| Burglary Insurance |
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This insurance is done to compensate the insured of any loss or damage by Housebreaking or Burglary to the Insured's premises.
Limit of indemnity
a) In respect of any one item of the property, the sum set opposite thereof.
b) In respect of damage to the premises, such sum as shall be sufficient to make good such damage.
c) In respect of loss or/and damage sustained, the total sum insured.
Main Exclusions
a) Any consequence of war invasion act.
b) Loss or damage occasioned by lawfully in the premises (member of insured family, business staff).
c) Loss or damage to deeds, bonds, cheques, money, jewellery etc unless specially mentioned as insured hereunder.
Subject otherwise to the terms, conditions and other exclusions of the Policy.
| Money Insurance (Money in Transit and in Safe) |
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This insurance is to provide compensation against loss of money during its transit from and to your place of work and whilst in the safe upto a specified maximum limit.
Coverage
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Money in the course of transit in your custody or in the custody of your employees.
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Money in any locked safe in your premises.
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Money (other than money drawn as wages) in your premises during working hours.
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Note: Money shall mean and include Cash, Bank notes, Currency notes, Cheques,
Postal Orders, Money orders and current postage stamps.
Extension - You can obtain additional coverage for loss or damage to your safe or strong room
caused by burglars and thieves.
Limit of indemnity - Actual loss suffered only payable as compensation but not exceeding the sum
insured as agreed and stated in the policy.
Premium Ratingis calculated on the total estimated carryings in the course of a year. Rates vary
according to nature, location, risk, security systems, clients past record etc.
Some Exclusions:
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Theft or dishonesty by insured's employees.
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War risks, terrorism etc.
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Clerical errors, omissions etc.
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Unattended vehicle and etc.
Subject otherwise to the terms, conditions and exclusion of the Policy.
| Personal Accidents(Group,Individual,Travel) |
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This insurance is done to compensate an individual or his legal representative in case the insured
suffers bodily injury or death due to accident.
Coverage - Worldwide including travel as a passenger of a regular airline. Age limit 15 to 65 years.
Policy is usually for one year but can be for shorter period.
Sum Insured - as requested by Insured and agreed by Insurer and sum payable varies in cases of
accidents causing different degrees of disablement with a maximum of fifty two weeks period of pay.
Premium - flat premium charges usually on annual basis on sum insured according to age,
profession etc... of the insured.
Main Exclusions - accidents due to War risks, racing activities, alcohol, drugs, suicide, self-inflicted
injury, pregnancy, childbirth, miscarriage, pre-existing ailment, professional sports activities etc.
Subject otherwise to the terms, conditions and exclusion of the Policy.
| Fidelity Guarantee Insurance |
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This insurance is to provide indemnity against loss of your Money or Goods caused by the infidelity
of your employees.
CoverageAny loss of money or goods sustained by you due to any acts) of Forgery, Embezzlement, Larceny
and/or Fraudulent conversion committed by any of the insured's employees in the course of their duties as
specified in the policy.
Definition - FORGERY shall mean the forging or fraudulent altering of any document or the uttering
of any forged or fraudulently altered document by the employees whereby they obtain possession of the
monies or goods of the insured.
Limit of Indemnity is confined to the sum insured as agreed. Compensation is payable for the
actual loss suffered.
Premium rating is calculated as a percentage charged on the total amount of guarantee and
assessing the features of the risks involved.
Some Exclusions
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Change in circumstances and conditions of employment.
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Failure on the part of insured in complying with precaution and checks regarding accuracy of
account and limits of amount to be handled by employees at any one time.
Subject otherwise to the terms, conditions and exclusion of the Policy.
| Bankers Blanket Bond Insurance |
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This policy is intended for Banks and all other Financial Institution who are engaged in providing
financial services. Policy indemnifies the "Assured" for direct monetary loss due to loss, damage,
misplacement, destruction of insured property arising from perils insured subsequent to retroactive date and
discovered during the policy period which is usually on yearly basis.
Scope of CoverUsually the policy provides comprehensive coverage under six insuring clauses as listed below:
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Clause I (Infidelity of Employees) Covers loss of property due to dishonest or fraudulent act of one or
more employees of insured resulting in improper financial gain.
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Clause II (On Premises) covers loss of insured or customers' property at insured's premises due to
theft, burglary, damage, destruction or misplacement.
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Clause III (In Transit) covers loss or damage to property from any cause whilst in transit either in the
custody of assured's employees or Security Company or its vehicle but excluding property in mail
and subject to amounts recoverable from a Security Company under its own insurance.
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Clause IV (Forged Cheques etc) covers loss due to forgery or fraudulent alteration of any financial
instrument and payment by assured in good faith on the above basis.
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Clause V (Counterfeit Currency) covers Insured's loss due to acceptance in good faith of any
counterfeit or fraudulently altered currency or coins.
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Clause VI (Damage to Offices and Contents) covers loss or damage suffered to all contents owned by
assured in his offices (excluding electronic equipment) due to theft, robbery, hold-up vandalism,
malicious mischief etc ).
Limit of indemnity - As per sums agreed by both parties according to nature, size and volume of
business handled by the insured in all his offices and Branches. Usually specified amounts for each and
every loss under the insuring clauses and sometimes in the aggregate or on an overall annual aggregate
basis.
Premium rating - usually a lump sum rated on the basis of amounts and limits of indemnity
agreed, deductibles, claims history of insured etc.
Some Exclusions
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Loss or damage due to War Risks etc.
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Loss not discovered during policy period.
