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Property Insurance

Wala’a provides a comprehensive insurance solution to cover the property of the insured against any eventuality. Property insurance can be classified in following sub-classes;
  • Property all risk
  • Fire & specified perils insurance
  • Home insurance
  • Loss of profit / Business Interruption Insurance – offered in conjunction with Property All Risk and Fire & Specified Perils Policy

Property All Risk

Property All Risk insurance, as the name suggests, is an all-risk-policy. The product protects property owner from all risk of physical loss or damages unless specifically excluded from policy.

The main coverages are, fire, lightning and explosion, natural calamities such as flood, storm, rain and tempest etc. Impact by damages of road vehicles or by any aerial devices, water damages like bursting of pipe / water tanks, sprinkle leakages.

Main exclusions are, wilful acts or gross negligence, destruction / damage by own fermentation, natural heating or spontaneous combustion, explosion / implosion damage to boilers, damage caused by centrifugal forces, forest fire, war and warlike operations, nuclear contamination and pollution, pollution and contamination.

Fire & Specified Perils Property Damage Insurance

Fire and specified perils insurance policy and Home Insurance covers property against the risk of fire and other named perils specified in the policy

Examples are:

  • Lightning and Explosion of domestic boiler, Riot Strike and Locked out workers, Malicious damage, Explosion, Earthquake etc.
  • The escape of water from or the Bursting of any part of a domestic fixed water system or water apparatus connected thereto or main water supply pipes or sewage pipes excluding all loss or damage to (or in) any of the Buildings left unoccupied for a period exceeding 30 consecutive days.
  • Storm, Tempest and flood excluding all loss or damage to fences, gates and earth retaining walls and all loss or damage by subsidence, movement, landslip, cracking, splintering or flaking howsoever caused.
  • Breakage or receiving aerials, their fixtures and Masts
  • Loss of Rent due to damage to covered property.
  • Breakage of Fixed Glass and Sanitary Fixtures.

Home Insurance

Home Insurance cover provides you with blanket cover for your home building and contents, against following eventualities:-

  • Loss of or damage to the property Insured.
  • Loss of Rent.
  • Breakage of Fixed Glass and Sanitary Fixtures.

Loss of Profit Insurance

This insurance indemnifies the actual loss of gross profit and other charges sustained as a result of any accident covered under property all risk insurance or fire and specified insurance.

This insurance compensates for:

  • The continuing business expenses (standing charges) including the salaries and wages paid to employees.
  • The gross profit
  • The increase in cost of working, i.e. the additional expenditure necessarily and reasonably incurred for avoiding or diminishing a reduction in turnover

Requests Forms – Property Insurance

Property All Risk Insurance (PAR)  -  Download Form
Home Insurance  -  Download Form