Oriental Business Insurance

Oriental business insurance portfolio is particularly noteworthy as it provides financial protection across multiple sectors such as marine, property, engineering and professional indemnity. This comprehensive coverage protects all types of businesses, regardless of size or industry.

Types of Oriental Business Insurance

The key types of Oriental Insurance for businesses in UAE are as follows -

1. Marine Insurance

What is Marine Insurance?

Marine insurance by Oriental Insurance UAE provides essential protection for businesses involved in the transport of goods via sea, air, or land. It covers the financial loss or damage that may occur during the transit of goods so that businesses involved in international or domestic trade can protect their valuable assets against unforeseen risks.

What are the Types of Marine Insurance?

Some of the key types of marine insurance provided by Oriental Insurance include -

1. Marine Cargo Insurance
2. Air Cargo Insurance
3. Land Transit Insurance
4. Hull & Machinery Insurance

1- What is Marine Cargo Insurance?

Marine cargo insurance by Oriental Insurance provides coverage for goods in transit around the world, whether by road, rail, sea, or air. This type of Oriental business insurance plan protects against physical damage or loss during transportation so that your goods are covered at all stages, including loading, unloading, and storage.

Key coverages of marine cargo insurance are -

• All Risk Cover under Institute Cargo Clause (A): This provides the broadest coverage for goods transported by sea, including loss or damage from all risks
• Restricted Cover under Institute Cargo Clause (B) & (C): These offer more limited coverage, protecting against risks such as fire, explosion, and vessel grounding
• Total Loss Cover: Coverage in the event of the total loss of goods
• War Risk Cover: Available as an extended option to protect against war and strikes

2- What is Air Cargo Insurance?

Air cargo insurance by Oriental Insurance Dubai covers goods transported by air. Its coverage spans loss, damage, or destruction during transit, including loading, unloading, and storage. 

Key coverages of air cargo insurance are -

• All Risk Cover under Institute Cargo Clause (Air): This covers all risks associated with air transit
• Total Loss Cover: Provides compensation for the complete loss of goods
• War & Strike Cover: Extends protection to cover risks related to war and strikes during air transport

3- What is Land Transit Insurance?

Land transit insurance covers goods being transported by road or rail. Designed for risks such as accidents, fire, theft and malicious damage, this Oriental business plan keeps your cargo safe during the entire journey, from loading to unloading and storage.

The key coverages of land transit insurance are listed below:

• Inland Transit (Rail or Road) - All Risk Cover: Provides comprehensive coverage for risks such as accidents, theft, and fire
• Inland Transit (Rail or Road) - Basic Cover: Offers restricted coverage for specific risks like explosions, overturning or bridge breakdowns

4- What is Hull & Machinery Insurance?

Hull and machinery insurance by Oriental Insurance UAE provides coverage for physical damage to vessels and their machinery. It covers the insured vessel or fleet against risks while at sea or anchored, providing the safety of both the ship and its machinery.

The key inclusions of hull and machinery are -

• Protection against loss or damage for various vessels such as container ships, cargo vessels, bulk carriers, and leisure boats
• Covers risks like fire, collision, and perils of the sea

2. Fire and Allied Perils Insurance

What is Fire and Allied Perils Insurance?

Fire and Allied Perils Insurance by Oriental Insurance UAE protects your property against damages caused by fire, lightning, explosions and natural calamities like storms, floods, and cyclones. It covers your property — whether it’s a building, machinery, or stock — from potential risks.

Types of Properties Covered Under Fire and Allied Perils Insurance

1. Buildings
2. Furniture, Fixtures and Fittings
3. Plant and Equipment
4. Office Equipment
5. Stock-in-trade (raw materials to finished products)

Key Coverages Provided by Fire and Allied Perils Insurance

• Fire and lightning damage
• Damage due to natural disasters like storms, floods, cyclones, and hurricanes
• Bursting and overflow of water tanks, pipes, and apparatus
• Damage caused by riots, strikes, and malicious acts
• Impact damage from aircraft or other objects
• Smoke damage
• Subsidence, landslide and rockslide damage

Additional Extensions Available Under Fire and Allied Perils Insurance

1. Accidental damage to plate glass and signboards
2. Coverage for burglary or cash hold-up within the premises
3. Loss of rent coverage
4. Debris removal expenses

What is Not Included in Fire and Allied Perils Insurance?

1. Loss due to war, civil commotion, or political risks
2. Nuclear risks
3. Sabotage and terrorism
4. Wear and tear or depreciation

3. Property All Risks Insurance

What is Property All Risks Insurance?

Property All Risks Insurance by Oriental Insurance UAE offers comprehensive protection for a wide range of properties against accidental physical loss or damage. Unlike Fire and Allied Perils, this policy covers almost every type of accidental damage except for specific exclusions outlined in the policy.

