousand units) on the Total Sum Insured and is dependant to the nature of risk, location and the housekeeping. There is a Deductible for each and every loss in addition to a number of other Conditions

 

Property All Risks

Under the Property All Risks Insurance the Policy indemnifies the Insured for accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy.

This will include loss or damage by Fire, Lightning, Aircraft, Explosion, Earthquake, Strike, Riot, Malicious Damage, Storm, Tempest, Flood, Bursting or Overflowing of Water Apparatus (including Sprinkler Leakage), Impact by Own Vehicles, Theft or Attempted Theft (by violent and forcible entry to or exit from the premises) and other Accidental Loss or Damage.

The coverage is usually provided for a period of one year. The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim.

The rate chargeable is always applied on "Per Mille" basis (for every thousand units) on the Total Sum Insured and is very dependant to the nature of risk, location and the housekeeping. There is a Deductible for each and every loss in addition to a number of other conditions.

 

Business Interruption Insurance

Dealing with any loss due to a fire is stressful, however coping with one’s business loss after such a catastrophe can often be more stressful due to the loss of revenue and certain standing charges that continue irrespective of the situation that the insured is placed in; bank interests, employee's salaries, rent, electricity etc. This ultimately results in a loss of gross profits due to reduction in turn over and increased cost of working during the period of interruption.

For Business Interruption cover to operate, it is compulsory that there be in place a Property All Risks or Fire Insurance Policy. This cover takes into consideration the following aspects, which should be addressed when opting for this cover, as follows:

  • Gross Profit
  • Net Profit
  • Standing Charges
  • Annual Turnover
  • Period of Indemnity

There are two types of Deductibles (Monetary and Time) applicable under the BI insurance for each and every loss in addition to a number of other Conditions.

Gross Profit

The amount by which sum of the value of the turnover and the value of the closing stock exceed the sum of the value of the opening stock and the amount of the specified working expenses. The values of the opening and closing stocks shall be arrived at in accordance with the Insured's normal accountancy methods, due provision being made for depreciation.

Net Profit

The Net Trading Profit (exclusive of all Capital receipts and accretions and all outlay properly chargeable to Capital) resulting from the business of the Insured at the premises after due provision has been made for all standing and other charges including depreciation

Standing Charges

Interest, Rent, Bank Charges, Insurance Premium, Advertising, Printing, Stationery, Electricity, Traveling Expenses, Maintenance of Plant and Machinery, Depreciation of Building, Plant and Motor Vehicles etc.

Annual Turnover

The Money paid or payable to the Insured for goods sold and delivered and for services rendered in course of the business at the premises

Period Of Indemnity

Whilst the period of insurance is 12 months, the indemnity period differs. This would depend on the period the insured would feel necessary to prepare to come back to the position they were before the loss in terms of both property and trading. Reasonably the periods would be anything between six and eighteen months. However, it would basically be worked out based on the Indemnity amount payable by the insurers which will be in respect of:

  • Reduction in Turnover
  • Increase in cost of working

The rate chargeable is always applied on the Total Sum Insured (Gross Profit) and is very dependant to the period of indemnity, nature of risk, location and alternatives available to continue with the business.

 

Live Stock Insurance

Livestock is the most important asset for farmers and agricultural entrepreneurs, making it necessary to protect against their loss – e.g. the death of animals resulting from accident, illness or disease.

Under our Livestock Insurance, the Insured can specify the type of cover required. The insurance will indemnify the Insured for the actual value of the animals at the time of occurrence of such insured perils (or manifestation of the disease or illness) causing death. (Please refer to the policy document for applicable exclusions.)

The rate chargeable is applied on the Total Sum Insured and is dependent on the type of animals, farm security, periodical veterinary check-ups and exposure to calamities, arrangements and seasons. There are various conditions applicable to this policy.

 

Jeweller’s Block

Like any other trader, Gold Merchants are aware of the risk involved in the commodity that they trade in. Gold and Jewellery in general attracts a lot of attention. The risk of loss and damage involved demands extra security. However, no matter what securities are exercised the risk of loss is not totally eliminated and insurance becomes a solution for providing coverage.

At Oman Insurance Company we offer the Jeweller's Block Insurance. As the name suggests, this insurance provides wider coverage against loss and /or damage to stock, furniture, fitting and fixtures etc.

Under this policy there are specific meaning to the word "Stock" which shall mean goods consisting of gold, jewellery, platinum goods, bullion, precious stones and pearls.

The rate chargeable is always applied on the Total Sum Insured and is very dependent on the scope and extent of cover opted for, security measures in place amongst others. There is a Deductible and Conditions to the policy.

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