Internship Report... Adamjee Insurance

EXECUTIVE SUMMARY
The report sheds light upon the activities that I participated in

during my internship at Adamjee insurance company. It elaborates
the practical aspects and work done by me during my four weeks.
I
was
placed
in
the
Underwriting
department
and
Claim
department under the supervision of Mr. Waqas Waheed and Mr.

Haroon Iqbal. The initial part of this report contains authentic
information and facts about the history of AIC and the corporate
profile of the company. The next step gives a conceptual overview
of the organization structure followed by a more detailed
overview of the company.
Further on the Underwriting and Claims department explains me
many things in detail. During the period of internship, I also came
across some very beneficial and important documents pertaining
to the area of work I was in. During my internship I observed
some weakness in the operations and management of the
company
and
by
keeping
these
recommendations.
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have
given
some
TABLE OF CONTENT
PAGE NO.
Acknowledgement
2
Vision and Core values
3
Executive summary
4
Company profile
5
Product portfolio
8
Board of directors
9
Management profile
10
Corporate social responsibility
11
Health safety and environment policy
13
Objectives and strategies
14
Achievements over the years
16
Over view of Hr department
17
Details of working in Hr department
18
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Internship Experience
19
Recommendation
21
Conclusion
22
ACKNOWLEDGEMENT
I would like to thank Almighty Allah who made me able to
complete this internship report by utilizing my skills and
knowledge. I am also thankful for giving me spirit of patience,
consistency and courage during my internship. At Adamjee
insurance I would like to thank Mr. Waqas Waheed underwriting
officer who provided me full opportunity to start internship and
accumulate first hand comprehensive information during my
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internship. I am also obliged to different persons like Mr. Haroon

Iqbal, Mr. Junaid, Mr. Asif, Mr. Raza Iqbal who provided ever
information I needed during the course of my internship.
Company Profile
Adamjee Insurance Company Limited (AICL) is a general insurance huge,
incorporated as a Public Limited Company on September 28, 1960. AICL, one
of the leading insurance companies in Pakistan, has a regional presence in
United Arab Emirates (UAE) and maintains its standing through an
unwavering commitment to its corporate philosophy. AICLs competitive
competency is achieved by combinations of large assets, notable paid-up
capital, sizable reserves, a varied portfolio and consequently, remarkable
growth rates. AICL is listed with all three stock exchanges of Pakistan,
establishing its credibility. The Company retains a strong regional presence in
the UAE (Dubai and Abu Dhabi).
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It is listed on all three stock exchanges of Pakistan. The Company is also

registered with the Central Depository Company of Pakistan Limited (CDC)
and is involved in the business of general insurance.
The Company commenced operations with a Paid-up Capital of Rs. 2.5
million, which has grown phenomenally in the past 5 decades. As of 2008 the
Paid-up Capital of the Company is Rs. 1.022 billion, which is the highest
amongst all the General Insurance companies in Pakistan. AICL enjoys a
competitive edge in the insurance industry due to its strong assetbase, paidup capital, substantial reserves, balanced portfolio mix and steady growth in
gross premium.
Acquisition of Adamjee
The Mansha group managed to grab control of Adamjee Insurance Company
Limited, marking the first successful 'hostile takeover' bid in the country's
corporate history.
The Mansha group is arguably the country's largest conglomerate with
interests in cement, textiles and banking, with MCB being its flagship.
For the past two years, the group had set its sights on Adamjee Insurance,
the largest insurance company in Pakistan commanding nearly 40 per cent
share in the total non-life insurance business in the country.
The company holds Rs1.5 billion in equity and Rs7 billion in total assets.
The annual shareholders' meeting of Adamjee Insurance was held on
Saturday, after a 16-month-old stay against the holding of the meeting was
set aside by the Supreme Court of Pakistan on March 15.
Six seats on the nine-member board of directors were secured by the
Mansha group at the end of four-hour long shareholders' meeting and
counting of votes. The Adamjees retained three.
Four of the 19 contestants withdrew their names before the elections. The
fact that among them was the company's chairman, Mohammad Hanif
Adamjee, signalled that the erstwhile owners had given up hope even before
the votes were cast.
The three members of the Adamjee clan who were voted to the board
included: Abdul Hamid Adamjee, Abdul Razak Adamjee and Mohammed
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Choudhury. The last-mentioned has been holding the post of company's

managing director for many years.
Just before the race began on Saturday, the Mansha group was officially in
possession of 38.5 per cent shares in Adamjee Insurance comprising 29.5 per
cent stake by the group-controlled Muslim Commercial Bank and 9 per cent
owned indirectly: 4 per cent through MCB Employees Provident Fund and 5
per cent by MCB Employees Pension Fund.
A Truly Dynamic Business Setting

AICL aims to deliver innovative customer solutions, owing to its wide-ranging
line of products. Its employees are dedicated to performing their best for its
valued customers, trained with all the skills necessary for a truly outstanding
customer service. The Companys focus on strengthening and expanding its
global presence is reflected in its tapping the potential available in the UAE
market along with the consolidation of business in Dubai & Abu Dhabi. AICL
collaborated with Hollard International, based in South Africa, to commence
Life Assurance operations under a separate entity name, today known as
Adamjee Life Assurance Company Limited.
Delivering Value to Customers

Adamjee Insurance is broadly involved in underwriting the following Classes
of Business:
Fire and Property

