{"id":111,"date":"2019-08-19T06:59:54","date_gmt":"2019-08-19T06:59:54","guid":{"rendered":"https:\/\/www.al-maseer.com\/?page_id=111"},"modified":"2022-11-01T09:57:52","modified_gmt":"2022-11-01T09:57:52","slug":"faqs","status":"publish","type":"page","link":"https:\/\/www.al-maseer.com\/?page_id=111","title":{"rendered":"FAQ’s"},"content":{"rendered":"\t\t
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Quotations and Indications<\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Whilst we will undertake to provide a quotation or indication if requested for business presented to us, we cannot make any promise or guarantee that we can provide a quotation or indication.<\/p>

Where we do provide a Quotation or Indication it will be \u2018open\u2019 for a number of days during which it can be bound.\u00a0 If cover is requested after this time has expired there is no guarantee that:<\/p>

  1. Terms will be the same as originally indicated<\/li>
  2. We will be able to provide a quotation or indication<\/li><\/ol>

    We may therefore have to requote the risk and additional information may need to be supplied.<\/p>

    Where we have indicated that the cover is \u2018Subject to\u2019 a number of items either being provided or completed prior to issuing the policy and going on cover.\u00a0 These must be completed and confirmed acceptable by us in writing before we can issue coverage or where we have waived them this will only be if we have confirmed the waiver in writing.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    \n\t\t\t\t\tPlease check below to see our response to several frequently asked questions. Please feel\nfree to contact us with any addition query you may have using Contact Us<\/a><\/b><\/span>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/div><\/div>

    General FAQs<\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n \n \n <\/span>\n\n \n Why do you ask us for details of our directors and shareholders?<\/span>\n\n \n
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    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Why do you keep asking for additional information about my company?<\/span>\n\n \n
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    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n You ask for a copy of the contract why is this relevant to an insurance policy?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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 \u2018Liability assumed under Contract\u2019 and\/or \u2018Cross Liabilities\u2019, and to do this\u00a0 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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n I don\u2019t want to supply you with a contract as its confidential information?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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<\/strong><\/a> to see what we are able to do.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Are you regulated by anyone? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n What currencies can I pay in? <\/span>\n\n \n
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    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Do you accept Crypto currencies for Payment? <\/span>\n\n \n
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    No, we do not accept crypto currencies of any sort for payment.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Do you release existing client details to anyone? <\/span>\n\n \n
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    All our policies contain the following which makes it clear how your data is utilised by us and others:<\/p>

    \"How we use your information:<\/strong><\/span><\/p>

    The information supplied to us by you may be held on computer and passed to other insurers and reinsurers for underwriting and claims purposes.<\/p>

    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.<\/p>

    We will only share your information as described in this notice or where we are required or allowed to do so by law.<\/p>

    We may record or monitor telephone calls for security and regulatory purposes.\u201d<\/p>

    In certain claims circumstances we use standard industry protocols which enable us to provide \u2018sanitised\u2019 data where the claimants details are removed so as not to make the individual person identifiable.<\/p>

    We do not release or share information except under the circumstances shown above.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Energy Sector FAQs<\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n \n \n <\/span>\n\n \n What cover can you provide for a Renewable Energy Company? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    We can offer a range of cover to meet the insurance needs for a renewable energy company or project either starting up or with completed operations in Iraq. Click on the \u2018Renewable Energy Tab\u2019 for specific information or Contact us<\/strong><\/a> for more information.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n I require an urgent indication for a tender can you help? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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<\/strong> of costs.<\/p>

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

    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Who are your Reinsurers? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    It depends on many factors including the class of business, sector the Insured operate in, financial security requirements. We use recognised reinsurance markets to provide our capacity which would normally be S&P A- or equivalent or higher.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Are you able to arrange surveys and if so to what standard? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    Yes, we can and do arrange surveys of risks that we cover. Our survey partners provide survey services throughout the MENA and wider region for both the petrochemical and retail sectors to Internationally acceptable standards. Contact us<\/strong><\/a> to discuss your survey requirements.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Why do you ask for a Claims experience? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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. Or in certain circumstances will be unable to provide terms or go on cover without a confirmed experience being produced.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n You have told us you are unable to quote within the period specified why? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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.\u00a0<\/p>

