Specialised Insurance in Dubai

As with auto, home, boat and life insurance, there are other types of property insurance that are created for a specialty Company like a jewellery, various bond and even special event insurance. A few details on a few of them.

Image source: telegraph.co.uk

Image source: telegraph.co.uk

Jewelllers Block in Dubai

This is a specialty package policy designed for a jewelry store, to meet the requirements of working in their individual business.

Jewelry Block Insurance provides coverage for loss or damage to the insureds property such as, gold and silver pieces, watches, rings, precious stones or currency and ornaments. The clients’ property (excluding currency notes) can also be insured while in transit by mail or courier service.

The coverage for this type of insurance would include, fire, lightning, storms, floods, bursting of water pipes, malicious damage, burglary or theft. This package also includes robbery or attempted robbery. The policy would also cover the contents of the store such as furniture, display cabinets, all fixtures, and computer equipment.

Banker’s Blanket Bond in Dubai

Banks and other financial institutions are exposed to the risks of loss of or damage to their property. They insure office contents, data, computer systems, and loss of money. It also covers monetary items from their own premises or in transit. The coverage extends to counterfeit money, bad or forged checks, losses due to fraudulent act of employees.

Image source: gulfbusiness.com

Image source: gulfbusiness.com

The Bankers Blanket Insurance policy was written especially for bankers and is worded to provide be most effective insurance protection. There are additional riders that can be added to this type of policy.

Bonds in Dubai

A bond is a guarantee that you will complete and provide your obligations to another party. These bonds are legally binding and are used by varies types of business for contractors.  Bonds can be in the form of bank guarantee or an insurance policy. Generally bonds are sought by governing authorities, principals or customers from contractors or vendors or on certain projects to ensure performance of the assigned obligation. There are many legal bonds, each designed for varies types of business. These are a few more popular

1. Surety Bond

2. Bid bonds

3. Performance bonds

4. Payment bonds

It is critical to evaluate the type of bond required, obligations under the bid and the bid value itself to determine the exposure.

Image source: arabnews.com

Image source: arabnews.com

 

Surety Bond in Dubai

A  Surety Bond is a legally binding contract between two parties. The bond guarantees a payment of the purchased amount.

Bid Bond in Dubai

A guarantee from a bank or any financial institution that guarantees that upon acceptance of the bid, the insured will proceed with the contract and purchase a performance bond.

Performance Bond in Dubai

The performance bond guarantees that if the contractor fails to complete the full performance as read in the contract.  This would allow the customer to recover the total amount of the bond.

Payment Bonds in Dubai

A deposit of usually 20 per cent of the bid is submitted by the bidder. A payment bond guarantees that at the completion of the contract, all monies owing to suppliers, employees and vendors, will be paid on time and in full.

Visit the business insurance page on InsuranceMarket and get in touch with us to have a tailor made solution for your specific requirement.

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