Al Wathba Business Insurance

They ensure that the insurance plans are tailored to your specific needs, depending on your business type, assets, employees, or the unique risks you face.  Al Wathba National Insurance Company understands the complexities of different industries and is committed to offering comprehensive solutions. The company’s offerings include —

• Aviation
• Marine
• Energy
• Construction
• Transportation
• Healthcare
• Hospitality

Types of Al Wathba Business Plans

The key types of Al Wathba Insurance for businesses in UAE are as follows -

1. Medical Malpractice

What is Medical Malpractice Insurance?

This Al Wathba Business Insurance protects medical establishments such as hospitals, clinics, laboratories, and pharmacies, as well as healthcare professionals like doctors, nurses, and paramedics. It safeguards against liability claims filed by patients or their legal heirs due to alleged negligence or malpractice on your part.

In the UAE, Federal Law No. 10 of 2008 mandates that all medical professionals carry insurance for malpractice to protect against claims of negligence.

What’s Covered?

This type of Al Wathba business plan provides coverage for medical professionals and establishments against any legal liabilities arising from -

• Bodily injury
• Mental injury
• Illness
• Disease
• Death caused by negligent acts, errors, or omissions 

Premium Rates:

The premium rates for this Al Wathba National Insurance are determined by several factors, including -

• Nature of the profession, associated risks, and exposure
• Limit of indemnity
• Type of medical services provided
• Turnover of the insured
• Number and category of professionals involved

This coverage is essential for safeguarding healthcare providers and their patients.

2. Public Liability

This Al Wathba Business Insurance plan protects businesses and individuals from legal claims by third parties for injury or damage to property. It is particularly important for businesses that interact with the public or clients.

What’s Covered?

• Protection against legal claims made against you
• Compensation for accidental death, injury, or illness of other people
• Payment for damage to another person's property caused by an accident, including legal costs (as long as you have the insurer’s approval)

Benefits:

• Covers any third-party legal liability
• Includes coverage for legal costs and expenses
• Provides unlimited liability coverage for ADNOC and other government-related contracts as required by the principal

Premium:

Premium rates depend on various factors, including -

• The type of risk based on classified hazard groups
• The limit of liability
• The anticipated annual turnover
• The nature and scope of services provided

3. Employers’ Liability 

Al Wathba Insurance provides this as either an extension of Workmen’s Compensation Insurance or a standalone policy, depending on your needs. It protects employers against legal liabilities for personal injuries or deaths resulting from accidents during employment.

Coverage Details:

The Al Wathba business plan covers the following -

• Limit of Liability: The standard limit is AED 1 million for any one occurrence, capped at AED 200,000 per person per accident, including all associated costs during the insurance period.
• Indemnity: The policy indemnifies employers for compensation you are legally obligated to pay for injuries or fatalities connected to the workplace.
• Jurisdiction: Compensation and litigation costs are determined according to UAE jurisdiction.
• Legal Costs: It also covers costs and expenses incurred in defending any compensation claims, provided the insurer's prior consent is obtained.

4. Workmen’s Compensation

Workmen's Compensation Insurance protects employees who may face work-related accidents. This Al Wathba Insurance is essential for safeguarding employees and employers against the financial repercussions of workplace accidents.

Here’s what it includes -

Coverage Details:

• Medical Expenses: Covers medical costs for work-related accidents up to AED 10,000 per person. It is applicable when treatment is provided in UAE government hospitals or clinics.
• Repatriation Expenses: Includes repatriation costs (transporting the deceased body) up to AED 5,000 per person, with higher limits available for an extra fee.
• Employer’s Liability: Offers coverage up to AED 1 million for any single accident or in total, with a limit of AED 200,000 per person per occurrence. 

Premiums:

The premium is based on the estimated annual earnings of employees and can be adjusted at the end of the policy period based on actual earnings. 

This Al Wathba business insurance plan cost may vary depending on the type of work and associated risks, as well as any additional coverage requested.

5. Business Interruption

Business Interruptions Insurance helps protect businesses from financial losses when operations are halted due to incidents like fire. Even when a business cannot operate, certain fixed expenses, such as salaries, rent, and utility bills, continue to accumulate. 

This Al Wathba business insurance covers the loss of gross profits and any increased costs during the interruption period.

What’s Covered?

• Covers the loss of turnover (revenue) during the interruption
• Coverage for increased costs incurred while trying to maintain operations
• Covers fixed expenses that continue during a business interruption, such as bank charges, insurance premiums, and maintenance costs
• Includes money received for goods and services sold by the business

Limit and Period of Indemnity:

The insurance period typically extends for 12 months. However, the duration of coverage following an incident varies based on the time it takes the business to recover. This period generally ranges from 6 to 18 months.

