Any loss or damage to material and property causes hardship in terms of capital loss and other consequential losses. The aftermath of fires in particular may be drastic, and monetary relief is essential to rebuilding damaged property and returning business to its normal course.

This insurance policy provides you with cover for accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy. Coverage is on all-risk basis in accordance with the London Market (LM 7) policy wording with the following major exclusions:

• Property being worked upon
• Property in course of construction / erection
• Electrical or mechanical breakdown
• Normal wear and tear
• Motor vehicle, water craft or aircraft
• Animals, growing crops or standing timber
• Property whilst in transit
• Consequential losses
• Loss resulting from unexplained circumstances
• Mysterious disappearance
• War, sabotage and terrorism

Period of Insurance

The coverage is usually provided for a period of one year.

Basis of Sum Insured

The sum insured may either be on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure.

The sum insured is very important and needs to be given careful consideration to avoid applying the Average Clause (i.e. application of under-insurance) in the event of a claim.

Deductible

Policy always has a monetary deductible applicable to each and every loss

Premium rate

Premium rates are based on:

• Type of occupancy
• Physical features of the risk
• Values at risk
• Nature of risk
• Location
• Type of industry
• Management and housekeeping
• Selected covers and benefits

Important Information

Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.

For more information, please contact Nasco Gulf at +971 4 351 8610.

Claim Settlement

In case of a partial loss, payment for repairs and replacement is made. In case of policy with reinstatement value clause, the cost of reinstatement will be paid on completion of reinstatement subject to overall limit of the sum insured.

The insurance company may at its own discretion, repair or replace the affected property instead of paying for the cost of restoration.

You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.

Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact Nasco Gulf at +971 4 351 8610