    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.\u00a0<\/p>

    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Construction Sector FAQs<\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n \n \n <\/span>\n\n \n What if my build takes longer than originally advised?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    This is not unusual issue to arise, especially with the current global issues around covid and travel restrictions on key staff or availability of key equipment, materials, or components due to delays in the supply chain. Extensions to cover can be arranged however you will be asked to provide up to date information as to the state of the works and the project revised finish date.<\/p>

    We will need substantially more information concerning extensions to cover where work on sites has or will be fully suspended for any period.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n I require an urgent indication for a tender can you help? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    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<\/strong> of costs.\u00a0<\/p>

    This is not a quotation, is non binding and to confirm a bindable figure is subject to all underwriting information being supplied.\u00a0<\/p>

    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Are you able to arrange surveys and if so to what standard? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    Yes, we can and do arrange surveys of risks that we cover. Our survey partners provide survey services throughout the MENA and wider region for both the petrochemical and retail sectors to Internationally acceptable standards. These cover the construction aspects of the risk but can be extended to include operational aspects if so required. Contact us<\/strong><\/a>\u00a0to discuss your survey requirements.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

    \n
    \n \n \n <\/span>\n\n \n Can I include Construction Plant and Machinery under my CAR or EAR Policy?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    Yes, both types of construction policy can have Construction Plant and Machinery included within your Insurance Policy. Alternatively, if you have plant and Machinery which floats over a number of sites that you are working on a standalone Contractors Plant and Machinery Policy may be more appropriate and also a more cost-effective option Contact us<\/a><\/strong>\u00a0for more details or take a look at the specific Key Facts under the \u2018Construction\u2019 Sector button.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n You have asked for a schedule of Contractors plant do I have to use your form? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    Ideally we would prefer you to use the form that can be found here for Contractors Plant and Machinery <\/strong>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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Who are your Reinsurers? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    It depends on many factors including the class of business, sector the Insured operate in, financial security requirements. We use recognised reinsurance markets to provide our capacity which would normally be S&P A- or equivalent or higher.\u00a0 For smaller domestic projects or for our retention on larger projects have a facility we can utilise.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Can I cover other \u2018Interested Parties\u2019 as per the Contract?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    Usually yes, provided there is an insurable interest. It is not unusual for the contract to specify several interested parties to be named as Additional Insureds. We may ask for proof of insurable interest for an Additional Insured but this happens rarely as it is usually clear in the contract where interest lies.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Why do you ask for a Claims experience? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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. Or in certain circumstances will be unable to provide terms or go on cover without a confirmed experience being produced.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n You have told us you are unable to quote within the period specified why? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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.\u00a0<\/p>

    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.\u00a0<\/p>

    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    Liability Sector FAQs<\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n \n \n <\/span>\n\n \n I require an urgent indication for a tender can you help? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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<\/strong> of costs.\u00a0<\/p>

    This is not a quotation, is non binding and to confirm a bindable figure is subject to all underwriting information being supplied.\u00a0<\/p>

    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n The Contract has clauses that must be on my policy, are you providing these?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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 \u2018You ask for a copy of the contract why is this relevant to an insurance policy?\u2019 <\/strong>which explains why this is request is relevant.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Are supply and Fix and\/or Labour Only subcontractors covered under my policy? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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<\/strong>\u00a0<\/a>to assist.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Who are your Reinsurers? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n Why do you ask for a Claims experience? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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. Or in certain circumstances will be unable to provide terms or go on cover without a confirmed experience being produced.\u00a0<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n \n

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    \n \n \n <\/span>\n\n \n You have told us you are unable to quote within the period specified why? <\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n <\/div>\n\n \n <\/a>\n <\/div>\n\n
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    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.\u00a0<\/p>

    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.\u00a0<\/p>

    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.<\/p> <\/div>\n\n <\/div>\n\n <\/div>\n\n <\/div>\n <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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    <\/div><\/div>

    PA Travel Sector FAQs<\/h2><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    \n \n \n <\/span>\n\n \n What if I need to make a change to my insurance policy?<\/span>\n\n \n
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    \n \n\t\t\t\t\t\t\t\t\t\t<\/i> <\/div>\n\n
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    For non-annual, trip specific cover; If your travel plans change or you need to make any other amendments to your travel insurance policy, All you need to do is\u00a0C<\/strong>ontact us<\/strong><\/a>\u00a0and provide us with the following information:<\/p>