Fire Insurance

• Standard fire
• Special Fire
• Industrial All Risks

Loss of profit/consequential Loss

Marine Insurance

• Marine Cargo Insurance

• Marine Hull Insurance

Motor Insurance Policy

• Private vehicle
• Commercial vehicle
• Motorcycle

Employee Liability Insurance

• Workmen compensation

Miscellaneous Insurance

      Engineering Insurance

• Erection All Risks Insurance
• Contractors All Risks Insurance
• Boilers Insurance
• Computer and Electronics Data Processing machineries Insurance
• Deterioration of stock in cold storage
• Machinery Break Down.

      Medical Insurance

• Overseas Medi-claim (OMP) Insurance
• Dread Diseases Insurance
• Hospitalization Insurance

Accident Insurance

• Burglary insurance
• Cash in transit
• Cash on counter
• Cash in safe
• All risks insurance
• Personal Accident

Fire Insurance:

The  transaction of Fire insurance business in Bangladesh is governed in accordance with Part II B of the Insurance Act 1938.

The subject matter of Fire insurance may be any property having intrinsic value; e.g. building, furniture, fixture & fittings, plant and machinery, goods and merchandise.

The scope of Fire insurance may be considered under the following headings:

       A. Standard Fire Policy      
       B. Special Perils Fire Policy                                                

The Standard Fire Policy:

This is the basic policy issued and the form is prescribed by the Tariff .The Policy covers the following perils:-
         (a) Fire including fire resulting from explosion. The term "Fire" is understood to mean actual ignition        under accidental circumstances. Mere scorching or heating or fermentation is not a loss by fire.

         (b) Lightning (whether fire ensues or not)

         (c) Explosion of Boiler used for domestic purpose only.

         (d) Explosion of Gas used for domestic purpose only or for lightning or heating in a building not forming part of gas work.In addition, loss or damage caused by smoke, by water used for extinguishing the Fire and by action taken by the Fire Brigade in putting out the fire is also covered.                                                                                             
                                                                                                                                           
    
Peril not covered:

Loss or damage due to any of the following incident may be covered by taking extra cover along with Fire policy:-

          a) Earthquake Fire &  Earthquake Shock

          b) Flood, Cyclone &  Typhoon, Tornado.

          c) War, Civil war & other kindred perils.

          d) Riot & Strike damage.

          e) Explosion except as mentioned above.

           f) Burning of forest, bush and Jungles and the clearing of lands by fire:

          g) Damage due to falling from Aircraft.

          h) Malicious damage.

Losses not Covered:

The under mentioned losses are excluded from the Standard Fire Policy:-

            (a) loss by theft during or after the occurrence of a fire;
            (b) loss or damage to property occasioned by its own fermentation, natural heating or spontaneous       combustion or by its undergoing any heating or drying process:

           (c) loss or damage occasioned by or through or in consequence of the burning of property by order of  any public authority or subterranean fire:

           (d) loss due to nuclear risks:

           (e) loss of or damage to a particular electrical machine, apparatus, fixture etc. Due to fire arising from short circuiting or other electrical risks unless extra cover for electrical damage is taken.

Property not Covered:

The below mentioned property can not be covered ordinarily under the Standard Fire Policy on account of condition No.7, but they could be covered by making a specific reference:

         a) Bullion or unset precious stones.

         b) Any curisity or work of art for an amount exceeding Tk.2500/-

         c) Manuscripts, plans, moulds etc.
  
         d) Securities, stamp, coins or paper, money, cheques, account books, computer system, records etc.

         e) Explosives.

