SHARJAH ISLAMIC BANK

UAE

12 months from the date to be agreed

Mortgage Finance Property Takaful – commercial/residential properties

This policy will indemnify SIB for outstanding interest principle amount in case of accidental loss of or damage to the property insured whilst situated at the premises, detailed in the specification or elsewhere in the UAE as provided for within the policy (as declared in the sum insured).

Includes loss or damage by fire, lightning, aircraft, explosion, earthquake, riot, strike, civil commotion, malicious damage, storm, tempest, flood, bursting or overflowing of water apparatus, impact by own or third-party vehicles, and theft or attempted theft (by violence to persons or threat thereof, or by violent and forcible entry to or exit from the premises) and accidental damage, detailed per attached Property All Risk Policy Form.

All buildings variously located within the United Arab Emirates, including plant and machinery (air conditioners), permanent fixtures and fittings, compound walls, fences, gates, pavements, car parks, gymnasiums, swimming pools, exterior signage and the like, which is part of the building

Maximum of up to AED 100,000,000 except for warehousing and aluminum cladded panels building.

For warehouses and aluminum cladded panels buildings, insurance sums of more than AED 70,000,000 must be declared 5 working days prior to attachment of cover.

• Claim notification clause – 5 working days

• Automatic re-instatement of sums insured at pro rata additional premium following a loss

• Replacement/reinstatement clause (85.00% average clause)

• Designation of property clause

• Temporary removal clause

• Adjoining property clause

• Workmen clause

• All other contents – limit: AED 2,500, any occurrence excluding cash, jewellery and other valuable items

• Fire brigade and other fire extinguishing costs – 5% of the claim, maximum AED 200,000 (any occurrence)

• Public authorities clause

• Professional fees – 5% of claim, maximum AED 50,000, any occurrence

• 60-day notice of cancellation by insured or insurer with pro rata adjustment

• 72-hour clause

• Debris removal costs – 5% of claim, max. AED 500,000, any occurrence

• No control clause

• Loss minimization clause – due to an insured peril only subject to limit 5% of the claim, max. AED 50,000, any occurrence

• Capital additions – 10% for each property

• Expediting expenses – 5% of the claim, max. AED 100,000, any occurrence

• Payment on account – if loss is admissible and recommended by loss adjuster

• Non-invalidation

• 60 days un-occupancy period

• Innocent non-disclosure

• Premium payment warranty – 90 days

• We should be notified of automatic addition of properties within 15 days of the following month

• IT/cyber clarification clause

• Asbestos exclusion clause

• Transmission and distribution lines exclusion – LSW 1635

• Nuclear energy risks exclusion clause – NMA 1975(a)

• Institute radioactive contamination, chemical, biological, bio-chemical and electromagnetic weapons exclusion clause – CL 370

• Biological or chemical materials exclusion – NMA 2962

• Radioactive contamination and explosive nuclear assemblies exclusion clause – NMA 1622

• Information technology hazards clarification clause – NMA 2912

• Industries, seepage, pollution and contamination exclusion clause no. 3 – 1685

• Electronic data endorsement B – NMA 2915

• War and terrorism exclusion clause – NMA 2919

• Political risks exclusion

• Excluding sabotage and terrorism

• Sanction limitation and exclusion clause – LMA 3100

• Micro-organism exclusion (MAP) (Absolute) – 279MAP00001

• Water seepage and underground water table exclusion clause

• Excluding losses arising out of any fit-out/machinery erection/snag works

• Communicable disease endorsement – LMA 5393

• Notwithstanding anything contained elsewhere in the policy to the contrary in case of an indemnifiable loss or damage, the undamaged property and/or the undamaged portion of the cladding are not covered under the subject claim

• Survey will be conducted for all warehouses and complete residential buildings with aluminum cladding panels

For residential/office buildings, units or floors – AED 2,000 for each and every loss
All others: AED 5,000 (each and every loss)

All commercial properties will be underwritten on a case-to-case basis:

• For properties with a value of less than AED 10 million, insurer to issue terms based on construction occupancy protection exposure (COPE) details, and pictures of the risk/valuation report

• For all the properties with value in excess of AED 10 million, insurer to carry out the survey prior to releasing the terms

• A guarantee TAT of 1-2 working days for cases where value is less than AED 10 million, and 3-5 working days for cases where the value/sum insured is more than AED 10 million

• Renewal notice/intimation will be issued minimum 30 days prior to renewal

• Auto renewal for residential units only

• Claim notification to SIB – within 4 working days of claim incident

• Non-compliance with timelines will result in forfeiture of the claim from the customer

• Customer must submit the claim request at SIB branch

• Upon reviewing the claim notification, insurer will request documents from the customer, or if there is a need to appoint a surveyor to communicate the final decision on the claim to bank/customer, after all required documentation is received and to clarify to the customer what is payable and what is not.