Who needs liability Insurance?

Any owner of a business who sell products or provide services to customers.

You need Liability insurance cover to protect your business against claims from Third Parties or employees following a negligent act or acts by the business (including those of employees) which causes Property damage, Personal Injury or Death.

liability Insurance

Liability insurance (often also referred to as third-party insurance) is an Insurance cover which protects the insured from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the Insured is sued for claims that come within the coverage of the insurance policy.

It provides an Indemnity + for the Insured against the costs of claims made against the insured by the third party.

Our Liability policies are designed to meet the requirements of a large number of trades and occupations and business entities; from Oil Operators, Building contractors and General contractors through to the owners of factories and office businesses contractors, from sole traders to multinational companies.

Our policies covering oil contracts contain the specific cover and clauses required by the Key Oilfield Operators operating within the Republic of Iraq including the KRG.

We write Primary or Excess of Loss covers on recognised industry standard forms and for our own PC94a based General Liability Policy, excess of our own local retention we have reinsurance arranged with a number of AA+ rated international carriers to ensure we conform to reinsurance security standards that form part of the majority of oil and government contracts.

We can also write Professional Indemnity Liability on a standalone basis for a number of occupations on either an annual or project related period.

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.

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, when reinsurance is purchased 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

Provided we have enough information about the risk which needs to include the project specification and any relevant financial information we can sometimes, but not always provide a Very rough Indication of costs. 

This is not a quotation, is non binding and to confirm a bindable figure is subject to all underwriting information being supplied. 

Where we are being asked to offer a VRI or with full information a Quotation, for projects that may not start for a considerable period we cannot commit pricing as reinsurance rates can and do fluctuate in Iraq due to the current regional geopolitical issues.

We are normally able to provide the clauses that are specifically requested within a contract unless they are unreasonable or simply not applicable to the class of business, in either case you will be advised. We will always on liability polices request a copy of the contract to ensure we understand what we are providing cover for see General FAQ above ‘You ask for a copy of the contract why is this relevant to an insurance policy?’ which explains why this is request is relevant.

Only if you have specifically declared that cover is required for them at the time the cover was incepted and under the definition of insured, they have been specifically added and all payments to them have been declared. You must check your contract terms and conditions with the principal as you may be responsible for ensuring that certain subcontractors or all of them carry back to back insurance for the work they are doing for you (their own insurance policies) Contact us to assist.

For Liability covers where the limit of Indemnity exceeds USD1m we use recognised reinsurance markets to provide our capacity which would normally be S&P A- or equivalent or higher. Our main reinsurers for this class of business are S&PAA- rated.

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. 

Insurance can be complicated to arrange correctly in line with contract terms and conditions, we will often need to talk to our reinsurers many of whom are in different time zones and have different working weeks. 

We also need to assess the data supplied, ask questions for additional/clarification of information if required and for some specific classes with high claims frequency have an actual model run. We cannot do these in a 24-48 hour period and provide anything like our best terms. 

Larger more complex risk will usually require a minimum of 14 days produce terms, preferably longer for more complex risks. In this time period - we have to raise questions, you to supply answers, potentially obtain a survey if one is required, contact reinsurers, obtain and assess their terms in line with our requirements and that of the contract, prepare the quotation and answer any items raised in the RFQ, then finally present terms.

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.

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