Marine Aviation and Transport
Motor
Miscellaneous Insurance
AICLs well-founded confidence lies in the large number of banking and

financial sector clients that AICL insures. Some of AICLs high risk-value
projects include risk-coverage provision to Petrochemical Factories and
Industrial Risk projects. AICL also specializes in insuring Engineering and
Telecom concerns. Alternatively, AICL serves Pakistans primary industry by
providing coverage to the Textile and Sugar sectors. As a pioneer in the
coverage of Oil & Gas (upstream & midstream), Wind and Thermal Energy
Risks, AICL has successfully assumed the role of the leading player in
Pakistans insurance industry. The Company has also managed to secure
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business being brought in by foreign investors entering Pakistan to execute

construction or infrastructure development projects. AICL is proud to be the
premier insurer of Kidnap & Ransom, Professional Indemnity, Product Liability
and other specialized lines in Pakistan.
AICLs customer-centric approach drives it forward in customer care. The
Companys financial strength allows the timely remuneration and settlement
of heavy claims. A competent team of professionals works tirelessly to
ensure comprehensive customer satisfaction and a 24/7 dedicated customer
care call center is always on call.
CORPORATE SOCIAL RESPONSIBILITY

Adamjee Insurances Corporate Social Responsibility (CSR) Program aims to
address key concerns in society, such as health and education. The Company
also stresses on reassuring its chief stakeholders of overall sustainability
through compliance, ethics and corporate citizenship. These elements
combined form the basis of AICLs corporate philosophy and CSR. AICLs CSR
is primarily focused on achieving compliance, upholding ethical standards,
actively participating in corporate citizenship and maintaining overall
sustainability. AICL has undertaken an array of initiatives, including improved
communication and extensive training, to cultivate these aspects of its
operations.
Compliance and Ethics

Regulations are becoming increasingly complex in light of high transparency
prerequisites being enforced globally. AICL has continually striven to develop
its capabilities until it can be at par with international players in the global
insurance industry, meeting all necessary standards and checks. AICLs edge
in the market at home lies in its strict and efficient compliance of
international standards. AICL has incessantly reiterated that its Compliance
Performance Standards are applied to all areas of business. AICL ensures to
increase compliance and ethical understanding throughout its management
hierarchy. Initiatives taken include internal awareness campaigns, specific
trainings in detailed regulatory areas and focused efforts on sensitive areas
such as conflict of interest.
Health, Safety & Environment

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Health, Safety and Environmental (HSE) responsibilities constitute an

essential part of Adamjee Insurances operations. These become the core of
the Companys activities. Adamjee Insurances management and employees
share the belief that good HSE contributes positively and productively to
business development and success.
It is this belief that urges Adamjee Insurance to increase team efforts,
endeavor for better HSE for employees, customers and neighbors. The
Company also hopes to safeguard peoples health and minimize the
environmental impact of their jobs. AICLs HSE policy observes all existing
laws, regulations and amendments.
Committed to Excellence
In an era of intense hectic competition, AICL stays afloat with its unwavering
commitment to operational and financial discipline in producing unparalleled
results; keeping its promises and continually fulfilling its customers needs.
During the year, Adamjee Insurance was engaged in various activities with
organizations including Jinnah Post Medical Center, The Citizens Foundation,
Institute of Business Management, Pakistan American Cultural Center, Lions
Club International, SAFCO Support Foundation and others.
Vision & Core Values

Vision
"Our will is to Explore, Innovate and Differentiate. Our passion is to provide
leadership to the Insurance Industry."
Core Values
Integrity
Transparency & Honesty without Compromise
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Humility
Empathy, Self Esteem and Respect in all Relationships
Fun at Workplace
Work Life Balance
Corporate Social Responsibility
Service to Humanity
COMPANY INFORMATION
BOARD OF DIRECTORS
Umer Mansha
Ali Muhammad Mahoon
Fredrik Coenrard de Beer
Ibrahim Shamsi
Imran Maqbool
Kamran Rasool
Muhammad Anees
Muhammad Umar Virk
Shahid Malik
Shaikh Muhammad Jawed
Muhammad Ali Zeb
Director & CEO
Chairman
Director
Director
Director
Director
Director
Director
Director
Director
Director
Managing
ADVISOR
Mian Muhammad Mansha
AUDIT COMMITTEE
Ibrahim Shamsi
Member
Umer Mansha
Chairman
Member
HUMAN RESOURCE AND REMUNERATION COMMITTEE

Umer Mansha
Chairman
Ibrahim Shamsi
Kamran Rasool
Muhammad Ali Zeb
Member
Member
Member
UNDERWRITING COMMITTEE
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Umer Mansha
Chairman
Fredrik Coenrard de Beer
Muhammad Ali Zeb
Head of Technical
Member
Member
Member
CLAIM SETTLEMENT COMMITTEE

Muhammad Ali Zeb
Head of Claims
Chairman
Member
Member
REINSURANCE COMMITTEE AND COINSURANCE

Muhammd Umar Virk
Muhammad Ali Zeb
Head of Reinsurance
Chairman
Member
Member
COMPANY SECRETARY
Tameez-ul-Haque
F.C.A.
CHIEF FINANCIAL OFFICER

Muhammad Asim Nagi
A.C.A.
EXECUTIVE MANAGEMENT TEAM
Muhammad Ali Zeb

Muhammad Asim Nagi
Adnan Ahmad Chaudhry
Asif Jabbar
Muhammad Salim Iqbal
BANKERS
Askari Bank Limited

Bank Al-Habib Limited
Bank Alfalah Limited
Dubai Islamic Bank
FINCA Microfinance Bank Limited
Habib Bank Limited
MCB Bank Limited
National Bank of Pakistan
NIB Bank Limited
Soneri Bank Limited
The Punjab Provincial Cooperative Bank Limited
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United Bank Limited

