Fire and Theft Insurance Policy

Concept of Coverage

Ta’awuniya Insurance Company provides Fire, Theft, and Allied Perils insurance, covering losses and damages to movable or immovable property, and any asset of financial value that requires protection against fire and theft risks.

Types of Coverage

This service offers a set of policies: fire-related policies and theft/robbery (hold-up) policies.

Fire-related Policies

• Standard Policy: Covers property for a specified sum insured that remains fixed unless changed by endorsement; the sum insured represents the insurer’s maximum liability.
• Declaration Policy: Covers fluctuating stock in quantity/value; issued with an estimated sum insured representing the maximum value at risk on any day.
• Floating / Blanket Policy: Covers stock across multiple locations under one sum insured with an overall maximum liability.
• Valued Policy: Covers valuables where the value is agreed at policy issuance.
• Reinstatement Policy (New for Old): Settles losses on a replacement basis for property (excluding stock) as stated in the document.
• All Risks Policy: Covers all risks and lists exclusions rather than naming covered perils.

Theft/Robbery (Hold-up) Policies

Coverage typically requires force, threat, or assault on the insured premises.

• Private Residences Policy: Covers private residences against hold-up/robbery and follows conditions similar to the standard fire policy.
• Commercial Shops Policy: Covers shops, warehouses, and goods stores against hold-up/robbery, including standard/model coverage and declaration-based coverage structures.

Important Note

The insured should set the sum insured based on market value at inception (not book value) to ensure proper settlement in partial or total loss due to fire or theft.