General questions
Answers
How does the Takaful system work?
The Takaful insurance system is based on the principles of fairness, and is committed to serving one another sincerely and truly so that all parties benefit. Amana Takaful differentiates itself among its competition as the only insurance company in Sri Lanka to provide a surplus refund to its participants. What is unique about this concept is that the underwriting profit is shared among all participants who have not claimed during the year.
What risks does Burglary Insurance cover?
It covers loss and damage by theft accompanied by forcible and violent entry or exit of Business Premises.
What can be covered under this?
Stock in trade and Work in progress, Machinery, Accessories, Utensils and Tools of Trade, Office Furniture, Fixtures and Fittings etc.
How do I arrive at the Sum Insured?
- You can insure on Full Value Basis or
- On 1st Loss Value Basis i.e
You can declare the total value and insure Maximum Probable Loss as a percentage of the Total Value. But the minimum Sum Insured should not be less than Rs. 500,000/-. Whether it is full value basis policy or declared value in a first loss value policy, the amount should be the maximum stock value at a any given time.
What is covered under a comprehensive motor insurance?
Comprehensive certificate covers the following perils. Accidental damage to the vehicle, Fire explosion and self-ignition, Malicious damage to the vehicle, Windscreen damage due to an accident, Third Party Property damage within specified limit, Third Party bodily injury – Any amount the insured is legally liable to pay. Additional perils can be obtained such as Strike, Riot, Civil Commotion, Terrorism, Flood, Personal Accident Benefit etc. by paying an additional Premium.
Can I insure my vehicle below market value? What will the premium be?
The premium will be calculated according to your requirement. But the estimated value should always be the current market value. For example, if you insure a vehicle worth of 2 million for one million, in the event of an accident you can claim only up to 50% of the cost of the claim, because you have insured only 50% of the value.
Can I use the insurance cover obtained by the previous own of the vehicle to cover any losses/ damages / liability that may arise when I use this vehicle?
When Mr. XYZ sold his vehicle, his recognized ownership ceases. Therefore this certificate becomes invalid. To make a claim the policy has to be in your name.
In case of an accident, how do I get about making a claim?
Inform the police and Amana Takaful Insurance, Obtain the police report & claim form respectively, Submit the estimate obtained from an approved garage along with the completed claim form, You cannot commence the repair until one of our insurance assessors inspects your vehicle and approves the estimate.
What is Marine Cargo Insurance and who requires it?
Marine Cargo Insurance is essentially ‘transportation insurance’, since its scope covers all movements of cargo by all modes & means of transport, where there is a contract of carriage. |