Zarai Taraqiati Bank Limited
AUDITORS
M/s. KPMG Taseer Hadi & Co.
Chartered Accountants
2nd Floor, Servis House,
2-Main Gulberg, Jail Road,
Lahore - 54000, Pakistan
SHARES REGISTRAR
Technology Trade (Pvt.) Limited
Dagia House, 241-C, Block-2, P.E.C.H.S.,
Off Shahrah-e-Quaideen, Karachi
Phone: (92 21) 34391316-7, 34387960-1
Fax: (92 21) 34391318
REGISTERED OFFICE
4th Floor, 27-C-III, Tanveer Building, M.M. Alam
Road, Gulberg-III, Lahore - 54000, Pakistan
Phone: (92 42) - 35772960-79,
Fax (92 42) - 35772868
Email: info@adamjeeinsurance.com
Website: www.adamjeeinsurance.com
QUALITY POLICY
The management and employees of Adamjee Insurance demonstrate
commitment to satisfying customer needs by managing risk
assessment in General Insurance.
In alignment with satisfaction of customer needs, processes are
established to support the vision and values of the Company. They use
QMS-9001 as a tool to continually review and improve the
effectiveness of their implemented systems.
They regularly assess our processes and practices to build on their
relationship with all their stakeholders including customers,
shareholders, strategic partners and employees.
Health & Safety Policy

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"At AICL Health, Safety and Environmental (HSE) responsibilities are

integral to the way the company operates. In carrying out all its
activities, Management and all employees believe that good HSE
performance contributes to business success.
To realize this vision, employees work together to protect the quality of
the environment and the health and safety of their colleagues,
customers, and neighbors. The company aims to protect peoples
health, and minimize any environmental impact that can occur during
the performance of their job functions.
The HSE policy follows all existing laws, regulations and amendments. "
OBJECTIVES
Strengthen customer relationship through customer satisfaction by

providing excellent service and quality products.
Maintain a healthy balance between Profitability and Volume and have
a balanced portfolio mix.
Increase investment returns from its growing funds and absolute return
strategy.
Consolidate market share through offering new products and to focus
our approach in areas where our presence is small.
Establish modern management system and adopting latest techniques
conforming to international Standards needed for an efficient
organization.
STRATEGIES
To pursue strong growth

Adopting industrys best practices and increasing economies of scale.
Leveraging opportunities across the industry.
Development of Human Resource through training and exposure to
modern technologies and management techniques.
Expansion of business and improving customer relationship
management through wide network of branches locally and
internationally.
Development in information Technology to have an effective
Management Information System.
Pursue best Reinsurance arrangements.
Establish effective Risk Management System.
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Code of Conduct
The Board of Adamjee Insurance Company Ltd (the Company) has
adopted a Code of Conduct (COC). The COC defines acceptable and
unacceptable behaviors. It shall be disseminated throughout the
Company.
The Company hereby requires directors and all its staff both executive
staff and subordinate employees, the observance of the high conduct
standards in the conduct of its business activities. All employees must
well understand and meet the standards of professional and personal
integrity expected of them to protect and safeguard the reputation of
the Company. Contravention of COC will be regarded as misconduct.
Product Portfolio
Engineering Insurance
o
o
o
o
o
Contractors' All-Risk's (CAR) Insurance

Electronic Equipment Insurance
Erection All-Risk's (EAR) Insurance
Comprehensive Project Insurance
Machinery Insurance
Fire & Property Insurance

o
o
o
o
o
Normal Fire and Allied Perils

Property All Risks
Business Interruption Following Insured Perils.
Householder's Comprehensive Policy
Terrorism
Retail Insurance
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o
o
o
o
Crop [ Urdu ]
Livestock [ Urdu ]
Travel
Retail Auto
Marine Insurance
o Marine Hull and Machinery Insurance
o Marine Cargo Insurance
o Marine Umbrella Liability Insurance
Motor Insurance
o
o
o
o
o
Comprehensive Motor Insurance

(Private Vehicles)
Comprehensive Motor Insurance (Commercial Vehicles)
Comprehensive Motor Cycle Insurance
Motor Third Party Liability Insurance
Miscellaneous Insurance
o
o
o
o
o
Financial Lines Insurance

Health Insurance
Micro Insurance
Liability Insurance
Personal Accident Insurance
Engineering Insurance
1. Contractors' All-Risk's (CAR) Insurance
Contractor's All Risk Insurance covers civil works like construction of roads,
bridges, dams, high rises, housing projects etc.
Coverage
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This branch of engineering insurance offers comprehensive and adequate

protection against all the risks involved in the construction of civil works of
any kind, including surrounding property and third-party claims in respect of
property damage or bodily injury arising in connection with the execution of
a project.
Section 1 Material Damage
CAR insurance provides very wide cover. Almost any sudden and unforeseen
loss or damage occurring to the property insured on the construction site
including surrounding property in the care and custody of the insured leading
to repair or replacement during the period of insurance will be indemnified.
The insurer will indemnify loss or damage due to the following causes:
Fire, lightning, explosion

Flood, inundation
Windstorm of any kind
Earthquake
Theft, burglary
Negligence, lack of skill, lack of experience, malicious acts
Short-circuit, arcing, excess voltage
Excess pressure or vacuum, tearing apart on account of
centrifugal force
Any other sudden and unforeseen event such as loss or
damage due to collapse, foreign objects, on-site transport of
items to be constructed, etc.
Section 2 Third Party Liability

This section indemnifies the insured against liability at law for damages and
claimant's costs and expenses due to bodily injury and / or death of any third
party person and / or damage to third party property, arising from an
accident during the period of insurance caused by the activities of the
insured whilst performing duties on the project site as described in the policy
schedule.
Main Exclusions
Loss or damage due to faulty design
Defective material or casting
Defects in workmanship Loss or damage due to willful acts or
willful negligence of the insured or of his representatives
Consequential loss of any kind or description whatsoever, e.g.
claims from penalties, losses due to delay, lack of performance,
loss of contract
Loss or damage due to war or warlike operations, civil
commotion of any kind as well as acts on the part of strikers
and locked-out persons
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Loss or damage due to nuclear reaction, nuclear radiation or

radioactive contamination.
Other Products Available
Contractor's Plant and Equipment Insurance

