Tokio Marine Business Insurance

Tokio Marine Insurance UAE offers innovative insurance solutions for both personal and corporate clients, covering a broad range of products and services. With its business insurance plans, corporate clients can easily protect themselves against multiple risks and liabilities.

Some of the major Tokio marine business insurance products include marine cargo insurance, property insurance, event insurance and more.

Types of Tokio Marine Business Insurance

Given below are the major types of Tokio Marine business insurance products -

1. Event Liability and Cancellation Insurance

What is Event Liability and Cancellation Insurance?

Event Liability and Cancellation Insurance offers essential protection for various events and occasions. It covers unexpected incidents that could disrupt or harm the success of your event.

What are the Coverages Provided by Tokio Marine Event Insurance?

Some of the coverages provided by Tokio Marine UAE event insurance are -

• Concerts
• Music festivals
• Fashion shows
• Business conferences
• Sports events
• Theatre events
• Trade fairs
• Product launches
• Large and small parties

What are the Types of Event Liability Insurance?

1. Event Cancellation Insurance: This type of Tokio Marine policy covers financial losses if an event is cancelled, abandoned, interrupted, postponed, or relocated due to unforeseen circumstances beyond your control. It protects against issues like severe weather, fires, floods, power outages, and more.
2. Event Liability Insurance: Event Liability Insurance covers financial losses if you are legally responsible for property damage at the venue or if someone is injured at your event.

Key Features and Benefits of Event Insurance

Event Cancellation Insurance

1. Protects revenue or expenses from unexpected disruptions
2. All-risk Tokio Marine insurance coverage
3. Offers extensions for war, terrorism, civil commotion, national mourning, or cyber threats
4. Ideal for event organisers, promoters, sponsors, and others with a financial interest in the event

Event Liability Insurance

1. Covers bodily injury and property damage liabilities
2. Allows venues to be named as additional insured at no extra cost
3. Can be bundled with Event Cancellation Insurance for comprehensive coverage

2. Engineering Insurance

What is Tokio Marine Engineering Insurance?

This plan Tokio Marine Insurance Dubai provides essential coverage for various risks and liabilities in the engineering and construction sectors. It offers economic protection against risks encountered during the implementation and execution of contracts.

Types of Tokio Marine Engineering Insurance

1. Contractor’s Plant and Machinery Insurance
2. Contractor’s All Risk Insurance
3. Erection All Risk Insurance

3. Contractors All Risk Insurance

What is Contractor’s All Risk Insurance?

Contractor’s All Risk Insurance offers comprehensive protection against loss or damage related to contract work. This includes construction, fit-out, and installation projects, as well as the plant, equipment, and construction machinery involved. 

The coverage of this Tokio Marine business insurance plan can also be extended to cover third-party claims for property damage arising from the execution of a building contract.

4.) Erection All Risks Insurance

What is Erection All Risk Insurance?

Erection All Risk Insurance offers comprehensive protection against all risks involved in the erection of machinery, plants, and steel structures. This Tokio Marine Insurance UAE also provides coverage for third-party claims related to property damage or bodily injury that may arise in connection with the execution of an erection project.

5. Contractors Plant and Machinery Insurance

What is Contractor’s Plant and Machinery Insurance?

Contractor’s Plant and Machinery Insurance provides coverage for the contractor’s plant and machinery on an annual basis. It covers any loss or damage from any cause, whether the machinery is at work, at rest, or during maintenance operations.

This Tokio Marine business insurance plan is not limited to a specific construction site and can include third-party liability coverage.

6. Directors and Officers Liability Insurance

What is Directors and Officers' Liability Insurance?

In today’s risk environment, directors play an important role in shaping their organisation’s risk strategies. Given their responsibilities, it’s essential for directors to be actively involved in their own and their organisation's insurance protections. 

Directors and Officers' Liability Insurance is a key starting point for this. It offers protection for Directors in case of legal actions taken against them personally. This Tokio Marine Insurance policy may cover the insured person by listing their role or their name and provides coverage against defence costs, damages, compensation awarded against the Director, and any costs ordered against them.

Common Risks Covered by Directors and Officers' Liability Insurance

Directors and Officers' Liability Insurance is particularly important for those involved in or facing the risk of -

• Accounting irregularities
• Mergers and acquisitions
• Insolvency-related proceedings
• Wrongful trading or disqualification
• Employment-related claims
• Corporate manslaughter charges
• Breaches of health and safety legislation
• Breaches of competition law

Key Exclusions of Directors and Officers’ Liability Insurance

This Tokio Marine Insurance Dubai usually does not cover —

1. Any deliberate act of fraud or dishonesty
2. Failure to take reasonable precautionary measures to avoid or lessen the chance of a claim
3. Failure to cooperate with the legal representative appointed by the insurer to defend a claim

7. Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Professional Indemnity Insurance covers businesses against claims or damages made by clients or third parties. It is particularly important for professionals who may face allegations of negligence, errors, or omissions in their work.

