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FIRE INSURANCE – FIRE ALLIED PERILS

We understand how you have put a lot of time, hard work and considerable money into building up your business. We also understand your needs when misfortune strikes when you least expect it. Almost anything can happen at any time – a short circuit can reduce your assets to ashes, a burst pipe can flood your premises. To help you protect your business against such uncertainties, Trust Yemen Insurance provides one of the best fire and allied perils products in the industry. We take pride in providing with our comprehensive protection backed up by sound financial capability.

There are two categories of cover under this product in which one can insure property. The basic policy covers against the losses &/or damages due to Fire and lightning only. The additional cover is against losses &/or damages due to Fire, lightning and Allied Perils.

Both categories have similar terms but however for the additional cover of Allied perils each one differs from the other in terms of ratings. In addition to the above coverage one can also include the cover against losses and /or damage due to Burglary.

The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim.

The rate chargeable is always applied on a "Per Mille" basis (for every thousand units) on the Total Sum Insured and is dependant to the nature of risk, location and the housekeeping. There is a Deductible for each and every loss in addition to a number of other Conditions.

Coverage



The policy protects you from financial loss as a result of standard perils which is as follows:

  • Fire
  • Lightning
  • Explosion
  • Aircraft damage
  • Earthquake or volcanic eruption
  • Storm and tempest
  • Flood
  • Impact by any road vehicle or animal
  • Earthquake
  • Landslide
  • Strike, Riots and Civil Commotion (SRC)
  • Malicious Acts (MD)
  • Burglary


TENANTS LIABILITY:

The insurance by this policy extend to include the legal liability of the Insured as Tenants of the Premises in the schedule by reason of damage or destruction by fire for which the Insured is liable to the owners.

The aggregate limit if liability of the Insured by virtue of the insurance shall not exceed the sum specified in the schedule.

PROPERTY ALL RISKS

Property and Business are sources of revenue for many in our country. It not only provides income but is also an asset. Solidarity Takaful’s Property All risk covers a wide variety of risks to which your property is exposed which will help you deal with challenges that life throws at you with confidence.

Under the Property All Risks Insurance the Policy indemnifies the Insured for accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the policy.

This will include loss or damage by Fire, Lightning, Aircraft, Explosion, Earthquake, Strike, Riot, Malicious Damage, Storm, Tempest, Flood, Bursting or Overflowing of Water Apparatus (including Sprinkler Leakage), Impact by Own Vehicles, Theft or Attempted Theft (by violent and forcible entry to or exit from the premises) and other Accidental Loss or Damage.

The coverage is usually provided for a period of one year. The Sum Insured may be either on the basis of the actual value or the new replacement value of the property but should be adequate to cover the total exposure. The Insured should be able to provide the sum Insured but may seek help of our underwriters to determine how to do so. The Sum Insured is very important and needs to be given due consideration to avoid application of Average in the event of a claim.

The rate chargeable is always applied on "Per Mille" basis (for every thousand units) on the Total Sum Insured and is very dependent to the nature of risk, location and the housekeeping. There is a Deductible for each and every loss in addition to a number of other conditions.

BUSINESS INTERRUPTION INSURANCE

Dealing with any loss due to a fire is stressful, however coping with one’s business loss after such a catastrophe can often be more stressful due to the loss of revenue and certain standing charges that continue irrespective of the situation that the insured is placed in; bank interests, employee's salaries, rent, electricity etc. This ultimately results in a loss of gross profits due to reduction in turn over and increased cost of working during the period of interruption.

    For Business Interruption cover to operate, it is compulsory that there be in place a Property All Risks or Fire Insurance Policy. This cover takes into consideration the following aspects, which should be addressed when opting for this cover, as follows:

  • Gross Profit
  • Net Profit
  • Standing Charges
  • Annual Turnover
  • Period of Indemnity