Advance Loss of Profit following CAR Insurance
Premium Payment Procedure

Usually premium is paid through cheque or demand draft addressed to
Adamjee Insurance Company Limited to it's designated offices
anywhere in Pakistan and UAE.
Claim Reporting Process
Essential documents for lodging claim:
Duly filled-in, signed and stamped Claim Form
Incident report
Provision of a valid policy document covering the damaged asset
Police report (F.I.R.) for theft/ burglary cases
Defects in documents affecting claim:
Delay in intimating the claim

Non-provisions of claim form
Wrong description of item affected / damaged
Non provision of bills
Non provision of F.I.R. in case of theft / burglary
2. Electronic Equipment Insurance

Electronic Equipment Insurance covers all electric equipments with
moderate power requirements against material damage.
Coverage
The term "electronic equipment" comprises, in the context of this
insurance, all electrical and electronic systems such as:
Electronic Data Processing (EDP) equipment

Electrical equipment for medical use
Communication facilities
Lighting and navigation facilities
Equipment for research and materials testing
The Insurance Protects:

The owner as the operator, the lesser, or the maintainer
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The hirer
Material damage cover

Electronic equipment insurance is "accident" insurance on an all risks
basis covering sudden and unforeseen losses which physically affect
the subject matter insured. Losses due to the following causes give rise
to the vast majority of all claims:
Fire, lightning, explosion

Smoke, soot, corrosive gases
Water and humidity
Failure of air conditioning
Short circuit and other electrical causes
Design, manufacturing, assembly and erection faults, defects in
casting and material, workshop errors, bad workmanship
Faulty operation, lack of skill, gross negligence
Malicious acts of workmen, employees, third parties
Burglary
Hail, frost
Main Exclusions
War or warlike operations, civil commotion of any kind as well as

acts on the part of strikers and locked out persons
Willful acts or willful negligence on the part of the insured or of
his representatives
Faults or defects for which a third party (supplier) is responsible
either by law or under contract (losses covered by warranty)
Wear and tear
Failure or interruption of gas, water or electricity services (certain
exceptions being possible in special cases)
Aesthetic defects, e.g. scratches on painted, polished or
varnished surfaces
Consequential loss and liability of all kinds (with the exception of
additional expenses for computer operation)

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Incident report

3. Erection All-Risk's (EAR) Insurance

Erections All-Risk's (EAR) Insurance provides cover against all the risks
involved in the erection of machinery, plant and steel structures.
Coverage
This branch of engineering insurance offers comprehensive and
adequate protection against all the risks involved in the erection of
machinery, plant and steel structures of any kind, including
surrounding property and third-party claims in respect of property
damage or bodily injury arising in connection with the execution of a
project.
Section 1: Material Damage
EAR insurance provides very wide cover. Almost any sudden and
unforeseen loss or damage occurring to the property insured on the
erection site including the surrounding property in the care and
custody of the insured leading to repair or replacement during the
period of insurance will be indemnified.
Fire, lightning, explosion.

Flood, inundation
Windstorm of any kind
Earthquake
Theft, burglary
Faults in erection
Negligence, lack of skill, lack of experience, malicious acts
Short-circuit, arcing, excess voltage
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Excess pressure or vacuum, tearing apart on account of

centrifugal force
Any other sudden and unforeseen event such as loss or damage
due to collapse, foreign objects, on-site transport of items to be
erected, etc
Section 2: Third Party Liability

This section indemnifies the insured against liability at law for damages
and claimant's costs and expenses due to bodily injury and / or death
of any third party person and / or damage to third party property,
arising from an accident during the period of insurance caused by the
activities of the insured whilst performing duties on the project site as
described in the policy schedule.
Main Exclusions

Defects in workmanship
Loss or damage due to willful acts or willful negligence of the
insured or their representatives
Consequential loss of any kind or description whatsoever e.g.
claims from penalties, losses due to delay, lack of performance,
loss of contract
Loss or damage due to war or warlike operations, civil
commotion of any kind as well as acts on the part of strikers and
locked-out persons
radioactive contamination
Other Related Products
Contractors Plant and Equipment Insurance

Advance Loss of Profit Following EAR Insurance

Adamjee Insurance Company Limited to it's designated offices anywhere in
Pakistan and UAE.


Incident report
Adamjee Insurance
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Non provision of F.I.R. in case
4. Comprehensive Project Insurance

Adamjee Insurance is equipped with Comprehensive Project Insurance.
This multi line policy provides cover to both erection and construction
risks, also provides comprehensive protection.
Coverage
Comprehensive Project Insurance offers all-in-one insurance protection
for the entire duration of a project. The multi-line policy provides cover
for pre storage followed by construction/erection,
testing/commissioning and finally maintenance works.
The cover ceases once the project has been completed and/or handed
over to the operator or the employer.
The policy can be taken out for civil engineering and infrastructure
projects but also for the erection of machinery, plant or steel structures
of any kind. The insurance may be concluded by the employer and/or
by the contractors engaged in a project, including all subcontractors.
The comprehensive project insurance policy has the following
structure:
General section (Definitions, general exclusions and general

conditions)
Section IA (Material damage)
Section IB (Plant, machinery & equipment)
Section II (Third party liability)
Section III (Delay in start-up)
In addition a marine cargo cover, including marine BI, marine (air, sea,
and inland transit), and marine DSU, could be attached in order to
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provide a comprehensive project cover from the beginning. Depending

