Tel: +965 1820202 info@gulftakaful.com      

New Project New Product

"Health is blessing,
Valued Most by those deprived of it"

New Project

An illness can be emotionally and financially draining. Accessing the right medical expertise and having the ability to pay for the treatment are major concerns. The reason why at Gulf Takaful insurance company have

Read More Read More

Property Insurance

Property Insurance against the Risks of Fire and Additional Risks:

This insurance covers properties such as factories, stores, warehouses, exhibitions, offices and shops against the risks of fire and lightning. The cover may be extended to include the following additional risks:

  • Storms, hurricanes, floods and fresh water damages
  • Collision of transport vehicles excluding those belonging or owner to the subscriber; earthquakes
  • Deliberate sabotage
  • Strikes, riots and civil commotions.

Coverage extends to the following:

Professional Fees Clause ( Consultants, Engineers and Surveyors )

This cover includes the fees of consultants, engineers and surveyors incurred by the subscriber in the event of the occurrence of an accident to the properties covered by the policy, and where such accident necessitates the appointment of an engineer, consultant or surveyor to supervise the rebuilding of the damaged part of the building. An insurance amount for this coverage should be specified.

Workmen's Clause

This clause allows the subscriber to make repairs, modifications, internal extensions, fixtures and maintenance without prejudice to any condition of the policy, particularly the condition of repairs and modifications contained in the terms and conditions of the policy, provided that the subscriber follows all the generally acceptable conditions during the performance of such works, and provided that he advises the company thereof in writing within 15 days from the date of starting the performance of those works. Cover is limited to the modifications in respect of which no sources of flame are used.

Removal of Debris Clause

The cover provided under the policy includes the costs of removing the debris in the event of the occurrence of an accident which is covered by the policy and in respect of which it is necessary to re-prepare the site or the damaged part thereof in order to perform the repairs, provided that an insurance amount for this cover is specified.

Capital Additions Clause

This cover gives the subscriber automatically the right to make additions, modifications or improvements to the insured properties and that would result in increasing the insurance amount contained in the policy by up to 10% of the total insurance amount of the insured properties, provided that the insurance company is notified of these modifications within 30 days and provided that the additional premium be applicable from the date on which these additions have been made and until the end of the insurance period.

Third Party Liability Toward Neighbors and/or the Landlords

This policy may be extended to include the subscriber's (tenant's) liability toward the neighbors and/or the owner of the leased premises in the event of the occurrence of an accident which is covered by the policy in the insured premises and where the effects of such accident extend to such neighbors and/or owners. The limits of compensation are limited to the amount of compensation specified by the subscriber per single accident or group of accidents during the period of the insurance. An insurance amount should be specified for this cover.

Loss of Rent

This cover may be extended to cover the period of the loss of rent as specified in advance in the policy upon issue thereof or at any subsequent time preceding the cover by 6, 9 or 12 months, and which may result from the materialization of any of the risks covered by the policy, and which result in the tenant losing the rent of the building or buildings belonging to him, until the repair of the material damage has been completed, provided that we have been provided by the amount of the monthly rent and provided that the required period of cover of the rent loss has been specified.

Reinstatement Clause

The policy may contain a clause which provides for restoring the insurance amount to its original level automatically after the occurrence of a material damage to the insured property or properties, because the insurance amount(s) contained in the policy are reduced after the occurrence of any accident covered by the policy by the value of the part that has been damaged or destroyed. This clause ensures that the insurance amount is restored to its original level after the insured has carried out the repairs, subject to payment of an additional premium whose amount is calculated proportionately with effect from the date on which the repairs have been completed to the expiry date of the policy.

Business interruption

This insurance coverage provides the financial stability for the works through the insurance on the loss of profits that may incurred by the insured due to cessation of the work as a result of occurring any of the risks covered against the financial damages such as the fire risks insurance policy. In addition to the loss of net profits, the policy covers the fixed charges such as salaries and increase in work expenses. A suitable amount for insurance may be determined for the selected cessation period based on the net profits and fixed charges for the workers of the insured.

All the risks of the properties

This policy guarantees an insurance coverage wider than the insurance coverage granted by virtue of the fire policy and guarantees the losses and/or emergency damages that may be incurred by the insured properties. This insurance is deemed appropriate for large trading or industrial companies.

The coverage may be extended to cover the loss of the profits (income) resulting from the realization of any of the risks covered by virtue of the all-risk policy.

Comprehensive House Insurance

This insurance provides protection and coverage of any loss or damage resulting from fire, burglary, theft and additional risks including water risks from water tanks, installations or pipes due to explosion and excessive flow incurred by the common properties including the buildings allocated as private residences, apartments and house contents.

The coverage extends to cover:

  • Rent compensation
  • Death or permanent total disability
  • Civil liability vis-à-vis the leasing owner
  • Civil liability vis-à-vis the others