West Africa Takaful Insurance Certificates

Money like any other property is susceptible to loss and damage. Money refers to cash, notes, cheques, and securities for money, stamps, postal and money orders. The risks exposures covered under Money Insurance are as under:
• In transit to and from premises and bank
• In a safe at the premises
• Out of a safe during working hours at the premises
• In the care of company’s responsible staff
• In a private dwelling of employees overnight

The essential Information required for money insurance:

• Estimated annual carrying
• Maximum limit for any one carrying
• Maximum limit for safe-keeping at any given time.

Employers of every organization must provide a safe working environment for their employees legally. Failure in this may result in employees sustaining injuries which require compensation depending on the percentage disability of the employee.

Our Employers Liability/Workman’s Compensation Takaful Certificate protects the Insured’s liability as a result of accidental death and accidental bodily injuries as well as diseases sustained by employees during the cause of their duty to the Insured/Employer.

Many a times, employees are dissatisfied with the amount of compensation paid to them and may seek legal redress from the courts. Court awards are invariably more higher than labour awards.

Our certificate can therefore be extended to include these awards under COMMON LAW. Thus Common Law awards can be included with the payment of an additional premium usually 25% to 50% of the Annual Contribution.
The Policy also pays for all costs and expenses incurred in defending any claim for compensation, but with the prior consent of the company.

Our Fire & Allied Perils Takaful provides protection to your property against the perils
of Fire. We are in no doubt that you had invested a lot of money, time and effort to
acquire such property. Thus the need for its protection against destruction by fire.

The Fire Takaful can also be extended to include the Allied Perils such as:

Impact
Aircraft and/or articles dropped therefrom
Explosion
Hurricane, Cyclone, Tornado, Typhoon, and/or Windstorm
Bursting or Overflowing of Water Pipes, Apparatus and the like
Flood
Earthquake and Volcanic Eruption

In addition to all these perils, our Fire Takaful can be further extended to cover strike, riot,
civil commotion and malicious damage with the payment of an Additional Contribution.

Every occupier of premise and or every operator of business is under a legal duty and or obligation to provide a safe and secured environment to members of the general public. Failure
in this legal obligation may result in the occupier of the premise incurring unforseen liabilities beyond his financial resources.

Our Public Liability Takaful Certificate therefore will indemnify the participant in the event of accidental death, bodily injuries and or property occurring within the premises. In addition, legal costs and expenses incurred is covered under the Certificate.

Our Goods In Transit Takaful provides indemnity against losses incurred whilst your goods are being transited from premise to premise or from your premise to a client and or ports etc. This is an All Risks Takaful and covers every conceivable type of risk (except the usual exceptions).

This scheme seeks in return to contribution paid by the sponsors, to settle/reimburse all bills resulting from the medical attention necessitated through sickness or accident and carried out in
a Hospital or Health Institution in accordance with the rules and guidelines of the WATL Group Scheme.

The benefit of the Medical Scheme is that when local facilities available are not adequate to handle the patients’ medical condition, provisions are made available to evacuate the patient to the nearest country where such condition can be effectively managed.

Quotations are based on Group Size and Scheme Option.

Professionals like Accountants, Architects and Designers, Consultants and others can often be exposed to legal suits due to acts of negligence in their professions.

Professional Indemnity Policy indemnifies the Insured in respect of the Insured’s legal liabilities for any third party claim due to any negligent act, error or Omission arising out of their normal business activities.

The TPA Policy (as it is commonly referred to) like the Personal Accident Takaful protects against accidental death and accidental bodily injuries from the time you board the commercial aircraft to your destination up to the time you disembark the aircraft upon your return home or country of residence.

Cancellation and curtailment expenses are additions to the certificate as well as loss of baggage as agreed before your travel.

As Contractors our products mentioned below are specially designed to suit your
Takaful (Insurance) needs for the smooth and successful operation of your business.

Bid Bond
Advance Payment Bond
Performance Bond
Retention Bond

Bid Bond
This is normally the first bond that a contractor would need from a Takaful operator (Insurance Company) in respect of a contract. It is mostly required when the contractor is submitting his bid
for the award of a contract and covers the following conditions:

If the Bidder withdraws its bid during the period of bid validity specified by the Bidder on the Bid Form

If the Bidder, having been notified of the acceptance of its Bid by the Principal during the period
of bid validity:
fails or refuses to execute the Contract
fails or refuses to furnish the performance security

Fails to correct errors

b) Advance Payment Bond
When a contract is awarded to the Contractor the next guarantee that the contractor may need is the
Advance Payment Bond, which the contractor is required to submit to the principal as a security to enable him to take advance to start work if he does not have the funds from his own account and it is normally a percentage of the contract sum, which is recovered by the principal as the work progresses until he recovers the whole amount.

c) Performance Bond
This is another guarantee that the contractor would need in addition to the Advance Payment Bond. It guarantees the contractor’s performance as a security for compliance with his obligation in accordance with the contract, and it is normally valid until the date of issue of the certificate of final Acceptance of the Contract.

d)Retention Bond
This Bond provides guarantee for the contractor during the defects liability period to enable him collect the retention amount if any and it is normally for a period of one year depending on the agreements in the contract document.

Our Machinery Breakdown Takaful indemnifies the participant against loss/damage to the participant machinery consequent upon sudden unforeseen physical loss or damage to your machinery.

Our Motor Takaful Certificate is divided into two types namely:-

Comprehensive Cover:- This as the name implies is the widest form of cover providing indemnity for damage to your vehicle and the vehicle of a third party as well as liability incurred whilst using your vehicle

Third-Party Cover:- This cover protects you from liability incurred as a result
of damages caused to third party property, bodily injuries and or death in the cause of using your vehicle.

Our “All Risks” Takaful as the name implies covers every conceivable type of risks (except
the usual exclusions such as war and war like operations) and particular exclusions as agreed
at inception of Certificate. It provides the widest form of takaful coverage.