Types of Properties Covered Under Property All Risks Policy

• Buildings
• Furniture, Fixtures, and Fittings
• Plant and Equipment
• Office Equipment
• Stock-in-trade (from raw materials to finished products)

Key Coverages in Property All Risks Policy

1. Fire, lightning, storm, and hurricane damage
2. Earthquake and volcanic eruption
3. Floods and impact damage
4. Additional extensions such as coverage for architects' fees, debris removal, capital additions, and temporary removal of property
5. Coverage based on the actual value or new replacement value of the insured property

Extensions Available in Property All Risks Insurance

• Coverage for the costs associated with professional architectural services following property damage.
• Coverage for the removal of debris after an incident.
• Newly acquired assets 
• Coverage when property is temporarily relocated
• Coverage on a ‘new for old’ basis for property, excluding stock
• Allows for periodical declarations of stock values for accurate coverage

Main Exclusions of Property All Risks Policy

1. Electrical or mechanical breakdown
2. Deterioration due to temperature changes
3. Subsidence, ground heave, or landslip
4. Wear and tear, pollution, and contamination
5. Property under construction or manufacture
6. War, civil commotion, political risks, and nuclear hazards

4. Business Interruption or Loss of Profit Insurance

What is Business Interruption Insurance?

Business Interruption Insurance by Oriental Insurance UAE covers the loss of income that a business experiences due to disruptions caused by disasters. This includes losses from the closure of the business facility or the rebuilding process after incidents like fire, storms, or earthquakes.

Advantages of Business Interruption Policy

1. This Oriental business plan restores your business to its pre-loss financial position for minimal impact on turnover and profit.
2. Claims can be made through Oriental Insurance online or via the Oriental Insurance reimbursement claim process.

Key Coverages of Business Interruption Insurance

• Loss of Gross Profit: Covers loss of gross profit resulting from material damage due to an insured peril such as fire, storm or flood
• Additional Expenditure: Includes costs incurred to avoid or reduce the interruption in business operations, ensuring continued income during the disruption

Conditions for Business Interruption Claim

This policy operates only when there is an admissible claim under the property material damage policy (such as a Fire or Property All Risks policy). The loss of profits coverage kicks in when the business is interrupted due to an insured peril and continues until turnover and profit return to normal levels within the defined Indemnity Period.

Important Requirements for Business Interruption Insurance

• Proper records of raw materials, production, sales and income for at least 2-3 years are important to determine the turnover and profit.
• Businesses must insure Gross Profit (GP) based on previous years or projected profits, including:
  • Standing charges such as staff salaries, rents, government fees and loan interest
  • Net profit after deducting standing charges
  • Increased working costs incurred during the interruption

Exclusions for Loss of Profit Insurance

1. Willful negligence by the insured
2. Spoilage of raw materials not related to the insured peril
3. Legal restrictions or orders
4. War, nuclear risks, and intangible losses like goodwill or customer contracts

5. Contractors All Risk (CAR) Insurance

What is Contractors All Risk Insurance?

Contractors All Risk (CAR) Insurance covers civil engineering construction projects — ranging from small villas to large commercial developments such as high-rise buildings, malls, and bridges. An ‘All Risk’ policy, this Oriental business insurance type protects contractors and employers from financial loss due to physical damage to the project as well as liabilities arising from injury to workers or third parties.

Key Coverages in Contractors All Risk Policy

1. Section 1: Contract Works: Covers accidental physical loss or damage to the construction project during its execution. This includes damage to materials, machinery, and work in progress, unless specifically excluded.
2. Section 2: Legal Liability: Provides coverage for legal liabilities related to third-party bodily injuries or property damage caused by construction activities.

Extensions Available in Contractors All Risk Policy

• Constructional Plant: Coverage for constructional plant and machinery used on-site
• Transit to/from Site: Covers the transport of materials and equipment (excluding sea or air transit)
• Maintenance Period: Protection during the maintenance period of the project
• Debris Removal: Coverage for the cost of debris removal following a covered incident
• Architects & Surveyors Fees: Reimbursement for the fees of architects and surveyors in reinstating damages

Period of Contractors All Risk Insurance

The policy starts from the unloading of the first consignment or commencement of work. It continues until the project is handed over or put into service. For this Oriental business plan, the period of insurance should not be less than the contract period.

Main Exclusions in Contractors All Risk Insurance

1. War, civil war, and political risks
2. Terrorism and sabotage
3. Nuclear risks
4. Willful negligence or cessation of work
5. Loss due to faulty design, wear and tear, and more

6. Erection All Risks (EAR) Insurance

What is Erection All Risks Insurance?

Erection All Risks (EAR) Insurance provides comprehensive coverage for the erection and installation of machinery, plants, and steel structures. It covers physical loss or damage to contract works, machinery and equipment as well as third-party liability for bodily injury or property damage during these operations.

