Fire & Property Takaful Coverage
Fire Takaful provides compensation to the covered person or firm in the event of damage to property (i.e. buildings, stock, machinery and other contents). This policy extends customized coverage for diverse industrial sector companies according to their needs. This Takaful policy covers Fire losses due to the following:
Basic Coverage
This policy broadly covers losses due to:
- Fire
- Lightning
- Explosion (due to domestic boiler only)
Additional Covers
- Riot and Strike
- Malicious Damage
- Explosion
- Atmospheric Disturbance (Flood, inundation, etc)
- Earthquake, Fire and Shock
- Aircraft Damage
- Impact Damage
- Burglary and Housebreaking
- Electrical Clause “A” & “B”
- Removal of Debri
Types of Fire Policy
There are three types of special policies available under the fire department for covering the stocks in the Participant’s premises.
- Annual Limit policy
- Floater Policy
- Declaration Policy
Who Can Get Fire Policy?
Any person / firm / organization / institution who may suffer financial loss in the event of operation may take takaful of such property under the fire policy. They may be broadly categorized as under
- Owners of Building and contents such as house hold articles, furniture etc
- Shop Keepers.
- Educational/ Research Institutions
- Hotels, Boarding and Lodgings, Hospitals, Clinics or such service providers
- Industrial and Manufacturing Firms
- Godown Keepers
- Bailees, Lessor, Lessee, Banks, Financial Institutions, Mortgagors, Mortgagees
- Traders in stocks.
- Trustees, Charitable Institutions
- Transporters and C & F Agents
Other Property Products Available
- Property All Risks
- Comprehensive Machinery Insurance
- Consequential Loss due to Fire / Business Interruption
- Hotel Owner’s All Risk Insurance
- Home Insurance
- Terrorism Takaful Coverage
- Third Party Liability / Public Liability Coverage
- Removal of Debris
- Spontaneous Combustion Cover
- Burglary & house Breaking
Contribution are based on the type of occupancy, physical features, value at risk, the requirement of additional covers & information provided on a completed proposal form.
- Owing to the high probability of organizational exposure to the possibility of fire losses Al-Tameem covers the damage to the property caused by fire and a range of perils. Cost of replacement, reconstruction or repairs are covered.
- We assist organizations in controlling their exposures to accidental fire losses by offering insurance protection to pay for losses that cannot be avoided, prevented or limited.
- Property Insurance is designed to cover wide range of properties including Buildings, Machineries, Stocks, Furniture, etc.
- Willful Act
- Gross negligence
- Loss to bullion, documents, currency etc
- Loss of earnings/ Business Interruption
- Losses arising out of War and War like situations
- Terrorism, Civil Commotion, Popular / Military Rising, Insurrection etc
- Nuclear Fission/ Biological etc
- Spontaneous Combustion
- Loss or damage to the property insured by order of public authority
- Misrepresentation
Salient Features:
A Shariah Compliant way to protect the risks
Profit Sharing
Excellent Services and Prompt settlement of claims
All Financial Transactions are duly vetted by the Shariah Advisory.
Availability of Add-on products and services.
Frequently Asked Questions
Have questions? We’ve got you covered
Have questions about our services? Explore these frequently asked questions for quick, clear insights into Motor Takaful, Corporate Health Takaful, Fire Takaful, Marine Takaful, and more covering everything from plans and coverage to processes and claims.
What is Motor Takaful and how does it work?
Motor Takaful is a Shariah-compliant alternative to conventional motor insurance, offering protection for your vehicle against loss or damage through a cooperative risk-sharing model.
What does Corporate Health Takaful cover?
Corporate Health Takaful provides medical coverage for employees of organizations, including hospitalization, surgeries, and other healthcare benefits, all within Islamic principles.
What risks are covered under Fire Takaful?
Fire Takaful covers loss or damage to property caused by fire, lightning, explosions, and other related risks, ensuring financial protection through a cooperative pool.
What is Marine Takaful used for?
Marine Takaful covers loss or damage to goods during transit by sea, air, or land, offering protection for importers, exporters, and logistics operators.
How is Takaful different from conventional insurance?
Takaful operates on a cooperative risk-sharing model compliant with Shariah law, whereas conventional insurance involves interest-based contracts prohibited in Islamic finance.