Welcome To Islami Insurance Bangladesh Limited || A name you can trust





 


::: Financial Indicators :::



Islami Insurance Bangladesh Limited (IIBL), the first General Insurance Company based on the Islami Shariah was registered and established under the Bangladesh Company Act, 1994 and the Bangladesh Insurance Act, 1938 on 29th December, 1999 to transact all sorts of Non-Life Insurance business. The Company started functioning from 1st January, 2000. The principal place of business of the company is at DR Tower (11th Floor), Box Culvert Road, 65/2/2 Purana Paltan, Dhaka-1000, Bangladesh & that is also the Registered office of the company.

The types of Non-Life Insurance Business being transacted by the Company are as follows:


Fire Insurance

• Fire Policy

Standard Fire Policy Covers loss and/or damage by fire and/or Lightning. Explosion in Boiler, economizer is also covered for buildings of domestic use.

• Fire and allied perils

The perils covered under the policy are Fire, Lightning, Earthquake, Storm, Tempest, Flood, Bursting & Overflowing of Water Tanks and Apparatus, Impact Damage, Aircraft Damage, Riot & Strike damage, Malicious Damage and Explosion.

• Industrial all risks

Industrial All Risks Insurance is a wider cover than Traditional “Standard Fire and Allied Peril Insurance Policy”. It is an all risks policy covering a wider range of perils such as Fire and Allied Perils, Burglary, Accidental Damage, Explosion, Breakdown of Machinery (MBD) as well as Business Interruption (BI), etc. Risks for MBD & BI are an extension of the IAR Policy.

Marine Cargo Insurance

Provides insurance cover in respect of loss of or damage to Cargo (goods) as per different types of Clauses during transit by rail, road, sea & air.

Marine Hull Insurance

Loss &/or accidental damage of Hull, Machinery etc. by named perils under Inland Time Clauses (Hulls) and/or Total Loss by named perils under Inland Time Clauses- Hull - Total Loss only.

Motor Insurance

Private /Commercial Vehicle/Motorcycle/Scooter Comprehensive Insurance covers loss or/and damage of the vehicle by named perils mentioned in the policy including accidental benefits to driver and passengers. This policy also covers act liabilities viz. death/injury/damage to third party properties.

Engineering Insurance

• Machinery Breakdown

Machinery breakdown insurance covers sudden and unanticipated loss of machinery and equipment that are installed and have already run in premises.

• Deterioration of Stock

Deterioration of stock insurance covers damage to goods stored in specified cold storage spaces, which occurs as a result of a change in temperature caused by a breakdown of the refrigeration equipment or accidental damage to it. The insured is also covered for loss and/or damage due to failure of public electricity supply.

• Electronic Equipment Insurance (EEI)

This insurance covers sudden physical loss or damage of the insured properties from any cause.

• Boiler and Pressure Vessel Insurance (BPV)

Covers loss or/and damage (excluding damage by fire) to the boiler, damage of the properties of the third party. liability at law for the injury to any third party.

• Lift Insurance

Policy Covers mechanical or engineering breakdown, accidental damage, death/bodily injury to third party including properties of the third party.

• Erection All Risks (EAR)

Erection All Risks (EAR) Insurance covers loss and/or damage arising erection and installation of machinery, plant and steel structures including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury/death or property damage arising out of these operations.

Miscellaneous Insurance

• Burglary

Theft and/or damage due to house breaking following upon an actual forcible and violent entry into or exit from the premises by the person or persons.

• Money Insurance (Cash in Transit, Cash on Counter, Cash in Safe, Bank Locker)

Money insurance covers loss of money. Money includes currency coin, Bank and currency notes, cheques, postal orders, and current postage stamps.

• Contractor’s All Risks

Comprehensive and adequate protection for Contractor's Plants, Machinery and Equipments against sudden and unforeseen physical loss of or damage to the insured items necessitating their repair or replacement, Contract Works, Third Party Liability for bodily injury/death & properties damage.

• Workmen’s Compensation

Workmen's Compensation is a form of insurance providing wage replacement and medical benefits to employees injured and/or death or illness in the course of employment.

• Personal Accident/Peoples Personal Accident/Group Personal Accident

To provide compensation in the event of an accident causing death or injury, total and partial disablements.

• Business interruption

Business interruption insurance is an insurance coverage that replaces business income lost by fire or natural disaster. The event could be, for example, a fire or a natural disaster. Business interruption insurance is not sold as a separate policy but is either added to a property/casualty policy or included in a comprehensive package policy.

• Public Liability

Public liability covers costs for personal injuries, loss or damage to property of Third Party, and death on the premises insured including cost of legal liability.


NB: Loss and/or damage caused by the Exceptions as mentioned in each class of policy is not covered.  

 







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