Key Coverages in EAR

• Section 1: Contract Works: Covers risks during storage, assembly, erection, testing and commissioning of plant and machinery. The policy protects against accidental physical damage unless specifically excluded.
• Section 2: Legal Liability: Provides coverage for third-party bodily injury or property damage arising from the erection or installation process.

Extensions Available in EAR

1. Transit to/from Site: Covers materials and machinery transported to or from the site (excluding sea or air transit)
2. Testing and Commissioning: Coverage for testing and commissioning periods of plant and machinery
3. Maintenance Cover: Provides continued protection during the maintenance period
4. Debris Removal: Covers the cost of clearing debris after an insured incident
5. Architects & Surveyors Fees: Reimburses fees related to the reinstatement of damage
6. Damage to Surrounding Property: Provides protection for any damage to surrounding structures caused by the erection activities

Period of EAR

The policy begins from the unloading of the first consignment or commencement of work and remains in force until the project is handed over or put into service, including the test run period. The insurance duration must match the contract period.

Main Exclusions in Erection All Risks Insurance

1. Faulty design, defective materials, and bad workmanship
2. Manufacturing defects covered by the manufacturer’s guarantee
3. Mechanical or electrical breakdowns not caused by external risks
4. Willful negligence or intentional damage
5. Nuclear risks and government orders

7. Engineering Insurance

What is Engineering Insurance?

Engineering Insurance by Oriental Insurance UAE covers a range of engineering-related risks, ensuring protection against unforeseen and accidental losses. This insurance covers various types of equipment, machinery and plants used in different industries. It is essential to provide security for businesses during operations, maintenance, and erection processes.

Types of Engineering Insurance

1. Electronic Equipment Insurance
2. Machinery Breakdown Insurance
3. Boilers Explosions Insurance
4. Contractors Plant & Machinery Insurance
5. Marine/Storage Cum Erection Insurance

1- Electronic Equipment Insurance

This type of Oriental business insurance covers physical loss or damage to electronic devices, data media, and the additional costs incurred due to unforeseen events. It is ideal for businesses that rely heavily on technology.

Key coverages -

• Physical damage to electronic equipment
• Damage or loss of data media
• Increased costs due to equipment downtime or malfunction

2- Machinery Breakdown Insurance

Machinery Breakdown Insurance covers plant, machinery, and mechanical equipment during work, rest, or maintenance. It provides financial protection against sudden and unforeseen damage to the insured equipment.

Key coverages include -

• Physical damage to machinery requiring repair or replacement
• Coverage during maintenance operations and normal usage
• Ideal for manufacturing and industrial equipment

3- Boilers Explosions Insurance

This Oriental business policy provides specialised coverage for boilers and pressure plants against damage due to explosions. While fire insurance covers general explosions, this plan specifically addresses damage to boilers and pressure plants.

Some of the inclusions are -

• Damage caused by explosions to boilers and pressure plants
• Covers various types of boilers and high-pressure systems
• Comprehensive coverage beyond general fire insurance policies 

4- Contractors Plant & Machinery Insurance

It covers unexpected physical loss or damage to contractors' plants and machinery. Applicable to machinery at work, at rest or during maintenance, this plan covers both repair and replacement.

It includes the following -

• Physical damage to plant and machinery
• Coverage for machinery during operation and maintenance
• Not limited to a specific construction site

5- Marine/Storage Cum Erection Insurance

The policy covers financial losses during the storage, erection, testing and commissioning of machinery or plants at the project site. It is designed for contractors, principals, and suppliers involved in such projects.

Key inclusions of this type of Oriental business insurance are -

• Damage to machinery and plant during storage or erection
• Coverage for testing and commissioning phases
• Protection for principal contractors, manufacturers, and suppliers

8. Public Liability Insurance

What is Public Liability Insurance?

Public Liability Insurance covers legal costs and compensation claims if a third party is injured or their property is damaged while they are at your business premises or as a result of your business operations. It protects businesses from financial liabilities arising from accidents or incidents involving the public.

Key Coverages of Public Liability Insurance

• Third-Party Injuries: Covers compensation claims for injuries caused to third parties due to negligence or accidental incidents at your business premises or during business operations
• Property Damage: Provides financial protection for damages caused to third-party property while working at their premises or your own business location
• Legal Fees: Covers the legal fees and expenses incurred from claims made by third parties, subject to the insurer’s consent

Who Should Take Public Liability Insurance?

Any business, large or small, that directly or indirectly interacts with the public should consider public liability insurance. This includes businesses with physical stores, offices, or those offering services at clients’ homes or offices.

What are the Additional Extensions Available?

