Liability Takaful provides coverage against legal liabilities to pay compensation
to any third party for accidental bodily injury, death or direct damage to the third
party’s material property, arising due to any accident caused by the Participant’s business activities. Liability Takaful policy provides compensation with respect
to legal liability to third party for bodily injury, death and property damage.
Third Party/ Public Liability Takaful
There are various legal duties associated with ownership, use, occupancy
or control of land. These include duties that an owner owes a tenant and vice versa,
those which a tenant owes another tenant as well as those which a possessor owes
a "third person", “third person” being someone not party to the lease and is either
on the premises or in close vicinity for a reason other than to work as an employee
of the processor.
Products Liability Takaful
Product Liability is the legal responsibility of the manufacturer, distributor
or retailer to the consumer of a product. This policy offers indemnification of
a legal liability that may arise as a result of bodily injury or property damage
caused by consumption of sold or supplied products. Subject to the terms and conditions
of the policy, cover is provided against:
1. Accidental bodily injury or illness of any buyer or user;
2. Accidental loss or damage to property, caused by any good sold, supplied, repaired,
altered, treated or serviced by the Participant in connection with the business
3. All costs and expenses of litigation
a. recovered by any claimant against the Participant;
a. incurred, with the written consent of the Company, with respect to any investigation,
defence and settlement of a claim made against the Participant.
Employer’s Liability Takaful
An employer may become liable to his employee
if the employee is injured
at work due to employer’s negligence. Employer's Liability Takaful protects the
employer in such a case and will pay all sums that the employer becomes legally
liable to pay. In addition, the policy will pay for legal fees incurred in preparing
a defense in a court of law.