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24/7 Motor Claim Hot LineWhether you are a large company, a small business enterprise or a property owner, taking out the right insurance coverage will help protect your business and minimize your exposure to risk; exposure that could in some case prove very costly and possibly even devastating.
Your insurance requirements will vary according to the type of business you are operating, but you should be aware that some forms of insurance are compulsory.
Before choosing an insurance policy you will need to evaluate your business's or personal insurance needs. Our team of experienced underwriters is ready to conduct a risk exposure assessment and recommend to you the most appropriate insurance covers.
To protect your assets and revenue-generating capacity, we have identified on the left-hand side of this page, the most common type of insurance policies required by businesses and individuals.
Over and above, The Overseas Insurance and Reinsurance Co. sal offers coverage for a wide range of other insurable risks including but not limited to: Business Interuption, Loss of Profit, Deterioration of Stock, Political Violence, etc.
Whereas the Fire and Allied Perils policy covers only the risks that are specifically outlined in the special conditions section of the policy, under a Property All Risks policy, any insurable risk that the contract does not specifically omit is automatically covered.
Covers the building, contents and stock of your business or dwelling against fire and other perils such as earthquake, lightning, storms, floods, impact, malicious damage and explosion.
Insures your business assets or dwelling against burglary and/or hold up, and is most important for a retailer or business that has a premise that is not always attended.
Whenever issued as a complement to the fire and allied perils policy, it loses effect whenever the fire policy is terminated. This however does not preclude from issuing a burglary and/or hold up policy alone.
An insurance policy that protects the buyer of goods being transported over water, land, railway or air from the loss of these goods. Most of the time, either the buyer or the seller is required to purchase marine cargo insurance (or at least assume the risk of transit).
Marine Hull Insurance covers loss or damage to hull and machinery. The hull is the structure of the vessel. Machinery is the equipment that generates the power to move the vessel and control the lighting and temperature system such as boiler, engine, cooler and electricity generator.
Coverage on an All Risks basis whether the airplane is on the ground or in the air; also called hull aircraft insurance. The hull value includes instruments, radios, autopilots, wings, engines, and other equipment attached to or carried on the plane as described in the policy.
Several types of policies are available that protect against different risks. Understanding the differences is important before making your decision:
This liability insurance only protects its holder from being held responsible for the other party's material damages.
This type of policy covers the damages caused by the policy holder to the third party only as is the case with the third party liability policy. In addition, the insured's car is covered in case of Total Loss of the vehicle only.
This is the highest level and most comprehensive form of car insurance and adds accidental damage cover of the policyholder's vehicle to the two policies discussed above.
This type of policy was introduced in Lebanon in 2004 and is required by law for all motor vehicles operating on Lebanese territory. It covers hospitalization and medical expenses for injuries sustained by third party victims only (Not the insured) up to a limit varying between L.L. 750,000,000.- and L.L. 3,000,000,000.- depending on the type and use of the insured vehicle.
This policy was introduced through a convention between some Arab countries. It covers both material damages and bodily injuries caused by the insured while driving his vehicle in one of the participating countries, and sustained within the geographical territories of these countries, namely:
Jordan, UAE, Bahrain, Tunisia, Algiers, Syria, Iraq, Qatar, Kuwait, Libya, Egypt, Morocco, Sultanate of Oman, Palestine.
Insurance against loss by illness or bodily injury. Health insurance provides coverage for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and/or co-payment, limits of coverage and the options for treatment available to the policyholder. Health insurance can be directly purchased by an individual (individual policy), or it may be provided through an employer (Group Policy).
The Overseas Insurance & Reinsurance Co. currently does not offer health insurance cover; However, preparations are in progress to launch this line of insurance cover soon.
This is a compensation for death, injury, or accident suffered by an employee / worker in the course of their employment and paid directly to the victim or their dependents.
This is a compulsory policy regulated and governed by the Legislative Decree 136 of 16.9.1983.
Insurance covering liability of the insured for negligent acts resulting in bodily injury, disease, or death of other than employees of the insured, and/or property damage.
Personal accident insurance covers your expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident. Several types of policies supplement an insurance program. Often, accidental death and dismemberment is an inexpensive form of personal accident insurance.
