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Watania Insurance Company laid its foundation in the year 2011. It as an initiative of Abu Dhabi National Energy Company, Abu Dhabi National Insurance Company, Aldar Properties and Abu Dhabi National Islamic Finance. With a vision to create the leading insurance provider in UAE, it aims at meeting the demand of the insurance sector for the Sharia-compliant insurance products.
In August 2014, Watania had a change in the structure of shareholding. Al Madina Takaful, Oman, and MB Investment, UAE have acquired 60 percent stake in the insurance company. At present, Bin Harmal with a share of 8.37 percent, Abu Dhabi National Islamic Finance with 15.74 percent shares, MB Investment, UAE with 51 percent of shares is the major stakeholders.
Watania General Insurance Plans intend to offer hassle-free services. They know the complexity of the takaful process and intend to de-clutter the entire process via timely issuance of policies, quick responses on the takaful quotations, and a solemn approach to settle claims. They intend to foster such an environment, which builds trust, holds itself responsible for all the commitments made to the policyholder and engages with their clients.
Watania General Takaful products are as follows:
Watania Travel Insurance
Watania Group Medical Takaful
Watania Motor Insurance
Watania Motor Fleet Takaful
Watania Personal Accident Insurance
Watania Property Takaful
Watania Home Takaful
Watania Engineering Takaful
Watania Medical Takaful
Watania Casualty and Liability Takaful
Watania Marine Takaful
Watania General Accident Takaful
Watania Travel Takaful covers you against all medical emergencies and travel disruptions. It protects you against personal accidents, medical contingencies, lost passport, trip cancellation and delayed flights, legal assistance and lost or delayed baggage. Watania travel insurance policy also offers travel insurance for holy trips to Hajj and Umrah.
Watania Car Insurance is designed to protect you and your vehicle from unforeseen events. The takaful operator offers two types of motor takaful. They are:
Comprehensive motor takaful offers a cover for your vehicle and the accessories. It also provides a cover for any liability towards Death or Bodily injuries caused due to the driver’s or your negligence and the Third Party Property Damage.
Watania’s Third Party takaful safeguards you against all the liability towards the third party including the damages to their vehicle, bodily injury or death of the third party or their property.
Added Benefits of Watania Motor Takaful:
Watania Personal Accident Insurance protects you against personal accidents that can have a disturbing impact on you and your loved ones. It covers you against Death, Permanent Partial Disability and Permanent Total Disability.
Watania Home Insurance has two types of takaful plans:
Home Owners Comprehensive Takaful:
This takaful scheme safeguards your house and the contents of the house from Fire, burglary, foods, storms, lightning, and explosion.
Home Contents Takaful:
A home content takaful is designed specifically for the homeowners/tenants against the damage or loss of their home contents including home appliances, furniture, jewellery etc.
Watania Medical Insurance offers Family Care Plans, which aim at catering medical coverage to the UAE residents. MedNet administers the Family Care Plans. The guidelines of this plan are laid down by the insurance operators of the UAE.
Watania Group Medical Insurance offers cover for the medical expenses incurred by the company’s employees and the members of their family. It covers both the out-patient and in-patient treatment.
Watania Motor Fleet Takaful has two types of plans:
This plan covers the vehicles and their accessories against damage or loss arising out of any accident or unintentional event by the insured or the vehicle’s driver. It also includes the third-party liability cover.
Mandatory by the Law of UAE, the Third-party Liability offers coverage for the amounts, which the vehicle’s owner is liable to pay in case of death or bodily injury to the third-party or the damage or loss of the third-party property.
Watania Property Insurance also has two types of plans:
Property All Risk:
This plan is best suited for commercial, large and industrial risks. It offers comprehensive coverage than the Fire and Allied Perils. It also covers the accidental damage or loss of the covered property.
Fire and Allied Perils:
This plan offers cover against risks to a property like building and the contents including commercial, residential and/or industrial property) against allied perils, lightning, and fire.
Watania Engineering Takaful has the following types of plans:
Contractor’s All Risks (CAR):
This takaful scheme covers the damages to any contract work including third-party property, construction equipment and plant, surrounding the property, etc. Two types of such policies are there, namely:
Contractor’s Plant and Machinery (CPM):
This takaful plan covers the construction plants and machinery against accidental and sudden damages or the destruction arising due to external influences.
Erection All Risks (EAR):
This plan covers all the risks that are associated with the storage, erection/assembly and the commissioning and testing of plant and machinery.
Electronic Equipment (EE):
This takaful scheme covers the damages to the electronic equipment and tools, the expenses to retrieve and recover the lost information or data and the damage to the data and records of the insured.
Boiler and Pressure Vessel (BPV):
This plan is designed for the boilers used in factories and industries. The plan offers cover for pressure vessels and boilers against the implosion or explosion.
Loss of Profit following Machinery Breakdown (MLoP):
This takaful scheme offers coverage for the exact loss of the profits as a result of the business interruption arising due to an accident.
Deterioration of Stocks:
It covers the damages or loss of the machinery mentioned in the list of machinery declared in the proposal form.
The casualty and liability takaful by Watania has the following plans:
This takaful scheme covers the accidental bodily injuries to the third party caused by the insured during business.
This plan covers the liability of employer towards his employees as mentioned under the UAE Labour Law with regard to personal injury by occupation ailments or accident during the employment with the insured.
This plan offers coverage for the claims against medical practitioners who commit malpractice.
Public and Products Liability:
This takaful plan covers the insured against the legal liability to compensate for the defect in the manufactured products by the insured.
Workmen’s Compensation and Employer’s Liability:
This plan indemnifies the legal liability of the company towards its employees as well as liability mentioned under the UAE Labour Law with regard to personal injury by occupation disease or accident.
Directors and Officers Takaful:
This plan safeguards the Director and the Officers of a firm. It aids transfer the majority of risk exposure to a takaful scheme in spite of relying on the restrictive indemnification provisions formed by the company or revealing the personal assets.
Two types of Marine Takaful are offered by Watania:
Marine Hull Takaful:
This plan offers a comprehensive cover for all kinds of vessels such as dry cargo carriers, oil tankers, fishing vessels, pleasure yachts, and livestock carriers.
Marine Cargo Takaful:
The following sub-types are offered under Marine Cargo Takaful:
This plan indemnifies the damages or loss of the cargo arising due to the crash, fire, derailment, overturning, or dropping out of carriage/vehicle carrying the cargo.
Cargo Marine - Single Shipment:
This takaful is specially designed for shipments of the goods by air or vessels for only a single journey and indemnify expires upon the onset of goods to the mentioned destination.
Marine Cargo - Open Cover:
This plan covers any goods, which are loaded onto any sort of vehicle for transportation purposes from one point to another.
General Accident Takaful by Watania offers the following takaful plans:
This covers the accidental disablement or death of the policyholder within the geographical boundaries mentioned in the policy document.
This plan covers the loss of goods or money of the policyholder against direct financial loss sustained by any fraud or dishonesty of the employees.
This takaful scheme covers the cost of the unintentional or accidental breakage of glass due to any cause other than mentioned in the policy document.
This plan covers the loss of money in the transit between the premises of the policyholder and the post office or bank due to theft, robbery or any other type of fortuitous cause.
Watania has an easy and hassles free claim process for various takaful products:
Get the policy documents and write to claims[@]watania[.]ae.
Obtain the policy documents
Email to claims[@]watania[.]ae or call on 800 0973 0733 (Home Assist).