Orient Takaful Business Insurance

You can trust Orient Takaful, as it holds impressive ratings of -

• “A (Excellent)” Financial Strength Rating from A.M. Best
• ‘A’ long-term issuer credit rating from S&P Global Ratings

These ratings position Orient Takaful business insurance among the highest-rated Takaful companies in the region.

With a qualified and experienced team, you can expect -

• Effective risk assessment 
• Tailored coverage at competitive rates

Additionally, the company serves government authorities and major companies across industries like logistics, manufacturing, banking, and retail.

Types of Orient Takaful Insurance Plans

Discussed below are the plans for business insurance UAE offered by Orient Takaful Insurance.

1. Marine Insurance

Marine Insurance covers the loss or damage of ships, cargo, and other marine-related liabilities. It plays a crucial role in the shipping and maritime industries by providing financial security against a range of risks.

Types of Marine Insurance:

1- Marine Cargo Insurance

What is Marine Cargo Takaful?

With this Orient Takaful business insurance, you can protect goods during transportation across various modes, including sea, air, road, and rail. This policy safeguards against losses or damages due to maritime perils while your cargo is in transit. 

The coverage typically includes protection against unforeseen risks such as -

• Damage from rough seas or adverse weather conditions
• Theft or loss during transportation
• Accidental damage while loading or unloading

Inclusions:

Orient Takaful Insurance Company offers various types of coverage tailored to meet different shipping needs. Here are the key inclusions -

• Annual Open Policy - It applies to shipments transported by any mode, including sea, air, road, or rail. This Orient Takaful business insurance is ideal for businesses with frequent shipments, ensuring continuous protection.
• Goods-in-Transit Takaful - This covers loss or damage to goods in transit by road, specifically from one warehouse to another within a single country. It’s perfect for businesses that regularly transport goods overland, providing peace of mind during domestic shipments.
• Project Specific Takaful - Designed for large, oversized, or high-value project cargo, this Orient Takaful insurance covers the unique risks associated with critical shipments that may require disassembly and reassembly after delivery. It’s well-suited for complex projects involving multiple components.
• Voyage Specific Takaful - This policy covers loss or damage to goods during a specific transit, whether by sea, air, road, or rail. It’s ideal for one-off shipments, ensuring your cargo remains protected throughout its journey.

2- Hull & Machinery Insurance

• Hull and Machinery Insurance:

This type of Orient Takaful business insurance protects against various maritime perils such as fire, explosions, heavy weather, stranding, sinking, and collisions. It provides coverage for the physical loss or damage to a ship's hull and machinery, including all related equipment.

This Orient Takaful business insurance is available for all types of commercial ocean-going vessels, including -

1. Blue Water Vessels: Including bulk carriers, crude/product/chemical tankers, and containerships.
2. Green Water Vessels: Including offshore supply and support vessels.
3. Brown Water Vessels: Such as tugs, barges, dredgers, and coastal vessels.

• Hull and Machinery War & Strikes Risks Insurance:

This coverage addresses losses due to war, strikes, riots, and civil commotions and provides additional protection for vessels operating in potentially hazardous conditions. This Orient Takaful business plan also includes coverage for piracy, terrorism, and other indemnity risks. 

Furthermore, additional coverage can be provided for high-risk areas usually excluded from standard policies.

• Ship Builders Risks Insurance:

The Ship Builder’s Risks Takaful policy offers comprehensive all-risk coverage for physical loss or damage to a vessel during its construction or conversion. This Orient Takaful business insurance plan applies while the vessel is under the care and control of the shipbuilder. It covers the entire construction process from keel laying to the final delivery to the vessel’s owner. 

Key risks may include launching, sea trials, third-party liabilities during construction, and wreck removal.

• Pleasure Crafts & Yachts – Private & Commercial Insurance:

This Orient Takaful business plan caters to a wide range of vessels, from small pleasure crafts to mega-yachts, whether for private or commercial use. It protects your financial position against risks of physical loss or damage to your boat and includes third-party liabilities.

Standard policy inclusions typically cover -

• Damages to tenders, dinghies, and jet skis
• Liabilities arising from collisions with other floating objects (excluding water)
• Third-party liabilities from the ownership or use of the vessel
• Removal of wreck expenses mandated by government authorities
• Coverage for personal effects
• Physical damage to the boat’s hull, machinery, and installed equipment
• Uninsured boaters’ coverage for injuries caused by third-party boaters lacking insurance

3- Marine Liability

Marine Liability Insurance protects businesses involved in maritime activities from legal liabilities that may arise due to various incidents. This Orient Takaful insurance is crucial for ensuring that companies are financially covered against claims related to property damage, bodily injury, and other liabilities during maritime operations.

