Property Insurance is a type of insurance policy that provides coverage for damage to commercial properties and their contents. This insurance protects against financial loss resulting from various causes such as fire, self-ignition, domestic explosions, water leakage, and more. The policy provides coverage to the owner, tenant, or other concerned parties and helps them recover from unexpected damage to their property.
In addition to covering damage to the structure of the property and its contents, property insurance may also offer coverage for loss of profit, loss of rent, public liability, removal of debris, and more.
This means that in the event of damage to the property, the policyholder can be compensated for any loss of income that may result from the property being unusable or from liability claims from third parties.
It is important to note that the coverage offered by property insurance can vary greatly depending on the policy, so it’s essential to review the coverage options and understand what is covered and what is not. By choosing the right property insurance policy, you can ensure that you have the protection you need in case of damage to your property.
Which property insurance is right for you?
| My Office | My Office Plus | |
| Total Sum Insured | Up to $ 75,000 | Up to $ 125,000 |
| Construction / Tenants liability | Up to $ 5000 | Up to $ 5000 |
| Contents | Up to $ 70,000 * | Up to $ 120,000 * |
| Total Annual Premium | $ 150 | $ 250 |
| Product | Cover & Additional Covers | Sum Insured | Deductible |
| My Office | Fire & Lightning | Up to $ 75,000 | 10% each and every loss, with a min. $ 250 |
| Earthquake | Up to $ 75,000 | 1% from the total sum insured | |
| Storm, Tempest & Flood | Up to $ 75,000 | 10% each and every loss, with a min. $ 250 | |
| Domestic Explosion | Up to $ 75,000 | 1% from the total sum insured | |
| Neighbors Recourse | Up to $ 5000 | 10% each and every loss, with a min. $ 250 | |
| Water damage (bursting of pipes and overflowing of water tanks) | Up to $ 5000 | 10% each and every loss, with a min. $ 250 | |
| Burglary following double forcible entry (within Kurdistan Region only) | Up to $ 5000 | 10% each and every loss, with a min. $ 250 |
Product | Cover & Additional Covers | Sum Insured | Deductible |
My Office Plus | Fire & Lightning | Up to $ 125,000 | 10% each and every loss, with a min. $ 250 |
Earthquake | Up to $ 125,000 | 1% from the total sum insured | |
Storm, Tempest & Flood | Up to $ 125,000 | 10% each and every loss, with a min. $ 250 | |
Domestic Explosion | Up to $ 125,000 | 1% from the total sum insured | |
Neighbors Recourse | Up to $ 5000 | 10% each and every loss, with a min. $ 250 | |
Water damage (bursting of pipes and overflowing of water tanks) | Up to $ 5000 | 10% each and every loss, with a min. $ 250 | |
Burglary following double forcible entry (within Kurdistan Region only) | Up to $ 5000 | 10% each and every loss, with a min. $ 250 |
Cover Fire and Allied Perils
Insured To Be agreed upon later
Risk Address In all IRAQ
Period of Insurance 12 months as from date to be advised
This product can be applied to the following stores: Clothing stores, Electrical stores, Libraries, Sanitary supplies and similar kind of shops.
| Shops | |
| The total sum insured includes | Fire & Lightning (Construction / Tenants liability + Contents) |
| Construction / Tenants liability | Please provide the amount (Sum Insured) |
| Contents | Please provide the amount (Sum Insured) |
| Total Annual Rate | 2.8 per mill from the total sum insured with a minimum annual premium IQD 450,000 |
| Product | Cover & Additional Covers | Sum Insured | Deductible |
| Shops | Fire & Lightning | Up to Total Sum Insured | 10% each and every loss, with a min. IQD 375,000 |
| Domestic Explosion | Up to Total Sum Insured | 1% from the total sum insured | |
| Earthquake | Up to Total Sum Insured | 1% from the total sum insured | |
| Storm, Tempest & Flood | Up to Total Sum Insured | 10% each and every loss, with a min. IQD 375,000 |
Warranties:
– Warranted Adequate fire extinguishers should be available and operational at all times during policy period
– Warranted Electric board and electric wires must be well organized at all times during policy period
– Warranted operational cameras at all times during policy period
– Warranted that ceiling is well constructed to protect against any leakage of water
– Warranted that smoking is prohibited inside the premises
Exclusions: as per wording but not limited to:
Excluding Malicious Damage, Sabotage, Terrorism, Political Risks, any kind of War, Strikes, Riots and
Civil Commotions
– Excluding burglary & Hold Up
– Excluding business interruption and consequential losses
– Excluding damages to goods found in the open area.
