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Fire & Marine Takaful: needs and policies.

Fire Takaful

The need for Fire Takaful

Ever since the dawn of time Man has used fire as a tool to survive in any climate. Fire became Man's best friend and eventually he learned, fire was also his worst enemy. Marvelous cities, forests and civilizations were reduced to rubble caused by the wrath of the blaze. Modern technology and progressive thinking may have reduced this threat but has not managed eliminated it. The losses suffered by organizations, on account of fire damage, can be colossal. We here at Pak-Kuwait Takaful Company Limited (PKTCL) are dedicated to providing you with peace of mind by providing cover against the risks involved in a Shariah compliant manner.

Q: What cover does the Fire Takaful Policy provide?

- Fire & Allied Perils Policy

The standard Fire Policy covers damage to property caused by fire and/or lightning, also included in this policy is a limited explosion cover. Since property can be damaged or lost by a number of other perils, following can also be included in the Fire Policy to widen the cover offered by a simple Fire Policy.

* Riot and Strike Damage

* Explosion

* Atmospheric Disturbance

* Malicious Damage

* Earthquake and Fire shock

* Aircraft Damage

* Burglary

* Impact Damage

* Terrorism (Separate Policy)

- Householder's Comprehensive Policy

This is a more comprehensive policy specifically designed to cater the needs of private homeowners. It provides protection for property and interests of the clients and the family members who permanently reside. A Household Policy covers not just your home but also your domestic and electronic appliances. The policy basically covers the following.

* Explosion

* Fire and Lightning

* Atmospheric Disturbance

* Earthquake

* Aircraft Damage

* Burglary

* Bursting of pipes/tank overflow

- Shop Owner's Policy

Specifically tailored for shop owners, this policy offers a wide range of protection. It provides coverage on a building and its contents against conventional risks under a single policy including:

* Riot and Strike Damage

* Explosion

* Atmospheric Disturbance

* Malicious Damage

* Earthquake and Fire shock

* Aircraft Damage

* Burglary

* Impact Damage

* Loss of rent

* Personal injury

* Cash in safe

Salient Features

* An Islamic alternative to insurance.

* The unique benefit of "Profit Sharing".

* Competitive market rates.

* Prompt settlement of claims.

* Personalized customer services.

* Recognized by Shariah Advisory Board.

Marine Takaful

The need for Marine Takaful

The most essential element of business since time in memorial has been the supply of goods. Whether goods are supplied by land, sea or air, in transit goods are exposed to a number of threats like piracy, accidental loss, fire and a host of other dangers. The loss suffered due to damage to cargo, in some cases, is enough to send an organization into debt. We here at Pak-Kuwait Takaful Company Limited (PKTCL) are dedicated to provide you with peace of mind by providing cover against the risks involved in a Shariah compliant manner.

Q: What does the Marine Takaful policy cover?

The Marine Takaful Policy offers a wide range of coverage to all imports, exports and inland transits by sea, air and land from the point of dispatch to the point of delivery. PKTCL offers cargo coverage as per Institute Cargo Clauses A/B/C with the optional extensions of Institute War and Strike Clauses (Cargo).

Q: Does PKTCL offer specialized cover?

Yes, PKTCL can design tailor made cover for import of plant and machinery by offering Marine cum-Erection which will not only cover the machinery being imported but also cover the plant and it's machinery during erection.

Q: What rates are being offered?

In order to make Marine Takaful more attractive, very economical Contribution (Premium) rates are being offered that are par with the conventional insurance market, so that a client may feel completely satisfied religiously as well as commercially.

[ILLUSTRATION OMITTED]

Salient Features

* An Islamic alternative to insurance.

* The unique benefit of "Profit Sharing".

* Competitive market rates.

* Personalized customer services.

* Recognized by Shariah Advisory Board.
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Comment:Fire & Marine Takaful: needs and policies.
Publication:Economic Review
Geographic Code:1USA
Date:Feb 1, 2008
Words:637
Previous Article:Takaful insurance business.
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