Here are the primary types of marine liability insurance -

• Ship Repairers Legal Liability Takaful (SRLL)

This Orient Takaful insurance provides coverage for liabilities arising from negligence while working on a vessel. It protects against losses or damages to the vessel being repaired or any third-party property and bodily injury occurring at the insured’s yard or while moving vessels within port limits.

• Charterer’s Liability Takaful

Available for both time and voyage charterers, this Orient Takaful business insurance plan is suitable for risk-averse charterers facing low frequency but high severity claims. 

It protects against legal liabilities, including -

• Damage to the chartered vessel
• Cargo issues include loss, damage, or late delivery
• Injuries to crew or third parties
• Costs related to collisions, pollution, wreck removal, and penalties

Extended coverage options may include defence costs and additional liabilities.

• Marina Operator’s Liability Takaful

This Orient Takaful business insurance covers marina operators for legal liabilities related to damage to vessels under their care, custody, or control. This includes liabilities from activities like mooring, hauling, launching, and storage.

• Terminal Operator’s Liability Takaful

It protects terminal operators from legal and contractual liabilities incurred during their operations. Additionally, this Orient Takaful business insurance plan covers claims related to third parties that may arise due to terminal operations or as port authorities.

• Protection and Indemnity Liability Takaful (P&I)

Typically backed by international P&I clubs, this Orient Takaful insurance coverage addresses a broad range of liabilities and costs, including -

1. Loss of life, injury, or illness to crew, passengers, and others
2. Cargo loss or damage
3. Environmental pollution
4. Wreck removal and fines
5. Crew repatriation and substitution costs
6. Collision liabilities

• Stevedores Liabilities Takaful

This Orient Takaful insurance policy indemnifies stevedores against legal liabilities for property damage or personal injuries that occur during loading and unloading operations. It covers claims arising from physical damage to vessels or cargo while at your landing and mooring facilities.

• Freight Forwarder’s Liability Takaful

This Orient Takaful business insurance plan provides liability coverage for freight forwarders, warehouse keepers, and logistics companies. It protects against loss or damage to cargo while it is in their care during transportation and storage.

• Hauliers Liability Takaful

Designed for carriers of goods, this Orient Takaful business plan covers legal liabilities due to loss or damage to cargo during transit or while under the care of the haulier. By choosing the appropriate marine liability insurance, you can effectively manage your risks and ensure financial protection against potential claims in the maritime industry.

2. Engineering Insurance

Engineering Insurance covers risks associated with engineering projects, machinery, and equipment. This type of Orient Takaful insurance is essential for businesses involved in construction, manufacturing, and infrastructure development. 

It provides financial protection against various risks that can arise during the lifecycle of engineering projects.

Types of Engineering Insurance:

1- Contractors’ All Risks

What is Contractors All Risk Insurance?

Contractors All Risk Insurance covers the various risks associated with construction projects and offers essential protection throughout the construction period. This Orient Takaful business plan ensures that contractors are safeguarded against various risks and liabilities associated with their projects.

The policy is divided into two key sections to address different aspects of construction-related contingencies -

• Section I: Material Damage

This section provides comprehensive coverage for loss or damage to contract works and facilities. It protects against -

1. Natural Disasters: Fire, lightning, floods, storms, and other Acts of God.
2. Accidental Damage: Loss or damage that occurs during construction.
3. Various Incidents: Protection against impact, theft, collapse, and malicious harm.
4. Civil Disturbances: Coverage from damages resulting from riots, strikes, and civil commotion.

• Section II: Third-Party Liability

This section covers legal liabilities arising from accidental incidents during the construction process. It includes -

• Bodily Injury: Accidental injury or death to third parties.
• Property Damage: Accidental damage to third-party property (excluding property owned or controlled by the insured).
• Legal Expenses: Coverage for legal costs related to defending claims, with the insurer's consent.

2- Erection All Risks

Erection All Risks Insurance provides coverage to projects involving the erection or installation of equipment and plants, where the value of the equipment is a significant part of the contract. This Orient Takaful business insurance makes sure that contractors and principals are covered for both physical losses and third-party liabilities.

• Section I: Physical Loss or Damage

This section provides comprehensive coverage for loss or damage to materials and erection works owned by the principals and contractors or subcontractors. It includes protection against -

1. Accidental Damage: Loss or damage occurring during the construction process.
2. Natural Disasters: Coverage for fire, lightning, floods, storms, and other Acts of God.
3. Various Incidents: Protection against theft, robbery, impact, collapse, and intentional damage.
4. Equipment Issues: Breakdown or explosion of any part of the contract.
5. Consequential Damage: Coverage for damage due to defects in material, workmanship, and design.
6. Civil Disturbances: Protection against riots, strikes, subsidence, landslides, cyclones, hurricanes, and earthquakes.