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Acts or default of Directors.
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Shortage, cashier's error or omissions.
Subject otherwise to the terms, conditions and exclusion of the Policy.
| Plate Glass |
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UPDATED SHORTLY
| Professional Indemnity Insurance |
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This insurance provides indemnity to such professional individuals or firms like architects,
accountants, auditors, lawyers, medical practitioners including partners and employees against claims for
financial loss for negligence due to failure to exercise the required degree of care and skill expected in the
conduct of their profession or business.
Coveragecovers insured's legal liability to pay claims made against him for negligent act, error or
omission on the part of the insured, his partner or his employees committed in the professional conduct of
his or their business. Policy period is usually one year. Covers costs and expenses incurred by the insured
with the consent of Company or incurred by the Company in investigating and defending the claims.
Limit of Indemnity - as agreed and specified in the policy. The amount varies according to scope,
volume and nature of work. Usually on aggregate limit of indemnity for any one period of insurance.
Appropriate limits of indemnity depend on the nature of the business.
Premium is rated on the limit of indemnity selected plus the number of partners and staff, nature of
insured's activities, experience, professional exposure.
Main Exclusion
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Libel or Slander.
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Dishonest, fraudulent or malicious act or mission of insured, their predecessors in business.
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The insured's products liability.
Subject otherwise to the terms, conditions and exclusion of the Policy.
| Workmen's Compensation Insurance |
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This insurance covers the employer's liability for compensation as a result of his employees
suffering bodily injury or death due to work related accidents arising out of and in the course of performance
of his employment of the insured's business.
Coverage - Compensation is payable to employees according to UAE labor laws in force.
Extension of Cover - The cover could be extended at additional premium to cover medical
expenses ( up to an agreed limit per case).
Limit of Indemnity - As per the UAE labor law in force (No.8/80) and up to date Ministerial decrees,
Articles Nos.145,149 and 150 (for viewers convenience, the articles are explained at the bottom of this
page).
Premium is the agreed rate applied on the actual or estimated total annual wages of employees at rate
percent.
Exclusions include War risks, first day of incapacity, natural death or diseases, medical expenses,
occupations disease etc..
Subject otherwise to the terms, conditions and other exclusions in the Policy.
Article 145 If the injury prevented the employee from performing duties of his job, the employer shall pay
him a grant equivalent to his wage during the treatment period or for six months, whichever is less. If the
treatment takes more than six months, then the grant shall be reduced by half for another six months or till
the employee recovers or proves his disability or deceased, whichever comes first.
Article 149 If a work accident or an occupational disease caused death to the employee, members of his
family are entitled to a compensation equivalent to the basic wage of the employee for a period of 24
months. The value of the compensation shall not be less than AED. 18,000/- and not more than AED.
35,000/-. It shall be calculated on the basis of the last wage he was paid before his death. It shall also be
divided among his inheritors according to the rules of the schedule annexed to this law. In applying the rules
of this article, the term "family of the deceased" means those who depend for their livelihood entirely or
primarily on the income of the deceased person at the time of his death.
Family means
- Widow or Widower.
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Children who are sons under the age of 17 and those under the age of 24 who are enrolled as regular students in institutes of learning and also those of his sons who are physically disabled or mentally retarded and unable
to earn their living. The word sons shall include sons of the husband or the wife who were under the care of
the deceased employee at the time of his death.
- Unmarried girls: The unmarried daughters of the husband or the wife who were under the care of the
deceased employee at the time of his death.
- Parents.
- Brothers and sisters according to the conditions set for sons and daughters.
Article 150 If a work accident or an occupational disease caused a partial permanent disability, the
employee is entitled to a compensation according to the rates fixed in the schedule annexed to this law
multiplied by the value of the death compensation provided for in the first Para of the previous article as the
case may be.
| Third Party Liability Insurance |
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The insurance is given to indemnify insured's legal liability for loss or damage to property belonging to
third parties or third parties suffering injuries, or death due to the operation of an insured peril happening in
the course of business at the premises or elsewhere within the territorial limits stated in the policy.
Coverage - covers insured's legal liability for claims made by Third Parties under the following
circumstances:
- For accidental loss or damage to the property belonging to Third Party.
- For accidental bodily injuries or death to Third Party.
Limit of Liability - as agreed and is usually for one occurrence/event/accident and usually with
number of occurrences being unlimited.
Premium - there is no standard method of rating. Could be based on number of employees, or
wages or on capacity or on turnover. It could be a flat premium as well.
Some Exclusions
- Property held in trust by or under the custody of the insured for which he is responsible.
- Property of insured's family members.
- Death or bodily injuries suffered by Insured's own employees, workmen or members of the insured’s
family.
Subject otherwise to the terms, conditions and exclusion of the Policy.
| Employers Liability Insurance |
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The insurance indemnifies the Employers who are legally liable for claims made by employees who
suffer bodily injury, death or disease caused due to negligence of employers; employers not providing
competent staff or fit and proper premises or plant along with a safe and proper system of working;
negligence of employers' fellow employees.
Coverage - fully indemnity up to the limit of liability in respect of injury, disease or death of any
person under his employment and arising out of and in the course of employees functions relating to the
employment in the business or the employer.
Limit of Liability - as agreed between the insurer and the insured.
Premium is generally calculated as percentage of the total annual salaries depending on the nature and
duration of business, place of work etc.
Subject otherwise to the terms, conditions and exclusion of the Policy.
All Risks Personal Effects
UPDATED SHORTLY
| Travel Insurance |
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UPDATED SHORTLY
