Annual is normal but terms up to 35 years are available on private housing. Longer term policies will be written with the proviso that the full premium be paid at inception. A Stamp Duty of Y200 is levied on all policies. All Insurers must be licensed. Japan is now a brokerage and an agency market.
Fees are normal ways for broker remuneration.
Foreign multinational companies use the letter which is understood and accepted by the market. With the exception of the Government's involvement with Third Party Automobile Liability and Earthquake coverage for private dwellings, there are no restrictions. Standard fire perils include - fire, lightning, explosion. Earthquake insurance is available on a restricted basis and Fire Following is available. Japanese companies for the most part do not purchase Earthquake Business Interruption.