As per the Motor Traffic Act, it is a statutory requirement to have at least a valid Third Party Liability insurance policy to
drive your vehicle on public roads. This policy only covers your legal liability towards third parties against personal injuries,
death or their property damages.
However the loss of or any damages to your own vehicle is not covered by a mere Third Party Liability policy when accidents
happen, and they do, at expected times. the LOLC General Insurance Motor Comprehensive policy offers the greatest peace
of mind.
Investments in houses, property and business can be significant, requiring substantial effort and money to protect assets.
Running a business is also a challenge and it often involves putting your finances at risk. Naturally you would need to have
absolute peace of mind in knowing that your properties are protected from the uncertainties or misfortunes that may befall
– be it due to natural calamities or otherwise. Accordingly it makes sense to manage risk, reduce uncertainty and protect
your livelihood.
Though it is not compulsory, property insurance is also as important as motor insurance since your property could be affected
by many factors – some which are even out of human control such as natural disasters and adverse weather conditions. What if
there is a fire which would end up destroying most of your valuable properties including buildings, equipment, stocks. etc.
LOLC General Insurance offers Fire & Allied Perils policy to cover your properties against specific perils such as fire,
lightning, explosion, burglary & theft, riot & strike, malicious damage, terrorism and natural perils. We have two types
of Fire policies -
Loss of or Damage to the buildings/contents due to:
Optional Covers available at an additional premium:
The central idea of Takaful itself is to protect one another against any unexpected risk. Besides the Takaful system is
perceived as a concept of mutual cooperation (ta’awun) and donation (tabarru’), where the risk is shared collectively
and voluntarily by the group of participants to guarantee mutual protection of the members
Al Falaah – Islamic Business Unit
Since its inception in 2007, Al Falaah has striven hard to offer Islamic Financing Solutions to a wider customer base
that encompasses not only just the Islamic community but the nation at large. Al Falaah operates within a specialized
area of financing which enables the company to provide a customized and innovative product portfolio addressing both
the business & socioeconomic requirements of the diverse market segments whilst meeting the specialized needs of the
individuals.
Now, Al-Falaah Islamic Business Unit have introduced ‘Al-Falaah Takaful’ – a motor insurance product for your greater
convenience, thereby bringing your entire Islamic financial solutions under one roof
LOLC General Insurance provide a variety of other insurance policies for various risks as outlined. This is not an exhaustive
list but it does given an idea of the varied type of products available.
The most common types of personal and business insurance policies include;
| Contractors' All Risks | Offers comprehensive and adequate protection against loss or damage in respect of contract works, construction plant & machinery and equipment. Cover is also extended to include legal liability against third party claims arising from property damage or bodily injury caused due to construction work |
| Computer and Electronic Equipment | Covers sudden and unforeseen loss of or damage to computers and other electronic equipment arising from any external cause |
| Money | Covers your money whilst in transit or in your premises against hold-up, robbery, burglary & housebreaking |
| Workmen's Compensation | Covers your legal liability towards your employees as per the Workmen's Compensation Ordinance |
| Personal Accident | Cover operates on 24 hour basis and pays compensation following an accident resuting in Death or Permanent Total Disablement according to the severity of the injuries. Weekly compensation is payable for temporary disablements as well |
| Business Interruption | Covers the consequential losses such as loss of your income, increase in your costs following an interruption to your business due to loss of or damage arising from an insured peril under your -'Fire & Allied perils policy |
| Professional Indemnity | Protects you from legal action taken against you if someone suffers a loss after following your professional advice or as a result of receiving your services/advices |
| Public liability | Covers your business for legal and compensation costs that you might have to pay to a member of the general public in respect of death or injury, loss or damage to their property, or economic loss due to your negligence/carelessness |
| Product liability | Businesses that supply, deliver or sell goods, even in the form of services or repairs, may need cover against claims when such goods or services cause damage, injury or death. The Product Liability Policy provides such protection. |
| Glass | Covers the accidental breakage of fixed glasses in commercial establishments |
| Fidelity Guarantee | Covers against fraudulent or dishonest acts committed by your employees directly resulting in loss of money, or goods |
| Machinery/Equipment breakdown | Covers machinery and equipment used in your business. Some policies may also cover stock damages as a result of the breakdown |
| Goods in Transit Insurance | Covers the loss of, or damage to, goods you buy, sell or use in your business when they are in transit by road, rail, air and sea. It also covers damage to property – such as tools and equipment – while in transit within a defined geographical limits |