6. Property All Risks

This Al Wathba business insurance is designed to protect the insured against accidental physical loss or damage to their property. It offers broad protection against a wide range of risks, making it ideal for businesses and individuals looking to safeguard their valuable assets.

Coverage Includes:

Accidental Damage: This Al Wathba business plan covers a wide range of risks, including -

• Damage from fire or lightning strikes
• Protection against earthquakes, storms, and floods
• Coverage for damage due to explosions
• Losses from strikes, riots, and civil commotion
• Includes vandalism or deliberate damage
• Covers incidents like bursting or overflowing of water apparatus, including sprinkler leakage
• Protection against theft or attempted theft involving violence or forced entry
• Coverage for damage caused by vehicles or other objects impacting the property

Policy Duration:

This Al Wathba insurance is provided for one year. However, if requested by the insured or relevant entities (e.g., banks, government departments), it can extend up to two years.

7. Fire & Allied Perils

Fire & Allied Perils Insurance protects businesses and property owners from the financial impacts of fire and other associated risks. It plays a crucial role in helping businesses recover and resume operations after a fire.

This Al Wathba National insurance is designed to cover the loss or damage to both material assets and the financial losses that arise from such incidents. 

Property Coverage:

• This type of Al Wathba Business insurance covers buildings, plant and machinery, furniture, fixtures, and fittings
• Includes raw materials, goods in process, and finished products, as well as stocks held in trust or on commission at suppliers’ or customers’ premises
• Protection for machinery which is temporarily removed from the premises for repairs

Risks Covered:

• Direct damage from fire incidents and lightning strikes
• Coverage for losses due to explosions or implosions
• Includes damage caused by aircraft or articles dropped from aircraft
• Protection against damage from vehicles, animals, or other external impacts
• Losses due to riots, strikes, and malicious damage
• Covers risks from storms, cyclones, floods, and landslides
• Includes coverage for sprinkler leakage and overflow or leakage from water tanks and pipes

Claims Process:

• Partial Loss: In the event of partial loss, the policy pays for repairs and replacements.
• Reinstatement Value Clause: If this clause is included, the policy will cover the full cost of reinstatement after repairs are completed, within the limits of the sum insured.
• Repair or Replacement Option: The insurance company may choose to repair or replace damaged property rather than offering cash compensation.

Premium Calculation:

The premium is determined based on several factors, including -

• Type of occupancy (what the property is used for)
• Physical features of the property
• Values at risk (the total worth of the covered items)
• Any additional coverage requirements

8. Engineering Insurance

What is Engineering Insurance?

Engineering insurance covers risks associated with engineering projects, equipment, and machinery. It is designed to protect against financial losses due to accidents, damages, or failures during the construction and operation phases of engineering works. 

This type of Al Wathba business insurance is essential for businesses involved in construction, manufacturing, and other engineering activities.

Types of Engineering Insurance:

1- Contractors’ All Risks

Contractors All Risks (CAR) Insurance is a comprehensive policy protecting against loss or damage related to construction projects. It covers various aspects of construction work, including contract works, construction plants, and bodily injury that may arise during building projects.

This Al Watha business insurance plan ensures that contractors can manage their financial costs effectively while focusing on successful project completion.

Key Coverage Aspects:

Physical Loss or Damage (Section 1)

This section covers a wide range of risks associated with the construction process, including —

• Natural Disasters: Coverage for risks from riots, strikes, subsidence, landslides, cyclones, hurricanes, earthquakes, and volcanic activity.
• Machinery Breakdown: Protection against breakdowns or explosions affecting contract-related machinery, such as lifts.
• Fire and Lightning: Coverage for losses resulting from fire or lightning strikes.
• Water Damage: Includes losses from floods, storms, and other water-related incidents.
• Structural Issues: Covers losses due to collapse, collision, or impact, as well as damages from burglary and theft.
• Defects in Material or Workmanship: This Al Watha insurance coverage protects consequential damages arising from defects in materials, casting, workmanship, or design.
• Accidental Damage: Protection against unforeseen damages that occur during construction.

Third Party Legal Liability (Section 2)

• Coverage for legal expenses incurred while defending claims, with the insurer's consent
• Accidental injury or death of third parties
• Damage to third-party property (excluding property owned or controlled by you)

Maintenance Cover

This optional cover protects against loss or damage occurring during the maintenance period, as long as the damage takes place during the insurance period.

2- Erection All Risks

Erection All Risks (EAR) Insurance provides comprehensive protection against risks associated with the erection of machinery, plant equipment, and steel structures. This Al Wathba National insurance coverage is essential for contractors and project managers involved in installation and construction activities.

It ensures that contractors can manage their financial exposure effectively while completing projects safely and efficiently.

