Indemnity Takaful

What is 'Indemnity Insurance'

Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another. Most commonly, it is an insurance policy designed to protect professionals and business owners when found to be at fault for a specific event such as misjudgement. Typical examples of indemnity insurance include professional insurance policies like malpractice insurance and errors and omissions insurance. These special insurance policies indemnify or reimburse, professionals against claims made as they conduct their business.

Bankers Blanket Bond Insurance

This insurance is specifically designed to insure banks and other financial institutions in a blanket form against losses arising from the following risks:

Infidelity of Employees: This clause provides coverage for any loss due to misappropriation or embezzlement by the insured’s own employees.

On premises: It covers loss and/or damage to insured Cash due to various perils including fire whilst inside the premises.

In-transit: Provide coverage for loss and/or damage to the insured Cash whilst in transit to and from premises along the defined geographical area.

Forgery and Alteration: Coverage for loss caused by forgery or alteration of any document by the employee, whereby he obtains possession of money or goods.

Securities: covers securities of the insured (Stock, certificates, bonds, and other governmental guaranteed authority stocks) whilst in his premises.

Counterfeit Currency: Coverage for loss resulting in the acceptance of counterfeit currency or altered paper currency by employees of the insured, provided normal and standard procedures and precautions are fully exercised.

Office and Contents: Coverage for loss and/or damage caused by fire and other perils to the office and contents of the insured premises.

The covers can also be extended to include the following:
• Bankers Professional Indemnity
• Electronic and Computer Crime.
• Safe Deposit box.
• Directors & Officers Liability.
• Extortion – Threats to persons / property.

Professional Indemnity Insurance

This insurance is designed to protect Professionals (Architects, Civil Engineers, Accountants, Lawyers, etc.) against legal liability as a direct result of breach of professional duty due to any negligent act, error or omission committed by the insured or their employees during the performance of their professional duty.

Indemnity will be provided in accordance with the limits, conditions and activities defined in the policy.

Directors and Officers Liability Insurance

This insurance covers Directors and Officers for any wrongful acts committed in their capacity as directors and officers of the Company.

It provides compensation for losses and / or defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as Directors and Officers.

Intentional illegal acts, however, are typically not covered under D&O policy.

Armored Vehicle Service Insurance

This policy is intended for the “Securely Companies” who undertakes the business of transportation of Money and other Valuables from one premise to another in Armored Cars within the territorial limits of the State of Kuwait.

The will be written in two sections:

Transit risk to cover loss of money or other valuables whilst in transit in Armored Vehicle
Premises risk to cover loss of money or valuables whilst in Strong rooms or Safes at the Security Companies premises
Specific proposal form will have to be completed and to be provided to us to obtain most competitive terms from the international market

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