• Section II: Third-Party Legal Liability

It provides indemnity for legal liabilities arising from negligence by the insured or their employees. It includes coverage for:

1. Bodily Injury: Accidental injury or death to third parties (excluding family members or employees of the insured).
2. Property Damage: Coverage for accidental damage to third-party property (excluding property owned or controlled by the insured).
3. Legal Costs: Coverage for legal expenses related to defending claims, with the insurer’s consent.

3- Contractors’ Plant & Machinery

What is Contractors Plant & Machinery Insurance?

This Orient Takaful business insurance plan provides coverage for essential construction equipment and machinery used on job sites. It includes items like cranes, excavators, and other construction tools, whether they are actively in use or resting offsite. You can think of this insurance as a safety net for your valuable equipment. It protects against unexpected accidents or damages, covering costs for repair or replacement. 

With this Orient Takaful business plan, you can focus on your projects, knowing that your equipment is safeguarded against the unpredictable nature of construction work.

What’s Covered?

The policy typically covers -

• Any sudden physical loss or damage from unforeseen causes, unless specifically excluded in the policy.
• Losses resulting from theft or burglary.
• External accidental damages that may occur.

4- Machinery Breakdown

Machinery Breakdown Insurance is designed to protect your business from the financial impact of unexpected breakdowns or damages to machinery. This Orient Takaful insurance compensates you for losses caused by sudden and unforeseen incidents such as defects in materials, faulty designs, or problems arising from poor workmanship or negligence.

With this Orient Takaful business plan, you can maintain peace of mind, knowing that your vital equipment is protected against unforeseen circumstances.

What’s Covered?

You can rely on this insurance to address various risks, including —

• Breakdowns due to operational faults or failures in safety systems and controls could be caused by employee negligence or lack of skill
• Damage resulting from forces generated by the machinery itself, such as tearing apart under pressure
• Electrical issues like short circuits may lead to significant damage
• Problems like a shortage of water in boilers that could lead to failures

Note: It’s important to ensure that the sum insured reflects the new replacement value of your machinery, providing comprehensive coverage in the event of a breakdown.

3. Property Insurance

Property Insurance protects your physical assets against various risks, including damage, theft, or loss. This Orient Takaful business insurance is designed for individuals and businesses to safeguard property such as buildings, equipment, inventory, and personal belongings.

Types of Property Insurance:

1- Fire & Allied Perils

This Orient Takaful business insurance safeguards your property against a variety of fire-related risks and other associated perils, ensuring you are protected in case of unexpected events.

Key Coverage Includes:

• Water Damage: Coverage for loss due to bursting pipes, apparatus failures, and overflowing water tanks.
• Civil Disturbances: Coverage for losses related to strikes, riots, and civil commotion.
• Impact Damage: Protection against damage caused by third-party vehicles impacting the insured property.
• Fire and Natural Disasters: Cover losses fire, lightning, explosions, floods, and other natural catastrophes deemed Acts of God.

2- Business Interruption

What is Business Interruption Insurance?

Business Interruption Insurance provides financial support to a business during the recovery period following a major disaster. It helps cover operating expenses while the business works to resume normal operations.

This Orient Takaful insurance helps ensure that a business can meet its financial obligations and maintain operations while recovering from unexpected disruptions.

Coverage Includes:

• Natural Disasters: Protection against fire, lightning, earthquakes, storms, tempests, and floods.
• Malicious Damage: Coverage for intentional damage inflicted on the property.
• Explosion: Incidents where gas is not involved and does not relate to gasworks.
• Civil Disturbances: Losses due to riots and strikes.
• Water Damage: Losses from bursting pipes and overflowing water tanks.

3- Property All Risks

What is Property All Risks Insurance?

Property All Risks (PAR) Insurance offers comprehensive coverage for your property against accidental physical loss or damage, ensuring you peace of mind. This Orient Takaful insurance protects against a wide range of risks, except for specific exclusions listed in the policy.

Coverage Includes:

• Coverage for theft or attempted theft involving violent entry or exit from the premises
• Protection against unforeseen incidents causing damage
• Coverage for loss or damage resulting from impacts
• Includes strikes, riots, civil commotion, and malicious damage
• Covers bursting pipes, apparatus failures, and overflowing water tanks
• Protection against fire, lightning, explosions, and other Acts of God

4. Liability Insurance

This Orient Takaful business insurance plan protects against claims resulting from injuries and damage to other people or property. It helps cover legal fees, settlements, and medical expenses that may arise from lawsuits or claims.