Special Perils Fire Policy:

To meet demands of varying needs of the insured special types of policies can be designed with certain modifications of the basic indemnity provided under a Standard Fire Policy.                                                                                           

Industrial all Risk Policy:

The company also issues "Industrial All Risks" Policy in respect of big industries whose value exceeds Tk. 50 Crore.                                                                     

Loss of Profit/Consequential Loss Policy:

Fire insurance is designed to cover the ascertainable loss of material objects, such as building, machinery, fixture, plant, stock and commodities whilst profit insurance is concerned with loss of earning power consequent upon the capital loss. In Bangladesh standard form of policies and premium rates are available.
.                                               

Marine Insurance:

This is refers to goods or merchandise that are being carried from one place to another or are being imported or exported. Such goods or merchandise may be lost or damaged or transit and, therefore, the owner if such goods can always insure against the probable losess.
  Bangladesh Marine Cargo Insurance policy is in line with the recommendations of the United  Nations Conference on Trade And Development (UNCTAD) making the revised wording of the Institute Cargo Clause (ICC) mandatory from 31-3-1983. With the introduction of new policy form the century old policy form and perils have been withdrawn and replaced by ICC(A), ICC(B) & ICC(C) clauses respectively.
The new ICC apart from being worded in simple English, have more conceptual clarity in approach. The basic approach is to define the terms and conditions in such a manner that the scope for disputes is minimized, whereas new ICC (A) provides "All Risks" cover with named exclusions, the new ICC (C) covers the named risks with exclusions. The new ICC(B) is an intermediate cover with extended named risks and named exclusions.                                            

The nature of the risks covered under the THREE Institute Cargo Clauses are drawn as under:

Risks:

The Company also grants wider cover like Theft, pilferage and non-delivery (TPND) with ICC(C) on payment of additional premium as per tariff.

Anyone or all the perils mentioned below may be obtained with ICC(B) on payment of additional premium.

Breakage, Scratching/Splitting, hooks, holing, bursting, tearing, leakage, Fresh, rain water damage, theft pilferage & non-delivery.

The following additional perils are automatically covered under the new Marine Policy :-

(1) 60 days cover at sea port from the date of discharge from the ship under "A" "B" & "C"

(2) Inland transit by Road, Rail &/or Berge.

(3) WAR & SRCC covers are available on payment of additional premium.

Marine Hull  Insurance (inland):

This refers to the ship. That is to say, hull and machinery of the vessel. The ship is always at the risks of the perils of the seas and, therefore, the ship owners can insure it against probable losses as such.
The nature of the risk covered as under:
As per inland marine hull tariff section no. 23

Motor Insurance :

According to Motor Vehicles Act 1939 the owners of vehicles must insure their vehicles against liability to third party for death or loss injury and damage to third party property.

                                                                                                      

Two types of covers are granted:

a) Act Liability policy/public Liability :-This policy provides indemnity to the insured against legal liability for claims by the third party in respect of accidental personal injury &/or damage to any property of third party property covered by the insured vehicles in public place as is necessary to meet the requirements of section 95 of the Motor Vehicles Act 1939. Increased limit of liability is also provided in respect of public liability policy.


b) Comprehensive Insurance Policy:- This policy provides cover against loss or damage to the insured vehicle by accidental external means or malicious act, Fire, External Explosion, Lightning Self ignition, Burglary, Housebreaking and Theft. Also whilst in transit by Road, Rail inland waterway, lift, elevator or air. Subject to the limitations mentioned in the policy and liability to public risks including Act liability.

Rates & terms of motor policy are governed by motor tariff and it is binding on the insurers to follow such rates & terms. For rating purpose, the vehicles have been classified into three classes according to their use viz. Private Car. Motor Cycle and Commercial Vehicles. Premium is calculated on cubic capacity and seating capacity in respect of Private Car, Motor Cycle, while premium in respect of commercial vehicles is calculated on tonnage capacity of the vehicles.
 

Engineering Insurance:

Company also underwrites following special types Engineering insurance :-

1. Erection All Risks.

2. Contractor All Risks.

3. Boiler Insurance.

4. Deterioration of Stock.

5. Machinery Breakdown.

6. Computer and Electronic Data Processing Machineries.                

The salient features in respect of the above Insurance are given hereunder:-

Erection All Risks Insurance:

The Erection All Risks Policy provides a very wide coverage and indemnifies the Insured against accidental and unforeseen loss occurring to the property on the Erection Site during the period of insurance. Normally the following risks are covered under the Erection Policy :-

-Fire including fire fighting operations, lightning, explosion, Aircraft damage.