on the type of project and requested scope of cover, the insured can
take out any of the above sections and tailor his Comprehensive
Project Insurance Policy in accordance with his insurance requirements.
The general section contains definitions, general exclusions and
general conditions which are applicable to all sections. The general
exclusions are in line with those found in construction and erection all
risks insurance policies used in the international insurance markets.
Section IA (Material damage) represents a combined construction and erect
ion all risks coverage and follows the same insurance principles as outlined
under CAR/EAR. This section thus provides a very wide cover and is subject to
only few standard exclusions.
Section IB (Plant, machinery and equipment) is based on the existing CPM
policy, however, with the exception that it covers not only construction and
erection machinery and plant but also the temporary equipment (e.g. camps,
stores, scaffolding) installed at a construction or erection site and not only
that belonging to the contractors but also to the insured employer.
Section II (Third party liability) coverage is provided for third party claims in
respect of property damage or bodily injury arising in connection with the
execution of a construction or erection project. This insurance section also
contains a cross liability clause according to which the insurance applies to
the insured parties named in Section IA as if a separate policy had been
issued to each party.
Section III (Delay in start-up) indemnifies the insured employer for a loss of
the interest insured as a result of delayed commencement of the business
insured caused by an accident covered under Section IA.
Additional Covers
Compared with the traditional CAR/EAR covers this new CPI also provides
cover, among other things, for:
Material consequential loss as a result of manufacturer's fault

Property belonging to or held in care, custody and control by the
insured
Professional fees, plans and documents
Expediting expenses
Off-site storage and inland transit
Main Exclusions
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Bad workmanship
Loss or damage due to willful acts or willful negligence of the insured
or of his representatives
Consequential loss of any kind or description whatsoever, e.g. claims
from penalties, losses due to delay, lack of performance, loss of
contract
Loss or damage due to war or warlike operations, civil commotion of
any kind as well as acts on the part of strikers and locked-out persons
radioactive contamination

Adamjee Insurance Company Limited to it's designated offices anywhere in
Pakistan and UAE.


Incident report

5. Machinery Insurance
Machinery Insurance covers sudden and unforeseen damages to
machinery due to accidents, fire, collision or any other physical
damage (as per policy conditions).
Coverage
Machinery Insurance was developed to grant industry effective
insurance cover for plant, machinery and mechanical equipment at
work, at rest or during maintenance operations. By its very nature,
machinery insurance is all risks "accident" insurance for machinery
supplementing the coverage afforded by fire insurance. Thus it covers
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unforeseen and sudden physical loss of or damage to the insured

items, necessitating their repair or replacement.
Loss or damage covered under machinery insurance is mainly due to
one of the following causes:
Faulty design
Faults at workshop or in erection
Defects in casting and material and manufacturing
Faulty operation, lack of skill, negligence, malicious acts
Tearing apart on account of centrifugal force
Physical explosion, flue gas explosion in boilers
Electrical causes such as short circuit
Shortage of water in boilers
Storm, frost, drifting ice
Main Exclusions
This policy does not cover the following loss and damages to:
Exchangeable tools, e.g. dies, moulds, chains, bearings,

engraved cylinders
Parts which by their use and / or nature suffer a high rate of wear
or depreciation, e.g. belts, ropes, wire, crushing hammers, object
made of glass, rubber tyres
Operating media e.g. fuels, catalysts, refrigerant liquids, gases,
solids, and semi solids
Loss or damages due to fire
Loss or damages due to direct lightning
Loss or damages due to chemical explosion (except flue gas
explosion in boilers)
Loss or damages due to aircraft or other aerial devices or article
dropped there from
Loss or damages due to theft, burglary or attempts there at
Loss or damages due to collapse of buildings, flood, inundation,
earthquake, subsidence, landslide, avalanche, hurricane,
cyclone, volcanic eruption
Other Products Available
Boiler and Pressure Vessels Insurance

Loss of Contents following Machinery Breakdown
Contamination of Contents following Machinery Breakdown
Loss of Profit following Machinery Breakdown

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Incident report

Fire & Property Insurance

Fire Insurance policy provides compensation to the insured person or
firm in the event of damage to the property insured (i.e. buildings,
stock, machinery and other contents) caused by fire, lightning.
Coverage
The insurance policy broadly covers losses due to:
Fire
Lightning
Explosion (due to domestic boiler only)
Additional Covers
Riot and Strike

Malicious Damage
Explosion
Atmospheric Disturbance (Flood, inundation, etc)
Earthquake, Fire and Shock
Aircraft Damage
Impact Damage
Burglary and Housebreaking
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Electrical Clause "B"

Removal of Debris
Loss of Rent
Main Exclusions
Theft / Burglary House Breaking

Willful Act
Gross negligence
Loss to bullion, documents, currency etc
Loss of earnings/ Business Interruption
Losses arising out of War and War like situations
Terrorism, Civil Commotion, Popular / Military Rising, Insurrection
etc
Nuclear Fission/ Biological etc
Spontaneous Combustion
Loss or damage to the property insured by order of public
authority
Misrepresentation
Other Property Products Available
Property All Risks

Comprehensive Machinery Insurance
Consequential Loss due to Fire / Business Interruption
Terrorism
Hotel Owners All Risk Insurance
Home Insurance
Shop Owners Comprehensive Insurance

Premium payments may be made by cheque or pay order in favor of
Adamjee Insurance Company Limited. Claim Reporting Process
To report a claim contact Claims Department Head Office Adamjee Insurance Company Limited via email / Fax / Letter or
over the telephone as soon as possible.
Also, the Insured should report the event to the local law
enforcement authorities as soon as possible.
* Valid Insurance Policy is the prerequisite in order to entertain the

claim.
Adamjee Insurance
Page 25
Retail Insurance
1. Crop Insurance
Pakistan's agricultural sector contributes 23.3% to Pakistan's GDP.
Being the largest sector yet still widely disregarded in terms of
insurance, Adamjee Insurance took an initiative to introduce the
concept of Crop Insurance.
Need for Crop Insurance
The time period from crop sowing to harvest is extremely crucial for
the farmers. But the unforeseen climatic changes only add to their
worries. The field of agriculture is always exposed to hazards of floods,
droughts, rains, and hail storms. Most of the farmers in our country are
small cultivators and their financial resources are less and inadequate.
All unforeseen catastrophes bring disaster in their lives. AICL provides
coverage to all farmers in these disasters.
Why Adamjee?
Farmer's assets are secured

