Regulated by the Iraqi DIwan under licence 28 -2-12 renewed without break from 2012.
Our financial and regulatory standards are also designed to match international standards.
We are chosen by and do business with some of the worlds largest companies, working with Regional, London, European, Far East and Lloyds, Insurance and Reinsurance Markets
We aim to be the leaders in providing superior quality insurance products to protect the future of our clients. We uphold high ethical and professional standards and we ensure the highest level of client-oriented and innovative insurance services.
Al Maseer Insurance seeks to set the “standard” among insurance providers in Iraq through continuous improvement and innovation. Our vision for the future is to be our client’s first choice for insurance and risk management products.
We have close ties with a wide range of international specialist with whom we have worked for decades so we always have ways to validate our decisions and be proactive in solving problems.
© 2022, Al Maseer Insurance.
Developed by GTonics
© 2022, Al Maseer Insurance.
Developed by GTonics
Construction All Risks (CAR) and Erection All Risks (EAR) cover provides the contractor and/or Principal protection for physical loss or damage occurring at the construction site caused by the perils covered within the Policy. the key difference between the two is
The table below sums up the key differences:
CAR | EAR |
Civil engineering projects | Machinery/equipment made in factories and assembled on site |
Mainly constructed on site | |
Material mainly concrete | Mainly steel and metal |
No testing | Testing important consideration |
Variable concentration of values | High concentration of values |
Principal controlled basis
Principal Controlled Insurance is designed for large development and construction projects with heavy financial requirements or where the Principal wishes to control the cost and extent of coverage provided.
Unlike traditional Project Insurance which insures the contractor and consultants, this type of insurance program insures the Principal as the insured and is extended to include Contractors & subcontractors with other professionals being added if required.
Traditionally, Principals have made it a contractual requirement for contractors and consultants to arrange and pay for the cover for the construction contract. The contractor will then build the price of the cover into the contract price.
Relying on contractors and sub contractors to place their own cover, this arrangement can cause significant problems for Principals, such as:
Therefore, getting Principal Controlled Insurance gives the Principal full control over their insurance program and the costs involved with the cover.
Primary Cover – the policy that responds first to an insured loss, either on a first dollar basis or after allowing for a deductible. When the primary coverage limits are paid, any remaining loss is covered by whatever excess layer of insurance may be in place.
Excess Cover – An insurance policy which sits above and over a Primary cover so extending the limit of cover. It only comes into operation after the Primary Policy limits have been exhausted.
An Indemnity is a sum of money paid as compensation, in the case of a Insurance policy covering an Insureds Liabilities to third parties, it is the compensation that is payable to a third party where the Insured has been found legally liable for damage, personal injury or death to the third party by their negligent action.
Often under the contract between the Principal and the Main Contractor there will be a stipulation for the Contractor to arrange the Insurance coverage required to cover the Project / Works.
The contract will normally make it clear as to what cover is required regarding Wording, Perils, Limits Deductibles and who is to be covered (all subcontractors of the main contractor, consultants and sometimes key suppliers) and this will often need to be signed off by the Principal before the Contractor is allowed on site to start work.
The contract will often stipulate a number of additional cover clauses or extensions that will be required to be added to the contract to protect the interests of the Principal and often any financier of the project