Marine Cargo Takaful Plan
As global businesses become more dynamic, the need for effective and efficient modes of transporting goods and services from one point to another play an increasingly important role in staying competitive in the market.
We understand your business needs and offer solutions to reduce your risk. Our Marine Cargo Takaful Plan provides tailored solutions for all your business protection needs. Our experienced marine experts will ensure that you are given comprehensive coverage at a competitive price. What’s more, we assure you that this plan is fully Shariah compliant plan.
Whatever the business you undertake, we fully understand the risk. You can now focus on your business, today and tomorrow, with greater peace of mind.
Benefits at a glance
Peace of mind
You can rest assured that this plan is fully Shariah compliant and is approved by SABB’s Shariah Committee. The Shariah Committee members are:
- Sheikh Abdullah Bin Sulaiman Al Manea
- Sheikh Dr. Abdullah Al Mutlaq
- Sheikh Dr. Muhammed A. Elgari Bin Eid
Takaful surplus sharing
Eligible to receive a share of any declared surplus* from the Takaful Fund.
One-stop service
- Prompt documentation within SABB for your Takaful needs. The processing of the Letter of Credit and issuance of the cargo certificate are done simultaneously.
- 24-hour service centre to meet your servicing and claim needs.
- Worldwide survey and settling agents to provide claim services overseas.
Worldwide coverage
You will receive coverage, including incidental extension, for a wide variety of cargo in transit by land, sea and air to and from most countries worldwide.
Choice of Takaful coverage
You have the option to cover your goods under the Institute Cargo Clause (A), (B) or (C), depending upon your business needs.
Coverage under the Institute Cargo Clause (A)
You will receive coverage for all risks of loss of, or damage to the cargo other than the standard exclusions.
Coverage under the Institute Cargo Clause (C)
You will receive coverage for loss of or damage to the cargo due to the following risk:
- Fire and explosion.
- Vessel or Craft being stranded, grounded, sunk or capsized.
- Overturning or derailment of land conveyance.
- Collision or contact of vessel, craft or conveyance with any external objects other than water.
- Discharge of cargo at a Port of Distress.
- General average sacrifice.
- Jettison.
You can also opt for coverage under the Institute Cargo Clause (B) which has wider coverage over the Institute Cargo Clause (C). Additional coverage under Cargo Clause (B) are:
- Washing overboard.
- Entry of sea, lake or river water into vessel, craft, hold, conveyance, container, lift-van or place of storage.
Total loss of any package lost overboard or dropped whilst loading onto or unloading from vessel or craft.
Protect your business today!
Apply for Marine Cargo Takaful Plan now!
Contract issue is subject to plan terms and conditions.
*Distribution of the declared surplus is in accordance with the Co-Operative Insurance Companies Control Law of the Kingdom of Saudi Arabia and subject to the approval of the Board of Directors of SABB Takaful Company.
