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 OfficeMy Office Plus
Total Sum InsuredUp to $ 75,000Up to $ 125,000
Construction / Tenants liabilityUp to $ 5000Up to $ 5000
ContentsUp to $ 70,000 *Up to $ 120,000 *
Total Annual Premium$ 150$ 250
ProductCover & Additional CoversSum InsuredDeductible
My OfficeFire & LightningUp to $ 75,00010% each and every loss, with a min. $ 250
EarthquakeUp to $ 75,0001% from the total sum insured
Storm, Tempest & FloodUp to $ 75,00010% each and every loss, with a min. $ 250
Domestic ExplosionUp to $ 75,0001% from the total sum insured
Neighbors RecourseUp to $ 500010% each and every loss, with a min. $ 250
Water damage (bursting of pipes and overflowing of water tanks)Up to $ 500010% each and every loss, with a min. $ 250
Burglary following double forcible entry (within Kurdistan Region only)Up to $ 500010% 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 includesFire & Lightning (Construction / Tenants liability + Contents)
Construction / Tenants liabilityPlease provide the amount (Sum Insured)
ContentsPlease provide the amount (Sum Insured)
Total Annual Rate2.8 per mill from the total sum insured with a minimum annual premium IQD 450,000
ProductCover & Additional CoversSum InsuredDeductible
ShopsFire & LightningUp to Total Sum Insured10% each and every loss, with a min. IQD 375,000
Domestic ExplosionUp to Total Sum Insured1% from the total sum insured
EarthquakeUp to Total Sum Insured1% from the total sum insured
Storm, Tempest & FloodUp to Total Sum Insured10% 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 1Option 2Option 3
Total Sum InsuredUp to $ 50,000Up to $ 100,000Up to $ 250,000
Construction / Tenants liabilityUp to $ 5000Up to $ 5000Up to $ 5000
ContentsUp 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 1Option 2Option 3
Total Sum InsuredUp to $ 50,000Up to $ 100,000Up to $ 250,000
Construction / Tenants liabilityUp to $ 5000Up to $ 5000Up to $ 5000
ContentsUp 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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