Key Coverage Aspects:

1.) Physical Loss or Damage (Section 1)

This section covers losses and damages to materials and erection works owned by the principals, contractors, and subcontractors, including —

• Protection against unforeseen damages during the construction phase
• Coverage for losses due to fire incidents or lightning strikes
• Includes damages from floods, storms, and other water-related issues
• Covers losses from collapse, collision, impact, burglary, theft, and malicious damage, including incidents involving aircraft
• Protection against breakdowns or explosions affecting any part of the contract
• Consequential damages resulting from defects in materials, casting, workmanship, or design
• Coverage for events like riots, strikes, subsidence, landslides, cyclones, hurricanes, earthquakes, and volcanic activity

2.) Third Party Legal Liability (Section 2)

• Bodily Injury: Protection against accidental injury or death of third parties (excluding family members or employees).
• Property Damage: Safeguards against accidental damage to third-party property (excluding property owned or controlled by you, your family, or employees).
• Legal Expenses: Coverage for legal costs incurred while defending claims, with your consent.

Premium:

The premium for EAR insurance is calculated based on the total erection value of the contract and influenced by factors such as —

• Complexity and specific risks associated with the project
• Geographic factors that may impact risk levels
• The length of time required for the erection process
• The qualifications and past performance of the erectors involved

3- Contractors’ Plant and Machinery

Contractors' Plant & Machinery Insurance provides comprehensive coverage for contractors and the construction industry against various risks associated with the equipment and machinery. This Al Wathba business plan ensures financial protection against loss or damage occurring while the machinery is in use, at rest, or during maintenance operations. Notably, the coverage is not limited to a specific construction site.

Key Coverage:

Comprehensive Protection

• Protection against unforeseen physical loss or damage to equipment
• Coverage for breakdowns resulting from mechanical or electrical failures
• Protection against natural disasters, such as floods, storms, and earthquakes
• Coverage for losses due to theft or damage caused by malicious acts

Types of Equipment Covered

• Excavators
• Shovels
• Rollers
• Dumpers
• Cranes
• Concrete Mixers

Indemnity

The indemnity provided under the Al Wathba business insurance plan covers the cost of repair or replacement of the damaged or lost machinery. 

It ensures contractors can quickly resume operations without incurring significant financial losses.

Premium Considerations:

The premium for this Al Wathba Insurance Dubai is determined based on several factors, including -

• Previous Claims & Maintenance History
• Replacement Value
• Contractor’s Experience
• Type and Model
• Working Conditions

4- Machinery Breakdown

Machinery Breakdown Insurance (MBI) offers protection for machinery against unforeseen and sudden physical loss or damage that necessitates repair or replacement. This Al Wathba Insurance Abu Dhabi is essential for businesses that rely on machinery and equipment for their operations, as it protects against various risks that can lead to significant financial losses.

Covering repair and replacement costs to ensure operational continuity and helps mitigate risks associated with machinery use.

What’s Covered?

• Defects in Material: Loss or damage due to defects in casting or materials used in machinery.
• Faulty Design: Issues arising from design flaws that lead to operational failures.
• Workshop Faults: Problems resulting from errors during manufacturing or assembly.
• Poor Workmanship: Damage caused by inadequate skills or carelessness during installation or maintenance.
• Mechanical and Electrical Failures: Coverage for unforeseen mechanical or electrical breakdowns.
• Explosions: Protection against damages resulting from explosions related to machinery operation.

Types of Machinery Covered

The Al Wathba insurance typically covers a variety of machinery and equipment used across different industries, including —

 

• Manufacturing equipment
• Production machinery
• Construction machinery
• Electrical equipment

Indemnity

It generally covers the costs of repair or replacement of the damaged machinery. The sum insured should represent the total replacement cost, which includes -

• Transportation costs for the machinery
• Applicable customs duties or taxes
• Installation expenses for the new or repaired machinery

5- Electronic Equipment 

This type of Al Wathba National Insurance Dubai protects businesses from loss or damage to various electronic devices. It is important for companies that rely on electronic equipment, ensuring they are safeguarded against many potential risks.

The risks include accidental damage from unforeseen incidents, damage from fires or explosions, loss due to theft, and damage from natural disasters such as floods or storms.

What’s Covered?

• Devices: Includes computers, medical equipment (like X-ray machines), communication systems, studio gear, and data processing machines.
• Hardware and Software: Protects the physical devices and data stored on them. This includes costs to recover lost information.
• Extra Costs: Covers additional expenses that might arise if the equipment is damaged, like renting temporary replacements or paying for overtime work.

This Al Wathba national insurance coverage applies in the following conditions:

• In use 
• Not in operation 
• Getting cleaned or serviced
• Being set up again after initial use

6- Deterioration of Stock

It provides coverage for physical loss or damage to stock items, such as frozen meat, foods, and other chilled or frozen products, that are destroyed due to an unforeseen breakdown of refrigeration equipment.