Coverage for certain liabilities under contracts, such as tenant liability towards a landlord under a tenancy agreement

Public Liability Insurance Policy Basis

1. The policy operates on an ‘occurrence’ basis, meaning the incident must occur during the policy period for the claim to be valid.
2. The sum insured is referred to as the Limit of Indemnity, which is the maximum payable amount per accident (Any One Occurrence — AOO). This limit is set as per the nature of the business, potential risks, and the number of people and property that could be affected.

Main Exclusions Under Public Liability Insurance

• Liability related to the insured’s profession or business
• Liabilities towards workmen
• Product liability
• Liabilities assumed by the insured under a contractual agreement unless such liability would have existed without the agreement

9. Workmen’s Compensation Liability Insurance

What is Workmen’s Compensation and Employer’s Liability Insurance?

Workmen’s Compensation and Employer’s Liability Insurance by Oriental Insurance UAE financially shields employers against legal liabilities arising from occupational sickness or accidents suffered by employees during the course of employment. This policy covers medical expenses, loss of wages and compensation for bodily injuries or death, as per the relevant labour laws.

Key Inclusions of Workmen’s Compensation Policy

• Compensation for Injury or Death: Provides compensation for injuries, disabilities or death suffered by employees during employment, in line with the UAE Labour Law of 1984
• Medical Expenses: Covers medical costs related to work-related injuries or diseases
• Legal Costs: Includes coverage for legal fees and expenses incurred if an employee takes legal action against the employer, subject to the insurer's prior consent

Who Should Take This Insurance?

All employers are required by law to provide coverage for employees against workplace injuries or diseases. This insurance ensures that employers can meet their legal obligations and protect their business from potential liabilities.

Additional Benefits of Workmen’s Compensation and Employer’s Liability 

1. Transportation Injuries: Covers compensation for accidents or injuries sustained while employees are being transported from their residence to the workplace
2. Occupational Diseases: Provides compensation for specific occupational diseases like sunstroke and hernia
3. Changes in Law: Offers coverage for changes in compensation laws issued after the policy has been taken out

Workmen’s Compensation Insurance Policy Exclusions

1. Injuries or diseases caused by the willful act of the employer
2. Contractual liabilities, fines and penalties
3. Diseases not specified under the Workmen’s Compensation Laws
4. Asbestos-related claims, war, civil war, and terrorism risks
5. Electromagnetic Field (EMF) and Genetically Modified Organism (GMO) exclusions

Employer’s Liability Limit of Indemnity

The limit of indemnity is based on the number of employees, their occupations, salaries and nationalities for adequate coverage. This Oriental business plan protects both employer and employee in case of an accident or illness related to the workplace.

10. Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Professional Indemnity Insurance financially protects individuals, companies, or firms against legal liabilities arising from professional misconduct, negligence, or errors that result in financial loss to clients. 

This type of Oriental business insurance is essential for professionals whose advice or services could potentially cause monetary damage to their clients.

What is Covered Under Professional Indemnity Insurance?

1. Legal Liability: Covers liabilities arising from acts of negligence, errors, or omissions in the course of providing professional services that result in financial loss to clients
2. Legal Costs & Expenses: Reimburses legal costs and expenses incurred to defend against claims, provided that the costs are approved by the insurer
3. Compensation: Covers damages awarded to clients if it is proven that inadequate advice or services caused them financial loss

Who Should Take This Insurance?

Any professional individual or firm that offers advice, consultancy, or services and is at risk of causing financial loss to clients due to professional errors or omissions should consider this insurance. This includes professionals in sectors like law, consultancy, engineering and finance.

Exclusions of Professional Indemnity Insurance

• Claims made outside the insurance or retroactive period
• Claims for personal injury, libel, slander, defamation, or mental distress
• Infringement of intellectual property rights (copyrights, patents, trademarks)
• Fraudulent or criminal claims
• Loss of data or trade information
• Fines, penalties, and bodily injury claims
• War, nuclear risks, and natural disasters

How to Get Oriental Business Insurance Quotes in UAE?

Policybazaar.ae is a trusted online platform in the UAE that offers comprehensive insurance solutions, working with over 35 leading insurance and banking firms. As the first international venture of the Policybazaar group, the platform aims to provide users with accurate and detailed information on various insurance products.

If you're looking for car insurance, health insurance, business insurance, or any other major category, Policybazaar.ae ensures that you get the best options at the most affordable rates. With an easy-to-navigate website, you can compare different insurance products, access real-time quotes, and make informed decisions with the help of expert guidance.

One of the standout offerings on Policybazaar.ae is business insurance, which includes key products such as marine insurance, property insurance, engineering insurance, and more. These products are tailored to meet the specific needs of businesses, providing complete protection from unforeseen risks.

To get your Oriental Business Insurance quote, simply click on this link and fill out the lead form with your details — a representative will then contact you shortly. The dedicated team at Policybazaar.ae will assist you in understanding your insurance needs, compare available options, and help you select the policy that best suits your business requirements.

Frequently Asked Questions