This type of insurance provides protection against losses and damages of movable (contents) and immovable property (factories, commercial offices, housing buildings) resulting from the risk of fire, explosion and lightning, which can be insured through a typical fire insurance policy. The fire policy can be extended through additional supplements to cover other perils including:
- Falling aircraft
- Storms, cyclones, and floods
- Riot, strikes and malicious damage
- Damages caused by vehicle collisions
- Strikes and disturbances
- Consequential loss (loss of profits)
Procedure for Obtaining Fire Insurance Policy:
- Issuing the insurance policy:
- Obtain the insurance proposal form from the insurance company’s representative, its authorized agent or directly from the company.
- Fill out the insurance proposal form specifying the details of the property subject matter of insurance. Then, the client should sign the form confirming the validity of the included information.
- On-sight survey: A representative from the insurance company conducts an on-sight survey to assess risks and verify the accuracy of information contained in the insurance proposal form.
- Pricing: The underwriters at the Fire Insurance Department analyze the proposal and the survey report to set appropriate price in line with the risk the insurance company would bear.
- Issuing the insurance policy: Setting the premium and the insurance policy with all the approved terms, details and values of the sum-insured and other supplementary coverage. Then the insurance premium shall be paid and a copy of the policy handed to the insured.
- Reporting accident: The insured informs the insurance company once there is an accident and fills a special claims form specifying the accident details, its circumstances, damages and losses incurred.
- On-sight inspection: A representative from the insurance company conducts an on-sight examination to assess the damages and determine the cause of the accident. In case of major losses, a loss adjustor assigned by the insurance company conducts the inspection and prepares a detailed report of the damages and causes of the accident.
- Required documents: The insured is requested to submit with the claim the following documents: purchase bills for the damaged property, report from the Civil Defense, and a report from the Police and the Criminal Investigation Department.
- Settlement of the claim: In light of the documents and the loss adjuster report, the claims department examines the claim in accordance with the terms of the insurance policy to ensure inclusion of the claim and set the value of losses. Subsequently, the compensation amount is offered to the insured and in case of disagreement, the case is referred to arbitration as per the terms and conditions of the insurance policy.
- Payment of the claim: The amount of the claim which was approved shall be paid to the insured, who would then sign a discharge form confirming receiving the amount of compensation.
General Accident Insurance
The most important General Accident covers that Jordanian insurers offer include:
- Theft insurance
- General Liability Insurance
- Cash in Transit Insurance (from bank to customers)
- Fidelity Guarantee Insurance
- Comprehensive Bankers Blanket Bond Insurance
- Professional Liability Insurance
- Workmen's Compensation Insurance
- Livestock Insurance
This type of insurance provides a wide range of protection for risks arising from civil works and the erection and installation of machinery. Some of the Engineering insurance policies which insurance companies offer in Jordan include:
- Contractors All Risks (CAR): Designed to provide protection for all needs and requirements of contractors; starting from the commencement of work, supplying materials to the construction site until the completion and delivery of the project
- Erection All Risks Insurance
- Machinery Breakdown Insurance
- Boiler Explosion Insurance
- Electronic Equipment Insurance