This Al Wathba insurance protects against loss from the deterioration of stocks kept in cold storage. Coverage includes issues like sudden temperature changes caused by equipment failure and the escape of refrigerants.

9. Marine Insurance

What is Marine Insurance?

This type of Al Wathba business insurance covers goods, cargo, and vessels involved in maritime activities. It provides financial protection against losses or damages that may occur during transportation over water, whether on ships, boats, or other vessels.

Types of Marine Insurance:

1- Hull and Machinery Insurance

Hull & Machinery Insurance provides coverage for the physical damage to a vessel's hull and its machinery caused by various incidents, such as collisions, grounding, or severe weather.

This Al Wathba business insurance plan is essential for shipowners safeguarding their investments in both the ship structure and the equipment necessary for its operation.

What’s Covered?

• Protects against damage to the ship's machinery, including engines and other essential equipment, from accidents, wear and tear, or mechanical failure.
• Provides liability coverage for third-party claims related to the operation of the vessel, such as injuries to crew members or damages to other ships or property.

Factors Influencing Coverage and Premium:

The value of the hull for insurance is typically determined by the market value, which is agreed upon or assessed by an independent marine surveyor. 

The following factors are considered when rating the premium for Hull & Machinery Insurance -

• Tonnage: Size and weight capacity of the ship
• Fleet Status: Single vessel or part of a larger fleet
• Design: Construction and design of the vessel
• Ownership: Details about ownership and management
• Classification: Rating by a recognized maritime authority
• Trade: Intended use and operational area of the vessel
• Valuation: Assessed value of the ship and machinery
• Claims History: Previous claims or losses related to the vessel

2- Marine Liabilities

This Al Wathba insurance protects businesses involved in shipping, transportation, and related services against claims for damages or injuries to third parties. It is essential for businesses operating in the maritime sector, providing vital protection against various risks and potential financial losses.

Types of Coverage:

1. Charter’s Liability: Covers stevedores (dockworkers) and charterers against liabilities for damage to cargo or vessels during loading and unloading operations.
2. Freight Forwarder’s Liability: Protects freight forwarders from liabilities arising from the transportation of goods, including errors in documentation or delays.
3. Hauliers Liability: Covers transport operators against claims for loss or damage to cargo while it's in their care, custody, or control.
4. Ship Repairers Liability: Protects ship repairers against claims for damage caused to vessels during maintenance or repair work.
5. Marina Operator’s Liability: Covers marina operators for liabilities related to injuries or damages occurring on their premises, including accidents involving boats or equipment.

10. Aviation Insurance

What is Aviation Insurance?

Aviation Insurance provides coverage for aircraft operators, including planes, helicopters, and gliders, against loss or damage. It protects the hull, engines, and machinery of the aircraft, as well as passengers and third-party property.

This type of Al Wathba business plan is essential for ensuring the safety and financial security of aircraft operations, covering a wide range of potential risks.

Types of Coverage:

• Aircraft Hull & Liability: Covers damage to the aircraft itself, along with liability for passenger, cargo, and third-party claims.
• Aircraft Hull War & Allied Perils: Protects against losses due to war-related risks and other allied perils.
• Aviation Crew Personal Accident: Provides coverage for crew members in the event of accidents, offering financial protection for injuries or fatalities.

Al Wathba Insurance Claim Process

To successfully file an Al Wathba insurance claim -

• Visit the official site of Al Wathba Insurance.
• Select the ‘Contact’ option in the main menu on the home page. 
• Submit all relevant documents, including the policy number or personal details to make sure all information is accurate and complete.
• After submission, Al Wathba will review your claim or conduct an investigation.
• If your claim is approved, you will receive the payment according to the terms of your policy.

Or

You can give them a call at 600 54 40 40 or send an email to customercare@awnic.com. An insurance personnel will get back to you to solve all your insurance queries. 

Reasons to Choose Policybazaar.ae for Business Insurance

Choosing Policybazaar.ae means you get a reliable partner in managing your business insurance needs efficiently and effectively.

1. Comprehensive Options: A wide range of business insurance policies tailored to various industries and needs.
2. Competitive Pricing: Access to multiple quotes, allowing you to compare and find the best rates.
3. Expert Guidance: Professional advice from experienced insurance consultants to help you make informed decisions.
4. User-Friendly Platform: An easy-to-navigate website that simplifies the process of finding and purchasing insurance.
5. Customer Support: A dedicated support team is available to assist you with queries and claims.
6. Trusted Providers: Partnerships with reputable insurance companies ensuring reliable coverage.
7. Flexible Plans: Customizable policies that can be tailored to suit your specific business requirements.
8. Claims Assistance: Support during the claims process to ensure timely and fair resolutions.

Frequently Asked Questions