Find the right multi-risks insurance
In-depth knowledge in placing insurances of assets starting from the constructions phase to the property all risks of your warehouse, factory or building...
Himaya has an extensive knowledge in placing insurance of assets starting from the constructions phase (contractor or Erection all risks) to the property all risks of your warehouse, factory or building (and business interruption following a covered property claim), the dishonesty of your employees (Fidelity), your money in safe or transit, encompassing perils from fire, damage by water, storm, earthquake to war, terrorism, strikes, riots, civil commotion and malicious damages etc.
Our Services
- Starting with an Enterprise comprehensive and holistic approach in order to understand Your Company and assess its risks to organize the transfer of a sizeable part of its risks to insurance companies (as per the risk appetite of Your company) and to offer bespoke risk management solutions
- Assisting and advising You in filling all insurance proposal forms and preparing the submission file to the underwriters
- Doing the necessary insurance market exercise through benchmarking premiums, insurance offers and policy types etc. thanks to our market knowledge.
- Assisting, providing a legal support and advising the insured throughout the life of the claim from the initial notification of the claim and management of insurers’ experts while representing your interests. By working with all of the stakeholders, we develop a claims strategy that puts in place the fundamentals needed to deliver on the insurance policy.
- Assigning one Account Executive in charge of Your Company from A to Z who acts as a single point of contact
- Making pre-risk visits of your properties, this will allow us to know better Your company and thus Your needs. This will assist underwriters in assessing the risk.
Our Advices
- To deliver on your duty of making a fair presentation of the risk to insurers containing all material circumstances which you know or ought to have known
- If you are in doubt as to whether information is material, it is best to disclose it since rarely disclosure will prejudice you, whereas non-disclosure certainly will.
- Disclosure to include:
– Loss history
– Detailed assets sum insured to represent the basis of settlement of the policy (replacement value, market price, cost price etc.)
– Scope of works, risk situation, location and its surroundings
– Fire or other perils protection equipment (CCTV, fences, alarms etc.)
– Watchman, guards etc.
– Any material fact
A material fact is one that is likely to influence the judgment of an insurer
when determining whether to provide a business with cover and at what premium.
our tips!
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For construction make sure to ask for the certificate of completion
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For determining the sum insured:
- Buildings, fixtures and fitting needs to be on new replacement value (NRV) meaning the cost of rebuilding the building (estimated cost of rebuilding by square meter multiplied by the number of built square meter)
- Stocks and raw materials to be on cost basis except for certain raw materials which have a volatile price to be on replacement cost basis including delivery to site
- Machineries and Equipment to be on new replacement value or market value. If based on market value and if they need repair or replacement of spare parts, the average clause will apply unless similar 2nd hand damaged item/spare parts are available. In case of total loss, the indemnity will be based on market value.AT THE TIME OF THE CLAIM IT IS TOO LATE! “TO GOVERN IS TO FORESEE…”