Brings stability to farmer's income
Incase of crop damage, insurance company covers loan taken
from bank
Farmers get financial aid for re-cropping
Gives a secured and peaceful life
Benefits and Coverage

The scheme shall cover the production loans provided by the Banks to
the farmers. The cover provided under this policy is against
unavoidable loss of crops or resulting directly from the following:
Flood
Drought
Excessive rain
Hailstorm
Frost
Locust attack
Disease and Insect attack
Premium Payment Method
Adamjee Insurance
Page 26
Premium payment can be made through cash, cheque, pay order,

demand draft, telex transfer to the concerned Adamjee Insurance
branch.
To report a claim contact claims department via email / Fax / Letter or
2. Livestock Insurance
Livestock
Pakistan has an agrarian economy and its livestock component being
more than 50%. To meet the growing needs of our farmers, Adamjee
Insurance Company has introduced Livestock Insurance.
Why Adamjee?
Protection of Livestock
Payment to the owner in case of death of livestock as per policy
guidelines
Guidance incase of illness of your livestock
State-of-art methods of livestock care
Professionally qualified veterinary doctors

The core emphasis of Adamjee Livestock Insurance is to provide peace
of mind and secure necessities related to livestock. The policy
coverage includes:
Death coverage of cattle due to natural causes, disease, injury,

or accident.
Specialized doctors assigned task of providing farmers with latest
farming procedures and practices.
Policies can be customized depending upon your specific needs.

Premium payment can be made through cash, cheque, pay order,
demand draft, telex transfer to the concerned Adamjee Insurance
branch.
To report a claim contact claims department via email / Fax / Letter or
Adamjee Insurance
Page 27
3. Travel Insurance
Designed to fulfill your traveling needs and to make your journey stress free
in event of any unforeseen event, GoSecure gives you 24/7 unmatched
coverage against travelling inconveniences whether you are travelling for
business or leisure. Partnering with the world renowned International SOS,
they are just a call away to help in gaining health care services at your
destination. . Besides medical assistance, their customer care services also
excel in providing concierge, travel, cash emergency and a wide range of
hotline services.
Make your journey a memorable one and leave your worries with them.
4. Download Centre
GoSecure, International Travel Insurance
Policy Wording - GoSecure, International Travel Insurance

Application Form
Claim Forms
GoSecure Brochure, International Travel Insurance
GoSecure, Student Travel Insurance
Policy Wording - GoSecure, Student Travel Insurance Plans

GoSecure Brochure, Student Travel Insurance Plans
5. Retail Auto Insurance

Adamjee Insurance in the year 2008 launched Online Policy Issuance in
alliance with the leading manufacturer in Auto Sector- Pak Suzuki. This
launch was on pan Pakistan basis. Since then the alliance has gained &
shown significant growth over time. Presently, Suzuki Insurance Program is
running successfully.
Retail Insurance has entered in the Toyota & Honda Market. Retail
department made alliances with the Vehicle Tracking Companies to provide
their customers complete package of "Insurance plus Tracker". The target
market of the department is strictly Retail customers who are purchasing
vehicles from 3S Authorized Dealerships.
Retail is also providing same facilities to the Used cars customer in
collaboration with the 24/7 Call centre & providing best services to their
customers.
Adamjee Insurance
Page 28
Need for Retail Insurance

Mostly customers are purchasing vehicles from the Dealerships. Retail
department is leading the individual customers & facilitating services to the
Dealerships customers directly. This market segment can be categorized as
an informed customer. As an informed market, service levels provided are of
utmost importance. A customer focused Retail insurance program that
provides easy insurance solution for new and used vehicles and complete
peace of mind for the customers.
Why Adamjee?
Providing best solution for all customer needs through one window
solution.
Easy process for making Insurance Policy.
Claim settlement at Authorized Dealerships.
Best Vehicle Tracking Companies in Adamjee Motor Insurance panel.
Fastest claim settlement.
Extensive Insurance network nationwide.
Best Premium rates

Online/Instant Policy issuance
Largest Country Wide Dealer Network support
SMS confirmation of Policy issuance on the customers cell.
Renewal Reminder & confirmation through SMS.
Call Center 24/7 with Toll Free Number 0800-00242
Tracker device option available *
Real time claim intimation & SMS alerts of acknowledgment at the time
of Lodge-a-Claim.

Premium payment can be made through cash, cheque, pay order, demand
draft.
The 24/7 Call Center registers the claim request after furnishing all personal
details and details of the policy taken for verification. 0800-00242
Company appoints surveyor who inspects the vehicle and submits the
loss report.
After completion of required formalities and documents claim is
processed by the company immediately.
On approval of the claim the payment cheque is released
Adamjee Insurance
Page 29
Marine Insurance
Marine Insurance covers damages to the shell and machinery of the vessel,
cargo carried on the vessel, and also offers protection against liabilities to
shipping and transport related companies.
Marine Hull and Machinery Insurance

Marine Cargo Insurance
Marine umbrella Liability Insurance
Why Adamjee Marine Insurance
Strong treaty based overseas vessel hull insurance

Coverage of international marine cargo trait other then Pakistan as well
Coverage Demolition voyage in Pakistan
Adamjee Insurance offers coverage for the following:

Marine Hull
This policy covers losses / damages to the shell and machinery of the vessel
caused by maritime perils.
Benefits and Coverage:
This insurance policy covers the following perils, losses and damages:
Perils of the seas, rivers, lakes or other navigable waters

