• Risk covered under the programme.
ARIL will extend this facility to Property Business (Fire and Allied Perils) and or Loss of Profit for commercial buildings or complexes, hotels, offices and residential building only.
• Tailored programme.
The programme is tailored towards insurer’s requirements.
• Capacity
An amount up to USD 3 million is available under this programme
• Type of protection
Automatic facultative protection.
• Territorial scope
Based on the territorial scope as allowed under your treaty programme which include countries in Asia ( excluding Japan and Taiwan), Middle East and Africa. • Retakaful commission
An agreed retakaful commission shall be charged to the total gross contribution as a Retakaful Commission for your company.
• Sharing of Net Surplus
Subject to a favourable performance of the programme, an insurer is entitled to a share of operating surplus.
• Validity period of the programme
It is a one year contract and renewable every year subject to mutual agreement.
• Bordereaux
Contributions (premium) and claims Bordereaux shall be submitted to ARIL immediately after every quarter.
• Payment of contribution
Payment of contribution shall be made to ARIL within one month after the contribution Bordereaux is confirmed by ARIL.
• Terms and conditions of the policy
All the terms and conditions of the policy to be agreed by both ARIL and your company prior to the commencement of the programme.
• Ratings and deductible
The rate and deductible (if any) shall follow the original rate and deductible as quoted by your company.
• Treaty Slip
A treaty slip will be issued to serve as a contractual agreement between ARIL and your company in respect of the programme.
