Get coverage built to protect your business
General Takaful solutions are designed to protect your business and assets through Shariah-compliant coverage built on mutual cooperation and shared responsibility. From property damage and liability claims to employee-related risks and unexpected disruptions, our flexible protection plans help safeguard what you’ve worked hard to build, giving you confidence to focus on growth and long-term success while staying true to Islamic principles.
Erection All Risks Takaful Policy
The Erection All Risks Takaful provides a comprehensive takaful solution covering wide range of risks to which a project work is exposed to, starting right from arrival of material at site till successful testing and commissioning of the project.
What are the covers / benefits provided?
On a broad scale this policy covers following risks-
Fire and Allied Perils Takaful
This policy provides indemnity against loss or material damage to properties occasioned by fire.The rate of contributions/premium charged is in direct proportion to the risk andvalue of assets. The objective is to re-instate or replace property damaged or destroyed; or to compensate the Participant for such a loss. This ensures that immediately after a loss, the participant (organization/individual) is placed in the same financial position it occupied before the loss.
Public Liability Takaful
The policy provides legal liability to Third Parties in respect of death, injury and property damage arising in connection with the Participant’s business.
Group Personal Accident (GPA) Takaful
The Group Personal Accident policy will compensate the Participant for bodily injury caused by violent, accidental, external and visible means resulting in death or disablement.
This policy can only be taken up by a group of people such as employees of a company or members of a social club.The benefits are multiple of the total emoluments of the individual employee and below are the various benefits covered:
Professional Indemnity Takaful
This policy will indemnify the Participant for loss arising in respect of the claim for breach of professional duty or due to omission of a professional in the conduct of his/her business in their professional capacity.
It covers act of negligence, omission or error of a Professional Person in carrying out his/her duty.
The Erection All Risks Takaful provides a comprehensive takaful solution covering wide range of risks to which a project work is exposed to, starting right from arrival of material at site till successful testing and commissioning of the project.
Electronic Equipment Takaful
The Electronic Equipment Takaful Policy mainly provides protection against unforeseen events leading to breakdowns and physical damages to electronic equipment installed by the participant.
This is an All-Risk Takaful cover against many fortuitous perils subject to certain specified exclusions
What are the covers / benefits provided?
The policy provides coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs owing to perils other than those specifically excluded. There are three sections providing the desired coverage:
Goods-In-Transit Takaful
General average and salvage charges
The expenses in connection with merchandise in transit are enormous because of the high risk of pilferage. Policies are in two categories:
The basic cover provides cover against accidental loss or damage to goods whilst in transit anywhere within Nigeria. The goods covered would comprise raw materials and finished goods. Such would include goods in Participant’s own vehicle/s with the sum insured specified for each vehicle and goods dispatched by hired vehicle/s either by road, rail and post subject to a limit of any one consignment
Marine Cargo Takaful
The Marine Cargo Takaful scheme provides you with coverage for loss or damage to the goods as provided in the Institute Cargo Clauses (A), (B) or (C) 1.1.82 or Institute Cargo Clauses (A), (B) or (C) 1.1.09 respectively. You may cover your goods by choosing either of the below coverage subject to our Company’s approval.
What are the covers / benefits provided?
This scheme covers:
a) Institute Cargo Clauses (A) 1.1.82 / 1.1.09
This is the widest from of cover. This Policy covers all risk of loss of or damage to the goods except as provided under the Exclusions.
b) Institute Cargo Clauses (B) 1.1.82 / 1.1.09
This Policy covers against loss of or damage to the goods attributable to or caused by
c) Institute Cargo Clauses (C) 1.1.82 / 1.1.09
This Policy covers against loss of or damage to the goods attributable to or caused by
Duration of cover:
Except for War Risks cover, Takaful effected under A, B & C commences from the time the goods leave the warehouse or place of storage and terminates either on delivery to the final warehouse at the destination or, on delivery.
Machinery Breakdown Takaful
The product is designed to provide cover against unforeseen and sudden physical loss or damage to the machinery by any cause subject to excepted risks.
What are the covers / benefits provided?
The policy covers unforeseen and sudden accidental physical damage to participant machinery, plant and equipment while at work / rest whilst being dismantled or removed or re-erected, within the same premises.
The duration of cover is one year. You need to renew your takaful policy annually.
Consequential Loss Takaful
Consequential loss Takaful is a Sharia-compliant form of cover often referred to as Business Interruption Takaful, is a specific type of coverage designed to protect businesses from financial losses that occur indirectly because of physical damage to their property or equipment. This policy covers Loss of Profits, Wages and Salaries and Auditor’s fee.
Fidelity Guarantee Takaful
Fidelity Guarantee Takaful is a policy designed to indemnify the participant (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.
What are the covers / benefits provided?
The policy pays for the financial loss arising out of dishonesty/fraudulent act of employees covered under the policy.
The maximum loss payable is limited to the specified limit for that employee
Poultry Takaful
Poultry Takaful insurance is a type of Islamic insurance that provides financial protection to poultry farmers against various risks such as accident, disease/illness, fire, storm, flood and lightning. It protects against accidents and unexpected events that may affect their animals.
Crop Takaful
Crop Takaful insurance is a Sharia-compliant form of agricultural insurance that provides coverage to farmers against losses to their crops and plants due to natural calamities and diseases such as Fire, Lightening, Explosion, Aircraft damage, Outbreak of diseases and pests, Drought, Destruction or damage by windstorm, Flood. It is designed to protect farmers’ investments and livelihoods, ensuring financial security and peace of mind in the face of unpredictable natural events and diseases.
Plant All Risks Takaful
Plant All Risks Takaful (otherwise referred to as Machinery All Risks Takaful excluding breakdown risks) cover for plants and machinery against unforeseen physical loss or damage that may arise from the occurrence of perils that are not specifically excluded from the cover.
What are the covers / benefits provided?
This is an ‘All Risk’ policy covering sudden and unforeseen physical loss or damage arising from:
The policy normally provides an annual cover and is renewable on annual basis
Money Takaful
Money Takaful scheme provides you coverage against loss of money whilst in transit, kept in the participant’s premises, safe or in personal custody.
What are the covers / benefits provided?
This scheme covers:
Duration of cover is for one year. You need to renew your takaful policy annually.