Fire and explosion
Violent theft by outside persons: Jettison or Piracy
Contact with land conveyance, dock or harbor equipment or
installation
Earthquake, volcanic eruption or lightning
Accidents in loading, discharging or shifting cargo or fuel
Bursting of boilers, breakage of shafts or any latent defect in the
machinery or hull Negligence of Master Officers, Crew or Pilots
Negligence of repairers or charter
Barratry of Master Officers or crew Contact with aircrafts, helicopters or
similar objects, or objects falling there from
Salvage charges when general average is declared
Adamjee Insurance
Page 30
Marine Cargo
Marine Cargo caters to losses /damages pertaining to cargo / freight carried
on the vessels. they provide all risks coverage as well as policies covering
limited risks depending upon the needs of their valued clients.
AICL marine cargo insurance covers different risks depending upon the type
of coverage sought by their customers. The policy provides:
Protection against "All Risk" for loss and damage to cargo resulting
from a fortuity during transit by sea, air, road and rail.
Restricted coverage depending upon customer need other then All Risk
for transit by sea, air, road and rail.
Marine Umbrella
Marine Umbrella Liability is a broad spectrum cover offering protection
against liabilities to shipping / logistics and transport related companies.
This insurance could be of substantial benefit to:
Ship or vessel operators

Freight forwarders, road transport operators, NVOC, railway operators,
carriers by air, ware house depot operators
Ship agents, brokers and the services associated with shipping
transportation
Terminal operators, stevedores operators, operators of
container/trailer, storage and repairers
Port harbors or port authorities

draft, telex transfer to the concerned Adamjee Insurance branch.
Please intimate your claim by calling (subsequently informing through a
reliable medium), or writing to your concerned Adamjee Insurance branch.
Insurance policy also bears the details required for intimating any claim.
Surveyor will be appointed after the intimation and required documents will
be collected.
Adamjee Insurance
Page 31
Motor Insurance
Motor Insurance policy is mandatory under the Motor Vehicle Act. Owing
Adamjee Insurance Company Limited Motor Insurance ensures that the
owner of vehicle is protected from financial losses, caused by damage or
theft to the vehicle and third party liability.
Coverage
Adamjee comprehensive motor insurance policy gives you the maximum
coverage against theft, accidental damage and third party liability with
greater benefits, innovative features and hassle free post and pre insurance
processing. The major scope of the cover includes:
Loss or Damage Due To:
Accidental means, Fire external explosion, Self - ignition

Lightning, Flood
Theft & Burglary
Malicious Act
Whilst in transit (Road & Rail)
Terrorism, Riots & Strikes (Optional)
Third Party Liability
Property Damage
Bodily Injury
Death
Value Added Services
Call Center 24/7 with Toll Free Number 0800-00242

Tracker at Insurance Company Cost (Optional)
Adamjee Catch Card (Optional)
Some Exclusion
Losses incurred outside geographical area of Pakistan

Consequential loss depreciation wear and tear
Mechanical or electrical breakdown failures or breakage
Damage to Tyres and Battery unless the Motor Car is damaged at the
same time where the liability of the company is limited to 50% of the
cost of the replacement

Adamjee Insurance
Page 32
draft, telex transfer to the concerned Adamjee Insurance branch.
The 24/7 Call Center registers the claim request after furnishing all
personal details and details of the policy taken for verification. 080000242
Company appoints surveyor who inspects the vehicle and submits the
loss report.
After completion of required formalities and documents claim is
processed by the company immediately.
On approval of the claim the payment cheque is released.
Micro Insurance
Adamjee insurance Company (AICL) is the pioneer in offering Micro Insurance

(MI) Program in the insurance industry of Pakistan. AICL started MI program
in 2005, since then it is one of the fastest growing class of business providing
insurance coverage to the chronically poor and destitute people of AICL
society. Earlier, providing insurance to the people living below poverty line
was considered to be commercially non-viable. The reason was the cost of
reaching the poor, acquisition of business, administration is very high and
the affordable premium for the poor is very low. However, the very large
number and wide spread of the population of poor are the factors on which
an insurance scheme can be designed and for this AICL choose Insurance
Company-Delivery Channel partnership.
The fundamental basis of AICL MI insurance is to alleviate poverty by
providing a social safety net to the chronically poor and to make the whole
concept commercially viable to be undertaken. This program has provided
safety net to the people in time of shock events resulting in medical
emergencies, brought improvements in the basic healthcare facilities
available to the poor, it facilitated the healthcare infrastructure, resulted in
some revolutions in health care facilities such as introduction of first lady
doctors in far deserted area of Thar and it also provides medical awareness
through field camps in remote areas. AICL has panel hospitals all over
Pakistan backed by an efficient team managing MI program which not only
effects prompt cashless settlements but also monitor standard of services
provided by panel hospital which are selected to provide MI.
Adamjee Insurance
Page 33
AICL through MI offer hospitalization, personal accident, maternity and child

birth coverage. MI Policy provides accidental death and dismemberment
insurance, with the full amount payable in the event of the policyholders
accidental death and a specified fraction of such amount in the event of the
loss of a limb or eye.
MI has a huge market of Households in the rural areas and it is tapped
through low cost insurance plan with Low Premiums. AICL MI is insuring
almost 4 Million people all over Pakistan. Currently, Micro insurance
Programme is running in 96 district of Pakistan out of 114.
Health Insurance
Adamjee Insurance is one of the largest Health Insurance providers catering
to the health and medical needs of the Corporate and SME sectors for their
employees with customized benefits structure and value added services.
ADAMJEE guarantees you best quality services that not only give you peace
of mind for being insured by a leading and dependable insurer but also
ensures fast and speedy access to medical services when the need arises
while promoting better healthcare practices. AICL customized Health
insurance plans can cater for your needs.
The benefits covered under Adamjee Health Insurance care are briefed as
follows:
Hospitalization Benefit
This benefit covers the eligible hospitalization treatment (other than
pregnancy & childbirth) due to illness, surgeries and accidents.
Hospitalization expenses payment up to the "Per Annum Limit" in case of
different diseases and prolonged illnesses.
Major Medical Care Benefit (Optional)
This benefit enhances the hospitalization limit of in-patient expenses (except
maternity related expense) for each insured person for all eligible
hospitalization expenses covered under specified benefits structure.
Critical Illness Benefit (Optional)
These benefits cover the hospitalization for the following critical illnesses
Myocardial infection
Coronary artery disease requiring surgery
Stroke
Cancer
Aids
Adamjee Insurance
Page 34
Renal failure
Major organ transplant
Multiple sclerosis
Maternity Benefit (Optional)

