Fire & Allied Perils Insurance
What documents are required for obtaining a Fire & Allied Perils Insurance?
For Individuals:
- Copy of NRC (National Registration Card)
- Copy of Company Registration
- Dominant Shareholder Information
- Completed Proposal Form
- Assessor Report (Buildings Insurance)
- If the insured building is under a bank loan, a bank assessor report is required.
- If the insured owns the insurance, KBZMS will provide the assessor report.
- Survey Report & Photos
- Detailed List of Furniture, Fittings, Assets, and Machinery (if applicable)
- Detailed List of Stocks and Inventory (if applicable)
- Copy of Invoice, Contract, or Price Correct Recommendation
- Site Plan/Layout Plan (if the insured building is multi-risk)
- Other Relevant Documents
Is fire insurance available for commercial properties?
Yes, fire insurance is available for commercial properties.
Is fire insurance an annual policy?
The term of fire insurance can vary. You can choose from different durations such as 10 days, 1 month, 3 months, 6 months, or 1 year, depending on your preference.
When I have questions about the requirements, what should I do?
For detailed information and clarification, you can reach out to KBZMS Call Center (+959) 95 007 7000 if you have any questions.
How can I get discount on premium payment?
You can receive a discount on your premium payment through the No Claim Bonus (NCB). If you haven’t made any claims in the previous year, you are eligible for a 25% discount on the premium when renewing your fire insurance. This discount is calculated by comparing the current year’s renewal total premium with the total premium from the previous year, and the NCB will be based on the lesser premium amount.
What is a Fixed Policy for stocks?
A Fixed Policy provides coverage based on a pre-determined sum insured, agreed upon at the policy’s inception. It is ideal for businesses with consistent inventory levels.
What is a Declaration Policy for stocks?
A Declaration Policy is an annual policy offering flexible coverage for businesses with fluctuating inventory. The sum insured is adjusted monthly based on declared values, aligning with the Market Value at the time of loss.
What are the payment options?
After receiving the Debit Note, you can pay the premium at the KBZMS offices or directly to KBZMS bank accounts via KBZ bank QuickPay services or other KBZMS designated bank accounts through mobile banking or internet banking, or nearest bank branches of Major banks. Please refer to the Debit Note for the detailed bank account information.
What should I do when the accident happened?
Notify the KBZMS Call Center at (+959) 95 007 7000 immediately and let us know the following:
- Brief Details of the Accident
- Location of Accident
- Contact information
How can I renew my policy?
A renewal notice will be sent to you before the policy expiry, and you can renew your policy for next term by paying the premium.
How long is the insurance coverage valid until the expiry date?
The insurance coverage is valid until midnight (12:00) on the expiry date.