-Flood and inundation, Cyclone, Earthquake, Subsidence, landslide/Rock slide,

-Theft, Burglary, Riot and Strike, Malicious damage,

-Negligence, lack of skill,

-Collision, impact, dropping and similar accident on site.

In addition, the following supplementary covers may be included :-

-Construction Machinery, Plant and Equipment required for Erection work.

-Cost incurred in clearance and removal of debris following a loss.

-Damage to property located at site belonging to the insured.

Additional expenses incurred for overtime works on public holidays as well as

for extra freight in connection with a loss identifiable under the policy.

-Legal liability for property damage or bodily injury suffered by 3rd party by accident at the Erection site or connected with the Erection Work being carried on.

-Cover during the maintenance period stipulated in the Contract Condition
                                                                                                       

3.Contractor’s All Risks Insurance:
The standard Contractor’s All Risks Policy covers the contract works against damage from a variety of causes including:-

-Fire, Lightning, explosion.

-Burglary, theft & riot and strike, malicious damage.

-Earthquake, flood, inundation, subsidence, landslide and rockslide.

-Storm, tempest, hurricane, cyclone or tornado.

-Accidental damage during construction e.g. due to faulty manipulation, dropping

or falling, collapse, collision and impact.

-Loss or damage consequent upon use of faulty materials and workmanship.

-Maintenance cover for a period of 12 months.

- Third Party Personal injury and property damage risk upon a limit of indemnity

as may be selected by the insured.

The rating structure of Contractor's All Risks insurance depends on many factors such as:-
 

-Total contract value and type of Project

-Past experience of the Contractor.

-Accessibility of the site.

-Damage of flood, earthquake, landslide, rockslide, inundation and explosion to

storm, tempest or heavy monsoon.

-Handling and storage facilities.                                             
 

When the period of cover exceeds 12 months (excluding maintenance period) the facility for installment of' premium is available.                                                         

4.Boiler Insurance:
The Policy covers the consequences of explosion or collapse of insured Boilers or other Pressure Vessels:-

i) Damage to insured item itself.
ii) Damage to other surrounding property of the insured
iii) Legal liability for damage to Third party property and/or fatal or non-fatal personal injuries to Third Parties.

It is noted that Explosion or Collapse arising in the course of ordinary working of the insured item is covered in terms of the Boiler and Pressure Plant insurance policy.
The policy also automatically covers fluid Gas explosion of the Boiler. The risk of explosion due to smelt water reaction is also deemed to be an explosion.

The description of explosion and collapse are:-

1. EXPLOSION – shall mean the sudden and violent rendering or tearing a part of the permanent structure of a boiler or Pressure Plant or any part thereof by force of internal steam, gas or fluid pressure causing bodily displacement of the said structure and accompanied by the forcible eject of its contents.

2. COLLAPSE- shall mean the sudden and dangerous distortion of any part of a boiler or pressure plant by bending or crushing caused by steam, gas, or fluid pressure whether attended by rupture or not. It shall not mean any slowly developing deformation due to any cause.                                                                                    

5. Insurance for Computer and Electronic Data Processing Machineries:
There is a big demand for insurance of Computers and Electronic Data Processing Machineries. Keeping in view the industrial growth of the Country, Takaful
 insurance provides a Package Policy on attractive rates and terms covering the computer and EDP equipment against all insurable perils like Fire. Riot & Strike damage, malicious damage and against all elemental perils like Cyclone, Storm,  Flood, Earthquake and unforeseen and accidental breakdown risks whilst at work or at rest including electrical fire damage, faulty manipulation, collapse, impact etc.                                                                         

6.Deterioration of Stock in Cold Storage Policy:

The Policy covers deterioration of stock due to any unforeseen and sudden physical loss or damage to the Machineries specified in the list of Machinery of this policy and identifiable under the machinery Break-down policy in force.

