Since 2002, Asei Re has been operating business in the field of General Insurance as a complement of previous existing insurance service for the purpose of offering more comprehensive service to its customers.
Asei Re General Insurance products are as follows:
a. Property Insurance
It is an insurance providing indemnity to the Insured against any damage or loss of the insured property due to fire, lightning strike, explosion, hit by airplane crash, and smoke from fire of insured properties. The Property Insurance consists of fire Insurance and its extended guarantee (earthquake, storm, flood, hurricane, and the like) and also guarantee of losses as a result of business interruption caused by fire.
Types of property insurance:
- Indonesian Fire Insurance Standard Policy (PSAKI)
- Indonesian Earthquake Standard Policy (PSGBI)
- Property All Risks (PAR) or Industrial All Risks (IAR)
b. Engineering Insurance
Engineering Insurance is one of insurance forms providing coverage against risk of loss or damage of the insured objects (usually related to the construction; material; equipment or machineries) during the construction or installation of machinery against any risk of loss or damage which is unpredictable, unexpected and considered as an accident.
Extended coverage may be granted against the risks of loss of and damage to property and physical accident of Third Party with maximum amount previous agreed.
Engineering Insurance is divided into two (2) main groups namely Project Engineering Insurance and Non-Project Engineering Insurance:
1. Types of policy for Project Engineering:
- Contractor All Risks Insurance/CAR: provides coverage against risk of loss of and/or physical damage to construction process.
- Erection All Risks Insurance/EAR: provides coverage against risk of loss of and/or damage to machineries during the installation or commissioning.
2. Types of coverage for Non-Project Engineering as follows:
- Electronic Equipment Insurance (EEI)
- Machinery Breakdown Insurance (MB)
- Loss of Profit following Machinery Breakdown (MLOP) Insurance
- Boiler & Pressure Vessel Insurance
- Deterioration of Stock (DOS) Insurance
- Civil Engineering Completed Risk (CECR) Insurance.
- Contractor’s Plant and Machinery (CPM) Insurance
c. Marine Cargo Insurance
This insurance guarantees any damage or loss of cargo transported from one place to another by land transport (truck, train, and trailer), by sea transport (ship), by air-transport (aircraft) against the risks occurred during the transportation of cargoes. Types of risk covered are divided into three (3) categories called Institute Cargo Clauses (ICC) which are (from the most complete): ICC “A”; ICC “B” and ICC “C”.
d. Marine Hull Insurance
- Hull and Machinery Insurance provides guarantee against any damage to or loss of vessel, machineries and its equipment from the perils of the sea and navigational perils.
- Builder’s Risks Insurance provides guarantee against risks occured during the construction of a ship in dockyard until the ship’s hand over to the owner.
- Ship Repairers’ Liability Insurance provides guarantee against liability of the dockyard during ship repar/restroration.
e. General Accident/ Miscellaneous Insurance consisting of:
1. Liability Insurance
It provides coverage of legal liability to any third parties in the form of bodily injury and/or property damage with respect to the work or business activities carried out by the Insured. Types of
– Public Liability Insurance
– Commercial General Liability or CGL (covering Public Liability, Employer’s Liability, Automobile Liability, Workmen’s Compensation)
2. Money Insurance
It provides guarantee for the loss of money and/or anything considered equal to money (check, bank notes, bill of exchange) of the Insured during they are placed in a safe, cash box, or other cash case during expedition from one place to another; when they are placed in cashier or box office where the transaction performed; and guarantee for loss of the insurred’ money due to fraud of the trusted employee in managing the cash.
Types of Money Insurance:
– Cash in Transit (CIT)
– Cash in Safe (CIS)
– Cash in Cashier Box
– Fidelity Guarantee
3. Personal Accident Insurance
It provides coverage against the risks of death, permanent disability, cost of medical care and treatment caused by accident.
4. Personal Accident Insurance Plus
It provides guarantee for repayment of credit with respect to the credit granted by the Bank to a company’s employee (debtor) in the event of death of the debtor due to accident or natural causes or due to an employment termination.mployee in managing the cash.
5. Burglary Insurance
It covers loss due to a theft where the burglar breaks into a building in which the Insured occupies, by means of force/ breaking off and damaging the Insured’s properties as a result of to such act.
6. Advertising Sign/Billboard Insurance
It provides indemnity to the Insured for any damage and destruction of insured’s advertising sign/billboard for reasons of accident, fire, lightning strike, or theft, and also to guarantee legal liability to any third party.
7. Moveable All Risks Insurance
It provides indemnity to the Insured for any damage and/or destruction of the property insured for any reason except the causes excluded, and also to guarantee the property used, operated or leased by the Insured’s client.
f. Aviation Insurance
It provides guarantee for the breakdown and loss of an aircraft structure, war and hijacking risks; legal liability towards third party; legal responsibility towards passenger; personal accident crew; air crew’s losses of license; guarantee of Airport Owner Liability.
g. Oil and Gas Insurance
It provides guarantee for any damage or loss of exploration and other oil production equipment both onshore and offshore. This policy may also cover the risk of construction related to oil and gas exploration and production.