The purpose of corporate property insurance is to indemnify the damage caused to the company’s property and to ensure the sustainability of the company. This gives you the freedom to focus on your core business, knowing that in the event of unexpected and sudden events, Seesam will help restore your assets.
NEW! You can now add War Risks Cover to your commercial property insurance policy. This optional cover is designed to protect against risks that are not covered by standard property insurance solutions. In particular, it provides protection against damage caused by drones, but it also covers losses resulting from acts of terrorism, sabotage, riots, strikes, insurrection, revolution, rebellion, coup d'état, war and civil war, subject to the terms and conditions of the insurance policy.
Our long-term experience allows us to offer insurance solutions that take into account the needs and risks of your specific business. When insuring your company’s assets, you can choose between several insurance covers:
When determining the sum insured of inventory and equipment, please keep in mind that if the depreciation of the property to be insured is less than 50%, the sum insured should be determined as the restoration value, i.e. the amount for which new equivalent property could be obtained at the moment of insuring. The sum insured of goods must be determined on the basis of the maximum amount of goods in the warehouse in order to avoid the risk of underinsurance.
What is War Risks Cover?
War Risks Cover is an optional extension to Seesam's commercial property insurance for business customers. It indemnifies direct physical loss of or damage to the insured property, within the scope specified in the insurance policy and terms and conditions, where the loss or damage is caused by a political or military event, such as war, terrorism, sabotage, riots, rebellion or a coup d'état.
Who can purchase War Risks Cover?
The cover is available to business customers who insure their property under a Seesam commercial property insurance policy.
Can War Risks Cover be purchased separately?
War Risks Cover is available only as an extension to a Seesam commercial property insurance policy and cannot be purchased as a standalone insurance product.
Is War Risks Cover included automatically in commercial property insurance?
War Risks Cover is not included automatically. It must be specifically selected and agreed upon when concluding or amending the insurance policy.
Does War Risks Cover include damage caused by drones or missiles?
Yes, it may cover direct physical loss of or damage to the insured property caused by drones, missiles, shells or similar devices, provided that the event falls within the military risks covered under the insurance policy. Compensation always depends on the cause of the loss, the agreed scope of cover, applicable limits and exclusions.
Are all losses resulting from war or political conflict covered?
Cover applies only to the extent specified in the insurance policy and terms and conditions. Certain losses, events and circumstances are excluded from cover.
Does the cover apply to multiple insured locations?
Yes, provided that multiple insured locations are specified in the insurance policy and the relevant property is insured. When assessing a claim, the definition of a single insured event set out in the policy terms applies, including the 72-hour rule and the 30-calendar-day rule.
What is the 72-hour rule?
For certain risks, such as terrorism, sabotage, riots, strikes, civil commotion or malicious damage, losses arising from the same cause, purpose or motive may be treated as a single insured event if they occur within the 72-hour period specified in the policy terms.
What is the 30-calendar-day rule?
For certain events, such as insurrection, revolution, rebellion, coup d'état, civil war or war, related losses may be considered a single insured event if they occur within a continuous period of up to 30 consecutive calendar days, as specified in the policy terms.
Can War Risks Cover be added to an existing commercial property insurance policy?
Yes, existing customers can contact their sales representative to add War Risks Cover to their current Seesam commercial property insurance policy.
Is the premium for War Risks Cover the same for all businesses?
The premium depends on the company's business activity, the property being insured, the selected limits and the overall risk assessment.
Where can I find detailed information about the scope of War Risks Cover and its exclusions?
The exact scope of insurance cover, insured risks, limits, exclusions and claims settlement principles are set out in the insurance policy, the insurance schedule and the War Risks Cover terms and conditions.