The following types of insurance policies fall within this scope:
Policy that covers all risks associated normally with a construction project. Issued commonly under the joint names of a contractor and a principal (client), it usually also includes third-party liability insurance.
As the title suggests, this policy covers all risks that could affect the erection of machinery needed during its erection or mounting on site.
Plant and equipment often constitute a considerable part of a building contractor's investment. Contractor's Plant and Machinery is an exclusive all risks policy covering the plant and machinery used by the contractors at the site.
Contractors Plant and Machinery Insurance covers the property whether they are at work or at rest, or being dismantled for the purpose of cleaning or overhauling, or in the course of operations or when being shifted within the premises or during subsequent re-erection.
The policy serves as an 'accident' insurance for the machinery through its nature.
It covers unforeseen and sudden physical losses or damages to the insured items necessitating their repair and/ or replacement.
This is a specific kind of insurance based on "all risk" cover. Electronic equipment insurance covers all sudden and unforeseen physical losses, which are not subject of exclusions, listed in insurance conditions. Subject of insurance are individual pieces of equipment or computer and data processing equipment of the Insured.
Electronic equipment insurance mainly covers material damage caused by the following reasons:
Aviation insurance is divided into several types of insurance coverage available:
This coverage, often referred to as third party liability covers aircraft owners for damage that their aircraft does to third party property.
Passenger liability protects passengers riding in the accident aircraft that are injured or killed. In many countries this coverage is mandatory only for commercial or large aircraft. Coverage is often sold on a "per-seat" basis, with a specified limit for each passenger seat.
CSL coverage combines public liability and passenger liability coverage into a single coverage with a single overall limit per accident. This type of coverage provides more flexibility in paying claims for liability, especially if passengers are injured, but little damage is done to third party property on the ground.
This provides coverage for the insured aircraft against damage when it is on the ground and not in motion. This would provide protection for the aircraft for such events as fire, theft, vandalism, flood, mudslides, animal damage, wind or hailstorms, hangar collapse or for uninsured vehicles or aircraft striking the aircraft.
This coverage is similar to ground risk hull insurance not in motion, but provides coverage while the aircraft is taxiing, but not while taking off or landing. Normally coverage ceases at the start of the take-off roll and is in force only once the aircraft has completed its subsequent landing. Due to disputes between aircraft owners and insurance companies about whether the accident aircraft was in fact taxiing or attempting to take-off this coverage has been discontinued by many insurance companies.
In-flight coverage protects an insured aircraft against damage during all phases of flight and ground operation, including while parked or stored. Naturally it is more expensive than not-in-motion coverage since most aircraft are damaged while in motion.
While every event is not of the same size and impact, this coverage helps to protect against problems including:
This class of insurance enfolds:
An Insurance Policy designed specially to Bankers and Finance Companies.
The Policy covers losses to the dishonesty of employees as well as losses caused by people other than employees due to burglary, robbery, larceny, theft, forgery etc.
Fidelity insurance protects organizations from loss of money, securities, or inventory resulting from crime. Common Fidelity claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Cash-in-Safe Insurance is an insurance to protect any loss to property due to burglary. Burglary under this policy means felonious entry to the premises by violent and forcible means. Insurance of cash against burglary can also be carried out by this policy as Cash-in-safe. Care should be taken while issuing this policy in respect of moral integrity of the proposer.
The Cover is available for the loss of Cash drawn for the payment of wages, salaries and other earnings or for petty Cash, or for direct deposit into or withdrawal from the insured's account in direct transit from the Bank to the Insured's premises and vice versa.
Risk starts from the time the Cash is received at the Bank by the Insured or the authorized employee of the Insured as detailed in the policy until delivered at the premises or other place of disbursement (as declared with the Insurer).
A commercial crime coverage form that protects the insured against losses resulting from forgery or alteration of outgoing checks, drafts, promissory notes and similar instruments drawn against the insured's accounts.
A cover that protects the insured against losses resulting from counterfeit currency, when standard detectors of currency authenticity were not able to find out the counterfeit.
Professional indemnity insurance, also known as PI insurance or indemnity insurance, can help protect you if claims are brought against you by a client due to a problem with work you have done for them.
The professional indemnity policy will offer cover for compensation you may need to pay to correct a mistake or cover any legal costs due to negligence, such as giving incorrect advice or making a mistake in your work.
You may need professional indemnity insurance if you: