Wednesday, March 31, 2010

Property Insurance in Indonesia

Here is an article from internet that might be useful for us to know more about insurance in property area. What it covers, what it doesn't, what are the requirements, what can be claimed, what types insurance are....etc....

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Source: ahliasuransi.com




Property All Risks (PAR) = Industrial All Risks (IAR)

Monday, July 7, 2008, 9:00
Property All Risks, Property Insurance7


Property All Risks Insurance
Covers everything except listed exclusions

PAR/IAR is a very “famoust” name amongst other insurance types, because it covers everything (All Risks) except only a few numbers of risks listed as exclusions

Typical Policy Inclusions
· Coverage for Riots, Strikes, Malicious Damage and Civil Commotions
· Coverage for Typhoon, Storm, Flood and Water Damage
· Coverage for Earthquake, Volcanic Eruption and Tsunami
· Coverage for Landslide and Subsidence

Principal Exclusions
· War, civil war, terrorism, nuclear, radioactive
· Delay, loss of market or consequential loss
· Dishonesty, fraudulent act
· Mechanical breakdown, overheating of boilers
· Wear and tear, inherent vice
· Pollution or contamination

Property Exclusions
· Property being worked upon / in course of construction
· Property in transit, road vehicles, watercraft, aircraft
· Jewelry, precious stone, work of art
· Timber, crops, animal, bird, fish
· Land, roads, railways, canals, rigs, well, pipelines, bridges

Additional Benefits (Clauses)
All Other Contents
Average Relief (85%)
Architects, Surveyors and Consulting Engineers
Capital addition (10% of TSI)
Civil Authorities
Claims Preparation
Fire Brigades Charges
Fire Extinguishing Costs
Impact by own vehicle
Internal Removal
Outbuilding
Public Authorities
Removal of Debris
Reinstatement value
Temporary Removal
…………..
Etc



Deductibles
Deductible is your own risk, amount that will be deducted from your claim payable, for each risks or circumstances usually set out below:
- Fire, Lightning, Explosion, Impact of Aircraft and Smoke : NIL
- Riots, Strikes, Malicious Damage and Civil Commotions : 10% of claim, min Rp10,000,000
- Typhoon, Storm, Flood and Water Damage : 10% of claim
- Landslide and subsidence : 10% of claim
- Earthquake, Volcanic Eruption and Tsunami : 2.5% of TSI
- Others : Rp1,000,000

Property All Risks
In summary, It covers ………

•Fire • Lightning •Explosion • Impact of Aircraft •Riots • Strikes •Malicious act • Civil Commotions •Earthquake • Volcanic Eruption •Tsunami • Typhoon, Storm •Flood, Water Damage • Burglary •Landslide • Impact of vehicle •Impact of falling trees • Architects Fees •Fire Brigades Charges • Fire Extinguishing Expenses •Removal of Debris • Claim Preparation Costs •Other accidental damages •and many more

Business Interruption – optional cover

It Covers Loss of Gross Profit if during the period of insurance the business carried on by the Insured at the premises specified in the Schedule is interrupted or interfered with in consequence of loss destruction or damage indemnifiable under Section I (Property Damage)

•Gross Profit : Sales – Variable Costs – Savings (Net Profit + Fixed Costs)
•Gross Rental : Rental – Savings
•Indemnity Period : 12 to 24 months

Machinery Breakdown – optional cover with sub limit

It Covers any unforeseen, sudden and accidental physical loss, or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm or from any other cause not specifically excluded in the General or Special Exclusions hereinafter in a manner necessitating repair or replacement.

Occupation

Every kind of occupation or business can be insured under Property/Industrial All Risks (PAR/IAR) usually with high value to meet the minimum premium required.

•Factory • Industrial or Manufacturing Risks •Warehouses • Ofices •Shophouses • Schools •Hospitals• Hotels •Malls • Container Terminal •Ship Yard • Entertainment • High rise building •Dwelling House •and Others



Premium
It stars from 0.1% to 0.25%

Off course, it depends on some underwriting factors i.e. occupation, risk location, sum insured, terms and conditions, loss history, etc. indicative ratings on some occupation are:




You just need to call and advice the occupation, risk location and sums insured, for this type of insurance, survey is compulsory.

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