– Excluding deterioration of stock due to the temperature changes
Deductible:
– 10% on each and every loss, with minimum IQD 450,000 in respect of Fire
– 1% of total sum insured in respect of earthquake for each and every loss
– 10% on each and every loss, with a minimum IQD 1,500,000 in respect of & Storm, Tempest & Flood
Subjectivities:
– Satisfactory survey report and recommendations to be implemented prior to inception/binding date
– No Known or Reported Losses up to binding/inception date
– The general terms of the contract apply.
Risk Type Markets
Cover Fire and Allied Perils
Insured To be agreed upon later
Risk Address In all IRAQ
Period of Insurance 12 months as from date to be advised
| Option 1 | Option 2 | Option 3 | |
| Total Sum Insured | Up to $ 50,000 | Up to $ 100,000 | Up to $ 250,000 |
| Construction / Tenants liability | Up to $ 5000 | Up to $ 5000 | Up to $ 5000 |
| Contents | Up to $ 45,000 * | Up to $ 95,000 * | Up to $ 245,000 * |
| Total Annual Premium | $150 | $300 | $750 |
Covers:
– Fire & lightning
Additional Covers:
– Earthquake: Up to Total Sum Insured
– Storm, Tempest & Flood: Up to $15,000
Warranties:
– Warranted Adequate fire extinguishers should be available and operational at all times during policy period
– Warranted Electric board and electric wires must be well organized at all times during policy period
– Warranted operational cameras at all times during policy period
– Warranted that ceiling is well constructed to protect against any leakage of water
– Warranted that smoking is prohibited inside the premises
Exclusions: as per wording but not limited to:
– Excluding Malicious Damage, Sabotage, Terrorism, Political Risks, any kind of War, Strikes, Riots and
Civil Commotions
– Excluding burglary & Hold Up
– Excluding business interruption and consequential losses
– Excluding damages to goods found in the open area.
– Excluding deterioration of stock due to the temperature changes
Deductible:
– 10% on each and every loss, with minimum $300 in respect of Fire
– 1% of total sum insured in respect of earthquake for each and every loss
– 10% on each and every loss, with a minimum $1000 in respect of & Storm, Tempest & Flood
Subjectivities:
– Satisfactory survey report and recommendations to be implemented prior to inception/binding date
– No Known or Reported Losses up to binding/inception date
Risk Type Pharmacies
Cover Fire and Allied Perils
Insured To be agreed upon later
Risk Address In all IRAQ
Period of Insurance 12 months as from date to be advised
| Option 1 | Option 2 | Option 3 | |
| Total Sum Insured | Up to $ 50,000 | Up to $ 100,000 | Up to $ 250,000 |
| Construction / Tenants liability | Up to $ 5000 | Up to $ 5000 | Up to $ 5000 |
| Contents | Up to $ 45,000 * | Up to $ 95,000 * | Up to $ 245,000 * |
| Total Annual Premium | $160 | $315 | $790 |
Covers:
– Fire & lightning
Additional Covers:
– Earthquake: Up to Total Sum Insured
– Storm, Tempest & Flood: Up to $15,000
Warranties:
– Warranted Adequate fire extinguishers should be available and operational at all times during policy period
– Warranted Electric board and electric wires must be well organized at all times during policy period
– Warranted operational cameras at all times during policy period
– Warranted that ceiling is well constructed to protect against any leakage of water
– Warranted that smoking is prohibited inside the premises
Exclusions: as per wording but not limited to:
– Excluding Malicious Damage, Sabotage, Terrorism, Political Risks, any kind of War, Strikes, Riots and
Civil Commotions
– Excluding burglary & Hold Up
– Excluding business interruption and consequential losses
– Excluding damages to goods found in the open area.
– Excluding deterioration of stock due to the temperature changes
Deductible:
– 10% on each and every loss, with minimum $300 in respect of Fire
– 1% of total sum insured in respect of earthquake for each and every loss
– 10% on each and every loss, with a minimum $1000 in respect of & Storm, Tempest & Flood
Subjectivities:
– The pharmacy must commit to selling medical and therapeutic medicines, and not to selling cosmetics, perfumes, and similar items.
– Satisfactory survey report and recommendations to be implemented prior to inception/binding date
– No Known or Reported Losses up to binding/inception date
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