Commercial Property Insurance

Premium Rates will vary between Insurance companies and will be dependant on a number of factors, most particularly in commercial terms the use or occupation of the property. Also taken into consideration for rating terms are the property location, the standard of construction and the materials used in construction.

A choice of cover is available:

Standard Fire Policy: The basic coverage against loss that occurs as a result of Fire or Fire caused by Lightning, an explosion (e.g. gas canister or water boiler), impact of falling aircraft (or parts thereof) and smoke damage.

Fire and Perils: The basic coverage above plus extended Perils or disasters including; Windstorm and Tempest, Flood and Water damage, Typhoon, Riots, Strikes and Malicious Damage (Vandalism) Civil Commotion.

All Risks: The above plus accidental self damage to the property (e.g. part of the building collapses on itself). Also includes cover for Theft and Burglary of the household contents.

Earthquake and Volcanic Eruption: Issued as a separate policy to each of the above.

Business Interruption

Business interruption insurance is intended to compensate the insured for the income lost during the period of restoration or the time necessary to repair or restore the physical damage to a covered property. The offer of cover is conditional upon the Insured holding property insurance with the same Insurer and the cause of the interruption must be due to a covered cause of loss.

The cover provided is intended to return to the insured's business the amount of profit it would have earned had there been no interruption of the business.

Analysis of lost profits must be based on sufficiently similar business operations and comparable markets, for example in Bali, tourist seasonal trends would be taken into account if the Insured property was a hotel.

In order to recover lost profits, there must be an ongoing business with an established sales record and proven ability to realize profits at the established rate. Proof of actual profits for a reasonable time prior to the breach is required to establish lost profits.

Motor Vehicle Fleet

Whether you have just one vehicle or a whole fleet, insuring your four or six wheel investment makes smart business sense. This policy not only protects you against the loss of or damage to the vehicle, but third party liability as well.

Motor Vehicle Insurance in Indonesia is offered in two types, Comprehensive and TLO (Total Loss Only). The first one covers all Risks of loss or damage to your vehicles (e.g. accidents, malicious damage, Riots and so on) while the second one is for loss or damage greater than 75%. Deductibles and Co-Insurance will apply but may be raised or lowered to suit your company’s requirements.

Comprehensive General Liability

This Insurance policy provides for cases where you or your company employees have negligently caused bodily injury or material damage to another person or their property.

Financial compensation, which is usually the result of a legal decision against your company, can be an unexpected burden. This insurance covers the financial compensation you would have to pay if you, or your staff, accidentally and without intention cause damage to another person. The sum insured also includes legal fees should these arise. Coverage can be either within Indonesia or Worldwide.

Professional Indemnity Insurance

This is a specialist insurance aimed at professionals and organizations such as Computer Consultants, Web Designers, Accountants, Estate Agents, Architects and Insurance Consultants. It provides indemnity cover in the event of a client suffering a loss, either material, financial or physical which is directly attributed to errors and omissions or negligent advice given to them by the professional concerned. Cover includes an amount for legal defense costs as well as any damages made against you up to the limit of indemnity or Sum assured.

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