This Tokio Marine business plan is suitable for individuals and businesses such as consultants, architects, lawyers, accountants, and IT professionals, among others, who provide expert advice or services to clients.

Coverages Under Professional Indemnity Insurance

Professional Indemnity Insurance by Tokio Marine Insurance Company covers the following -

1. Negligence
2. Misrepresentation
3. Inaccurate advice
4. Loss of documents
5. Libel or slander

Key Exclusions of Tokio Marine Professional Indemnity Insurance

While this Tokio Marine business insurance plan provides extensive protection, it does not cover -

1. Bodily injury
2. Property damage
3. Work-related injuries or illnesses
4. Data breaches

8. Marine Cargo Insurance

What is Marine Cargo Insurance?

Marine Cargo Insurance is an insurance policy where the insurer compensates the insured for loss or damage to goods or cargo during transit by sea, air, or land. This insurance is applicable to both domestic and international trades. It is often required in contracts that goods must be insured by either the seller or the buyer to protect against risks during transit.

 Note: Spot policies and marine open covers are available annually.

Who Should Buy Tokio Marine Marine Cargo Insurance?

Marine Cargo Insurance is essential for —

1. Importers and exporters
2. Freight forwarders (on behalf of their customers)
3. Manufacturers
4. Other buyers and sellers involved in international and local trade

Coverage Provided by Marine Cargo Insurance

Marine Cargo Insurance is governed by the Institute Cargo Clauses, vetted by the Joint Cargo Committee to suit modern trade developments. It provides comprehensive coverage with advantageous insurance terms. Some of the specific coverages include:

• Institute Cargo Clauses (A) 1.1.82 / 1.1.09
• Institute Cargo Clauses (B) 1.1.82 / 1.1.09 (with war and SRCC risk cover)
• Institute Cargo Clauses (C ) 1.1.82 / 1.1.09
• Comprehensive coverage for export, import, transport, and shipment of goods in transit within the EU

What Tokio Marine Marine Cargo Insurance Does Not Cover?

Marine Cargo Insurance excludes coverage for —

1. Compliance in countries where locally admitted policies are required
2. UN-sanctioned countries

9. Property Insurance

What is Property Insurance?

Protecting property is an essential aspect of risk management that every company should implement as part of its operations. Property Insurance safeguards business assets, including buildings, plants, machinery, computers, IT equipment, contents, fixtures, fittings, stocks, and other declared assets.

Major Perils Covered Under Tokio Marine Property Insurance

Property Insurance covers a wide range of risks, including -

1. Fire
2. Lightning
3. Explosion
4. Theft
5. Bursting or overflowing of pipes and water tanks
6. Acts of God (natural disasters)
7. Strikes, riots, and civil commotion
8. Damage due to aerial objects

Who Should Buy Business Property Insurance?

Business Property Insurance by Tokio Marine Insurance Company is essential for -

• Large and mid-sized corporations
• Businesses located in office buildings
• Metalworking companies
• Retail and trading companies
• Printing and plastic parts manufacturing
• Paper products manufacturing
• Basic industrial chemicals companies
• Cement and concrete products manufacturing
• Healthcare and pharmaceutical companies
• General manufacturing
• Food and beverage companies
• Hotels and resorts
• Convention centres and stadiums
• Educational institutions (schools and universities)
• Telecommunication, media, and publishing firms

Key Exclusions of Property Insurance

While Property Insurance offers extensive coverage, it usually excludes the following -

1. Fundamental risks such as war and terrorism
2. Machinery breakdown
3. Risks due to communicable diseases
4. Nuclear risks or radioactive materials

10. Workmen’s Compensation Insurance

What is Workmen’s Compensation Insurance?

Workmen Compensation Insurance covers medical expenses and loss of wages due to work-related injuries or occupational diseases suffered by employees during their employment. This insurance also includes Employer's Liability coverage, which protects employers against claims made by employees under the Labor Law, Workman Compensation Ordinance (Chapter 8 of Federal Law No. 1980), and applicable Free Zone Rules.

Key Benefits of Tokio Marine Workmen Compensation Insurance

Workmen Compensation Insurance offers several key coverages, including -

• Compensation for death or disability due to work-related injuries
• Coverage for medical and repatriation expenses
• Compensation for loss of wages during the recovery period
• Funeral expenses when repatriation is not possible
• 24-hour coverage, including non-work-related accidents

What is Not Covered by Workman Compensation Insurance?

