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1. Property All Risks Insurance Policy
The policy indemnifies insured when property is lost or damaged from any peril not exempted from the insurance protection plan including burglary.
Loss of property could be caused by any or a combination causes of nature as well as accidental physical loss or damage not necessarily from external causes.
Al Sagr Cooperative Property All Risks Insurance cover is based on Industrial and Commercial Property Insurance Policy Wording (Market 7 or LM7 Wording).
2. Fire Insurance Policy
The policy indemnifies insured when property is lost or damaged as a direct result of FIRE. A pure Fire Insurance does not meet the modern times expectations in an indemnity policy. Al Sagr Cooperative sells Fire insurance together with lightning and explosion as the basic insurance plan. To this basic plan we add, of course at additional cost any or all of the following perils:
A. External causes such as:
- Storm, Tempest and Flood.
- Bursting of Water Tanks, Apparatus or Pipes.
- Aircraft Damage or articles dropped from aerial devices.
- Impact Damage.
- Explosion of pressure vessels (other than domestic heaters).
- Riots And Strike.
- Malicious Damage.
- Earthquake, Tsunami and acts of nature.
B. Burglary, by forcible entry or exit:
It operates when insured property is lost or damaged due to theft/burglary/ housebreaking
(following forcible entry or exit). Al Sagr Cooperative does not offer burglary insurance on its own, It is an addition to a fire policy.
3. Business Interruption Insurance
After buying either Fire or Fire and allied perils or All Risks policy insured may find merit to buy insurance that offers indemnity in the event of insured's business is interrupted when one or more of the named the un-exempted perils in either policy ensues.
The ensuing of an insured peril under the any of the described property insurance policies cause direct material loss or damage to property insured. But there is more to the risk than the direct physical loss. There is the economical factor that affects the business of the insured. If as a result of the ensuing of an insured/not-exempted peril the business of the insured stops/interrupts insured loses income on which his operation survives. The Fire or the Fire and perils or the All Risks insurance policies do not indemnify insured loss of income because the business had interrupted. Al Sagr Cooperative sells the Business Interruption insurance to clients who depend on the daily income that their business generates.
Indemnity during the interrupted period includes:
Standing Charges, increase in Cost of Working Expenses, net profits and others which the insured and Al Sagr Cooperative may agree to include in the indemnity plan. It is important to select the Indemnity Period (say of 3, or 6, or 12 months or more) depending upon the time needed to bring the property back to the physical condition it was before the loss occurred.
4. Householders Insurance
This is a comprehensive blanket insurance policy to indemnify the insured when insured property, of structure and contents, are lost or damaged from the ensuing of one or more of the different types of risks varying from fire, to fire and other perils and also all risks exposures which the policy covers. Household policy also includes liability of insured towards his domestic helpers, to third parties, to neighbors and land-lords.