Workers in any organization are exposed to work-related accidents.The Federal Law of UAE has cast a responsibility on employers to compensate employees in case of accidents arising out of and in the course of their employment.
As per U.A.E. Federal Law No. 8 of 1980 and subsequent amendments, an employer shall compensate his employees for any work-related accident causing:
- Physical injury
- Loss of earning
- Medical expenses towards complete recovery up to a limit of AED 7,500 only.
This policy covers the following losses resulting directly and independently of all other causes from bodily injuries caused by accident:
- Permanent Total Disability
- Temporary Total Disability
- Medical expenses
Repatriation expenses for transporting mortal remains
The rapid economic growth and modernization of emerging markets attracts companies looking to expand their business. However without risk, there is no reward, and companies need to protect themselves against the potential political, financial and reputational exposures of conducting business in these emerging markets.
Political risk insurance can provide the protection investors, financial institutions and corporate clients need to safeguard their investments in overseas markets against unpredictable losses due to specified political risk perils.
This policy is suitable for the following:
- Corporations and traders with overseas investments
- Financial institutions
- Specific projects
- Traders, exporters and corporations that have a repayment obligation from the sovereign or state owned enterprise
- Exporters and contractors who have mobile equipment
- Multi laterals and export credit agencies.
- Aircraft financing and leasing companies
The following risks are covered:
- Political violence, such as revolution, insurrection, civil unrest, terrorism or war;
- Governmental expropriation or confiscation of assets;
- Governmental frustration or repudiation of contracts;
- Wrongful calling of letters of credit or similar on-demand guarantees;
- Business Interruption;
- Inconvertibility of foreign currency or the inability to repatriate funds.
- Sovereign payment default
- Strikes, Riots and Civil Commotions
- Malicious damage
- Non-repossession of aircraft and mobile equipment
- Pre-shipment risks