This Fidelity Insurance Dubai plan does not cover -

1. Self-attempted injuries or side effects of injuries
2. Injuries or death resulting from violations of company policies
3. Injuries, death, or disabilities caused by intoxication or drug use
4. Injuries, death, or disabilities caused by war, invasion, political causes, or terrorism
5. Illnesses or injuries arising from communicable diseases

11. Public Liability Insurance

What is Public Liability Insurance?

Public Liability Insurance protects your organisation by covering compensation or legal settlements for injuries to third parties or damage to property that occurs during the course of your work or employment. It also covers the reasonable legal fees incurred from defending a claim.

For instance, if a customer trips on an item at your business premises or if an employee damages someone's personal property, your organisation could be legally liable to cover the costs. This Tokio Marine Insurance UAE covers the costs of third-party compensation, expenses, and your legal defence.

Coverages Provided by Tokio Marine Public Liability Insurance

Public Liability Insurance offers several important coverages, including -

• Compensation to third parties for physical injury or property damage caused by your business activities within the policy territory
• Cross liability coverage
• Coverage for work-related risks
• Legal liability toward your landlord or tenant, as applicable
• Coverage for your legal defence and court costs incurred while defending a claim made against your business
• Liability due to food and drinks served at your premises
• Coverage extended worldwide for non-venue business trips by employees of the company

Major Exclusions of Tokio Marine Public Liability Insurance

Public Liability Insurance excludes the following -

1. Fundamental risks like terrorism and wars
2. Aviation, marine, and offshore risks
3. Nuclear risks or radioactive materials
4. Machinery breakdown
5. Risks due to communicable diseases

12. Business Interruption Insurance

What is Business Interruption Insurance?

Business Interruption Insurance, also known as Loss of Profits or Consequential Loss Insurance, is essential for any reputable business.

This Tokio Marine insurance policy covers the loss of gross profit resulting from a reduction in turnover or an increase in working costs following a loss related to a property or specified perils policy. The coverage compensates for the anticipated interruption in normal business activities and can be taken for a maximum period that aligns with the expected duration of the disruption.

Tokio Marine Business Interruption Insurance covers any loss as long as there is a material damage element covered under the property or specified perils policy. When setting the sum insured, it is advisable for the policyholder to consult with an accountant to get the figures accurate.

The sum insured is calculated using one of two methods -

1. Additional Basis: Net profit + standing charges
2. Difference Basis: Turnover + closing stock less opening stock + purchases + specified working expenses

Additionally, the policyholder should consider a future inflation factor if the maximum period of interruption extends beyond 12 months. The insurance can be arranged on a declaration-linked basis, with adjustments made at the end of the financial year to account for the actual gross profit.

Note: Business Interruption Insurance is usually arranged on a gross profit basis. However, it can also be measured as per the gross revenue or loss of rent, depending on the specific needs of the business.

Coverages Provided by Tokio Marine Business Interruption Insurance

Tokio Marine Insurance UAE includes the following coverages -

1. Losses related to specific customers or suppliers
2. Failure of public utilities such as telecom, gas, electricity, or water
3. Infestation of premises
4. Food poisoning incidents
5. Infectious disease outbreaks

Available Extensions for Business Interruption Insurance

Several extensions can enhance the protection offered by Business Interruption Insurance, including -

• Denial of Access: Coverage if access to the property is denied due to a bomb scare or if the premises are closed as per the instructions of police or any concerned authority
• Group Interdependency: Coverage for losses suffered due to contingencies occurring at another of the policyholder's premises

13. Group Medical Insurance

What is Group Medical Insurance?

Group Medical Insurance provides comprehensive medical coverage for employees and their families, giving access to necessary healthcare services. This insurance covers two aspects: outpatient treatment and inpatient treatment.

Tokio Marine’s Group Medical Insurance plans are DHA compliant, approved by the Dubai Health Authority (DHA), and are developed by Expacare Limited. Offered in partnership with leading administrators like NextCare, NAS, and MedNet, this insurance plan allows employers to choose from a variety of networks to best meet their needs.

Coverages Provided by Group Medical Insurance

• Outpatient Cover: This covers visits to medical facilities within the relevant network. Diagnostic and laboratory tests are covered up to the policy limits with applicable copayments. Medical consultations are also covered within the limits set by the policy.
• Inpatient Cover: For treatments that require hospitalisation, the coverage is provided on a cashless basis within the chosen network of hospitals. However, it’s important to inform the insurance provider 2 to 3 weeks in advance for smooth processing of the claim.