By having the appropriate liability coverage, individuals and businesses can operate with confidence, knowing they are protected against potential financial hardships resulting from unforeseen incidents.

Types of Liability Insurance:

1- Workmen’s Compensation Insurance

This Orient Takaful insurance provides coverage for employees who are injured, disabled, or killed while on duty or engaged in activities related to your business. It ensures that employees are compensated by the provisions of the Workmen’s Compensation Act, promoting financial protection for both workers and employers.

Key Benefits:

• Occupational Death

If a worker dies due to a work-related accident, this policy pays their family an amount equal to 24 months of the worker's last salary, with a minimum of AED 18,000 and a maximum of AED 35,000.

• Permanent Disability

In cases of permanent disability, a percentage of the death benefits is paid based on a specified scale, providing crucial financial assistance for the affected individual. 

• Loss of Wages (Cash Allowance)

The policy covers lost wages by paying the worker 100% of their salary for the first six months and 50% for the next six months, easing financial stress during recovery.

• Medical Expenses

Medical costs incurred at local government or public medical centres are reimbursable within the limits specified in the policy, ensuring that employees receive necessary medical care without financial burden.

• Employer's Liability Insurance

You can protect yourself from claims made by employees under common or Sharia law, with coverage limits typically between AED 500,000 and AED 1 million. You can choose higher limits based on your needs at reasonable rates.

• Extended Coverage for Off-Duty Accidents

The Orient Takaful insurance can also cover accidents that happen outside of work hours, as long as they occur within the designated area, giving employees extra protection.

2- Cyber Crime Insurance

Cyber Crime Insurance or Electronic and Cyber Crime Takaful, offers protection against financial losses resulting from various types of cyber incidents. This includes fraud involving computer systems, unauthorised payment transfers, data loss, computer viruses, and forged communications.

Key Benefits:

• Covers costs related to fixing or replacing damaged digital assets
• Access to cyber analysts and specialists who can assist in managing cyber incidents
• Helps maintain the credibility and reputation of your business during and after a cyber event
• Coverage for expenses related to investigating data breaches and their consequences
• Compensation for losses incurred during periods when business operations are disrupted due to cyber incidents
• Financial protection in case of extortion attempts stemming from cyber threats
• Assistance with legal matters that arise from cyber incidents, ensuring you have the necessary support

3- Commercial General Liability Insurance

This type of Orient Takaful business insurance protects businesses from legal claims related to bodily injury, personal injury, and property damage caused by the business’s operations, products, or incidents that occur on its premises.

Coverage Includes:

Section I: Bodily Injury - You will get protection against legal liabilities for injuries sustained by third parties due to business activities.

Section II: Property Damage - Covers for property damage resulting from non-professional negligent acts, including liabilities related to the business premises or operations.

4- Directors & Officers Liability

Directors & Officers Liability Insurance protects directors and officers from claims made against them while serving onboard or in an executive role. This type of Orient Takaful insurance is essential for for-profit companies, privately held businesses, non-profit organisations, and educational institutions.

It ensures that directors and officers have the protection they need to perform their duties without the fear of personal financial loss due to legal claims.

Coverage Includes:

Section I: This section protects directors and officers when the company cannot indemnify them for claims made against them.

Section II: It reimburses the organisation when it indemnifies the directors and officers, helping to safeguard the company’s financial position.

Section III: Also known as "entity coverage," this section resolves coverage disputes when both directors/officers and the organisation are named as co-defendants in a securities lawsuit.

5- Professional Indemnity

This type of Orient Takaful business insurance protects professionals against claims arising from negligent acts, errors, or omissions made while performing their duties. It is important for professionals such as engineers, architects, lawyers, accountants, and insurance brokers.

Key Features:

• Proposal Form Required: Clients must complete a relevant proposal form to help insurers assess the associated risks accurately.
• Defined Limits and Conditions: The indemnity offered will adhere to the limits, conditions, and activities outlined in the policy.

Types of Coverage:

1. Annual Cover Basis: This is typically an annually renewable policy that covers all professional's operations, rather than being tied to a specific project.
2. Single Project Professional Indemnity (SPPI): This type of coverage is tailored to meet the lifecycle and specific needs of a single construction project.

Orient Takaful Insurance Claim Process

Follow the below steps to successfully file a claim at Orient Takaful Insurance -

• Visit the Orient Takaful Insurance official site.
• Select the ‘Feedback/Claim Intimation’ option from the main menu.
• Fill out the form with details like policy number, name, or email ID.
• Click on the ‘Save’ button.
• Receive a call back from an insurance personnel.

Or

You can call them at 971 4 601 7500 or visit the nearest local branches of Orient Takaful Insurance Company for instant assistance. 

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