Who Needs Transportation Insurance?

If you own or use Vehicles on the public highway or transport /import/ export your own or customers goods you will need Insurance.

What We Can Cover

We provide as standard two main areas of cover:

  • Motor Fleet Insurance covering all types of Motor vehicles you own, lease, or are responsible where you operate two or more vehicles and need competitively priced, flexible motor cover meeting local legislation combined with superior claims handling.We pride ourselves on our motor claims handling having an inhouse motor engineer and an inhouse claims team who deal with any claims that have occurred under our motor policies.

    We have close working relationships with numerous main dealers and independent car repairers throughout Iraq including specialist fully qualified repairers of armoured vehicles.

    All repairs undertaken come completed with a 12-month guarantee and a full damage report for your records including before and after photographs of the damage.

  • Marine & Inland Transit Insurance is for any business or individual that is looking to protect their goods being imported or exported from Iraq / worldwide including Inland transit if required and who doesn’t want to rely on the freight forwarders or carriers cover which is often limited as to cover and compensation payable in a loss situation

Both are covered in more specific detail under their own respective headings below.

What we can offer

We are primarily interested in two main areas of cover:

  • Fleet Insurance – covering all types of Motor vehicles and
  • Marine and Inland Transit – which provides cover for the transportation of own or third party goods in, around and outside of the Republic of Iraq

Both are covered in more specific detail under their own respective headings below.

Whilst not core cover to us we can consider Marine and Aviation risks if requested although these will both be subject to heavy reinsurance involvement and availability of cover / limit will be dependant on the reinsurance marketplace.

Motor Fleet

Our policy provides motor insurance cover for companies or businesses that own or use two or more vehicles registered for use within the Republic of Iraq.

We can consider private individuals if they have two vehicles or more and meet our underwriting criteria.

The policy can cover vehicles that are owned by the Policyholder or Vehicles for which they are made responsible for insuring under a lease, hire or contractual arrangement.

Our Fleet motor cover is designed to be very flexible in the cover that we can provide, from basic Third party only coverage, either ground up or sitting excess of the local statutory cover provided outside of the KRG region or ground up where this coverage doesn’t apply.
We can provide Compliance with major oilfield operator contract conditions including:

  • Joint Insured Clause
  • Indemnity to Principal Clause
  • Subrogation Waiver Clause
  • 30 day notice of cancellation / alteration clause

Where a Ministry and or SOE are involved in an account we also include clause relating to ownership / claims handling to negate any disputes arising over claims settlement payments

We will consider private individuals if they have two vehicles or more

Please click on the key facts below for more information.

Marine & Inland Transit

Our marine cargo insurance covers losses arising from physical damage to goods whilst being transported around the world, whether by road, rail, sea or air It ensures yours’ &/or client’s goods are insured against a range of potential perils which can include loading and unloading or in temporary storage depending on the cover basis chosen

We can provide cover for one-off movements through to annual Marine Open cover policies for those importing/exporting goods on a regular basis.

We also provide Project coverage for any goods relating to a project including critical plant and machinery as well as normal goods to be incorporated within the project.

Having the cover is often a contract stipulation for those companies working within the Oil and Gas sector and for those undertaking large construction projects.
There are numerous extensions to the Institute clauses that can be provided depending on your needs.  These can vary from very basic straightforward extensions right up to the provision of Delayed Start Up cover for equipment critical to a project

It is very important that you do not make the assumption and assume that the carrier will automatically reimburse you for the full value of your goods should they get damaged.

This is a common misunderstanding. Shipping companies are only liable to pay you a sum up to the amount specified in their trading conditions – which will often be far less than the goods are worth, with the probability of only a few dollars per kilo in compensation,

Arranging your own Marine Transit coverage will remove this risk to your business.

Please click on the key facts below for more information.

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 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

Ideally we would prefer you to use the form that can be found here for Fleet Vehicle Schedule if you are unable to do this then provided you can supply the same information as requested in our downloadable schedule in a legible format (word, XL or PDF document) we can transfer and use that information to underwrite your Contractors plant risk.

Our standard policy does in that we do not normally write Accidental Damage cover on vehicles that are more than 7 years old from date of manufacture. We can be flexible though depending on the Fleet size and vehicle type although we may need to inspect the vehicle first.

If the vehicle is licensed for use on the Public Highway then yes you can (for example a mobile crane).

We can consider Transhipment upon receipt of full underwriting information and if we can provide this cover there will be an additional premium payable.

That depends very much on the transit route and destination plus the political situation at the time of the transit. Any cover given will be subject to Increased Deductible and additional Premium plus depending on size of risk availability of reinsurance.

Yes we can issue certificates if requested for example for a Letter of Credit requirement.

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. 

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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