The main exclusions under DOS Policy are:-
Shrinkage, inherent defects or diseases normal deterioration or natural putrefaction Loss or damage due to improper storage, insufficient circulation of air. Non-uniformity temperature, consequential loss or liability, loss due to nuclear, reaction, nuclear radiation or radioactive contamination. Fire &/or lightning, theft Earthquake, Cyclone, Flood, other natural catastrophes.

Loss or damage directly or indirectly due to war, invasion, hostilities riot, strike lockout & civil commotion etc.                                                                                 

7.Machinery Breakdown Insurance:
The Policy covers any unforeseen and sudden physical loss or damage due to defects in casting, material faulty design, fault at workshop or in erection, bad workmanship, lack of skill, shortage of water in Boilers, physical explosion, short circuit or from any other cause not specifically excluded under the policy.

The Main exclusions are:

Fire, Lightning, Chemical explosion, theft, burglary, flood, inundation, earthquake, cyclone, wear & tear, cavitations, erosion, rust, loss or damage due to war invasion, rebellion, mutiny, riot, strike, lockout, civil commotion, nuclear radiation, or radioactive contamination.

Rates & Terms are quoted on the basis of prescribed questionnaire and other information submitted to the Company.                                                                

Medical Insurance:

Overseas Mediclaim (OMP) Insurance:
Overseas Mediclaim is Medical and Sickness insurance arising when the insured is traveling/staying outside Bangladesh.

The benefit payable under the insurance will be paid directly to the insured person who sustains the loss or at the request of the insured be paid directly to the hospital or individual rendering the services. Coverage is on month basis, with the premium being calculated on rating subject to age and plan.

Takaful Insurance Limited issues two types of overseas Mediclaim Insurance viz.
(1) Business and Holidays and (2) Employment/Studies.
 

(1) Business / Holidays:

This Policy is divided into Two plans:-

Plan 'A’ - Bangladeshi's/other citizen (who are working in Bangladesh) visiting countries other than USA & CANADA

Plan 'B’ – Bangladeshi’s & other citizen (who are working in Bangladesh) visiting USA & CANADA
 

Plan "A" (World Wide Excluding USA AND CANADA)

Plan "B" (World Wide Including USA AND CANADA)
 

VAT at the rate of 15% to be added to the above rates.

Deductibles: – For insured(s) over of 60 years US$500 or 20% of the total amount of each and every claim whichever is the higher .

2. Corporate Frequent Travels (CFT) annual covers for business persons for Bangladeshi citizens. Please do not hesitate to contact us for further information/clarification.         

Employment/Studies:

The Policy is divided into Two plans:-
Plan 'C’ - For Bangladeshi’s staying in countries other than USA & CANADA
Plan 'D’ – For Bangladeshi’s staying in USA & CANADA.

Rate:-

(A) Employment:

Premium to paid in Foreign currency

(2) Employment / Studies:

Premium to be paid in Bangladeshi Taka

2.Dread Disease
Takaful also issues policy for the following Dread Diseases. Various forms of Medical Expenses policies are available around the world, but we can honestly say that the Dread Diseases insurance that we are proposing is by far the most simple and attractive for the insured.

1. Coronary Heart disease

2. Kidney failure

3. Stroke

4. Cancer

5. Organ Transplantation

6. Multiple Sclerosis

3. Hospitalization Insurance:

The cover is divided into 3 plans viz. Basic plan (A), Standard plan (B) and Super plan (C ).
 

Premium

1.Annual Premium Chart

2.Group Discount (Group Policy)

This covers treatment in Bangladesh.

For treatment in Bangladesh & Bangkok an additional premium of 20% and 40% with respect is to be paid.

To avail the policy a prescribed proposal form is to be filled in and submitted to the Company.