Additional Coverages Available forTokio Marine Group Health Insurance Plan

Group Medical Insurance can be customised with additional covers, including - 

1. Dental treatment
2. Optical wellness benefits
3. Alternative medicines such as Ayurvedic, homoeopathic, and chiropractic treatments

Exclusions in Tokio Marine Group Medical Insurance

Given below are the key exclusions of Tokio Marine group medical insurance -

1. Waiting periods for certain treatments
2. Policy deductibles
3. Predefined non-covered items specified in your policy

Tokio Marine Business Insurance Claim Process

General Claim Procedure for Tokio Marine Business Insurance

Here is a step-by-step guide for the Tokio Marine Insurance claims process -

1. Accident Notification: Immediately notify Tokio Marine and Nichido Fire Insurance Co., Ltd. (TMNF) about any physical loss or damage that may lead to a claim under your policy. This notification can be made through email, fax, or the ‘Notice of Claim’ form on the Tokio Marine website. Additionally, if the incident involves theft or pilferage, report the loss to the nearest police station and obtain a police report.
2. Survey Appointment: TMNF will appoint a loss adjuster to inspect and investigate the loss. The insured party must fully cooperate with the loss adjuster and should not alter the condition of the damaged items before the survey.
3. Preparation of Claim Documents: After segregating damaged and undamaged items, the loss adjuster will inspect the damages. The adjuster will provide a list of the required documents, which the insured party must prepare and submit for claim processing.
4. Filing of Claim: Once all documents are submitted, the loss adjuster will review and adjust the claim as necessary. They will then submit a final report to TMNF, along with a claim note, to finalise the claim.
5. Claim Settlement: TMNF will review the adjuster’s report and the submitted documents. If the claim complies with the Tokio Marine Insurance policy terms, TMNF will process the payment according to the conditions of the policy. The insured party will receive the claim money and must provide a signed discharge receipt and subrogation letter.
6. Track Claim Status: To monitor the progress of your claim, visit the Tokio Marine website and use the ‘Retrieve Claim’ feature in the "Claims" section. Enter your policy number to access the status and details of your claim.

Specific Claim Procedure for Tokio Marine Insurance

Marine insurance claims have a more tailored process due to the unique nature of maritime risks. Here’s how to proceed –

• Claim Intimation: Notify TMNF immediately via email at genclaim@tmnf.ae or through the claim section on the Tokio Marine website. Provide initial details about the incident, including the date, location, and nature of the damage or loss.
• Survey and Inspection: TMNF will nominate a surveyor to conduct a joint survey with the carriers. This inspection helps document the damage and determine the extent of the loss.
• Submission of Claim Documents: The consignee must submit all relevant claim documents and a claim bill to TMNF. The documents should include the bill of lading, shipping invoices, and any other relevant evidence.
• Review and Settlement: TMNF will review the surveyor’s report and the submitted documents. If the claim is valid, TMNF will process the settlement and arrange for the payment of the claim.
• Recovery Process: After settling the claim, TMNF may pursue recovery rights against responsible parties. This process is handled by TMNF so that all possible recoveries are sought.

How to Intimate and Retrieve a Tokio Marine Business Insurance Claim?

To initiate a claim, visit the Tokio Marine website and go to the ‘Claims’ section.

Next, click on ‘Intimate a Claim’ and enter your policy number along with the required details. For tracking or retrieving claim details, select ‘Retrieve Claim’ and input your policy number to get the current status.

How to Buy Tokio Marine Business Insurance?

You can easily buy Tokio Marine Business Insurance through Policybazaar.ae — a leading online insurance marketplace in the UAE. Since its launch in 2018, Policybazaar.ae has become a trusted platform for businesses seeking reliable and comprehensive insurance solutions.

Policybazaar. UAE offers a wide array of business insurance options from over 22 top providers, including Tokio Marine. This platform makes the process of selecting and purchasing insurance quite convenient.

Key Benefits of Using Policybazaar.ae

1. You can compare various insurance policies side by side and consider coverage options, premiums, and specific features to find the best fit for your business needs.
2. Policybazaar.ae provides access to expert guidance that helps you make informed decisions about your insurance purchases. This service is particularly useful if you need help understanding the nuances of different insurance policies.
3. The platform offers round-the-clock customer service — you can get assistance whenever you need it.
4. Policybazaar.ae has received multiple awards, including the ‘Best Digital Insurance Marketplace’ at the MENA Insurance Awards.
5. Enjoy special deals and discounts that are available only through Policybazaar.ae, and save money on your insurance premiums.
6. With the Policybazaar.ae mobile app, you can manage your insurance policies on the go. 

Frequently Asked Questions