This benefit pays for medical expenses related to pregnancy and child birth
up to the annual maternity limit. It includes:
Daily room rent

Labour Room charges
Operation theatre charges
Anesthetics fee
Pre & postnatal expenses coverage
Circumcision
Out Patient Cover (Optional)

Adamjee also provides the option of out-patient benefits to its clients which
pays for the coverage of expenses incurred on medical treatment where a
person does not need to be hospitalized. The following expenses are covered
under this rider.
General practionar / specialist consultation charges

Prescribed medicine and treatment
Prescribed Laboratory investigations.
Additional Benefits
Terrorist cover:
The policy also covers hospitalization and surgical expenses of any innocent
insured person (not taking part in terrorist activities) who is injured due to an
act of terrorism.
International cover:
The policy covers emergency hospitalization during overseas travel of

insured persons. However, the hospitalization expenses will be reimbursed in
Pakistan in Pak-Rupees on the basis of what it will cost for a similar
procedure to be carried out in Pakistan.
Complimentary cover for accidental injury:
The hospitalization annual available limit is automatically increased by 25-50

per cent in case of hospitalization due to an accidental injury.
Exclusions
Adamjee Insurance
Page 35
The items, conditions, treatments pertaining to the following and the related
expenses are excluded from the policy for which the company will not be
liable.
Cosmetic treatment or plastic surgery

Treatment of infertility / sterilization and contraception
Psychiatric treatment
Personal expenses like, telephone, guest meals & non medical items
Self inflicted injury
Eye glasses, contact lenses, hearing aids, artificial limbs etc
Dental treatments
Epidural Anesthesia (for painless delivery) Hospital admission not
medically necessary or undertaken specifically to conduct diagnostic or
other tests or workup
Congenital birth defects
General Health checkups and preventive vaccinations
Psychiatric treatment , mental or nervous disorder
Charges for visiting consultant
Value Added Services
Relationship Management functions for constant facilitation of their

valued insured members.
24/7 Call Center facilities.
24 hr Medical Hotline to facilitate all your queries regarding
hospitalizations.
Adamjee supports you as you make healthy choices every day gives
you access to special savings on selected pharmacies and diagnostic
services all over Pakistan
Adamjee and your Wellness
Adamjees Medzine provides useful information regarding common

medical issues keeping you in touch with the current developments in
health and helps you manage your illness in a better way.
Adamjees wellness programs aimed to focus on improving awareness
and lifestyle choices for you to improve your health.
Adamjee Insurance
Page 36
Adamjee Insurance
Page 37

Internship Report... Adamjee Insurance

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EXECUTIVE SUMMARY

The report sheds light upon the activities that I participated in

department under the supervision of Mr. Waqas Waheed and Mr.

internship. I am also obliged to different persons like Mr. Haroon

It is listed on all three stock exchanges of Pakistan. The Company is also

Choudhury. The last-mentioned has been holding the post of company's

A Truly Dynamic Business Setting

Delivering Value to Customers

Fire and Property

AICLs well-founded confidence lies in the large number of banking and

business being brought in by foreign investors entering Pakistan to execute

CORPORATE SOCIAL RESPONSIBILITY

Compliance and Ethics

Health, Safety & Environment

Health, Safety and Environmental (HSE) responsibilities constitute an

Vision & Core Values

HUMAN RESOURCE AND REMUNERATION COMMITTEE

CLAIM SETTLEMENT COMMITTEE

REINSURANCE COMMITTEE AND COINSURANCE

CHIEF FINANCIAL OFFICER

EXECUTIVE MANAGEMENT TEAM

Muhammad Ali Zeb

Askari Bank Limited

United Bank Limited

Health & Safety Policy

"At AICL Health, Safety and Environmental (HSE) responsibilities are

Strengthen customer relationship through customer satisfaction by

To pursue strong growth

Contractors' All-Risk's (CAR) Insurance

Fire & Property Insurance

Normal Fire and Allied Perils

Comprehensive Motor Insurance

Financial Lines Insurance

This branch of engineering insurance offers comprehensive and adequate

Fire, lightning, explosion

Section 2 Third Party Liability

Loss or damage due to nuclear reaction, nuclear radiation or

Other Products Available

Contractor's Plant and Equipment Insurance

Premium Payment Procedure

Delay in intimating the claim

2. Electronic Equipment Insurance

Electronic Data Processing (EDP) equipment

The Insurance Protects:

Material damage cover

Fire, lightning, explosion

War or warlike operations, civil commotion of any kind as well as

Premium Payment Procedure

Duly filled-in, signed and stamped Claim Form

Defects in documents affecting claim:

Delay in intimating the claim

3. Erection All-Risk's (EAR) Insurance

Fire, lightning, explosion.

Excess pressure or vacuum, tearing apart on account of

Section 2: Third Party Liability

Loss or damage due to faulty design

Other Related Products

Contractors Plant and Equipment Insurance

Premium Payment Procedure

Usually premium is paid through cheque or demand draft addressed to

Claim Reporting Process

Duly filled-in, signed and stamped Claim Form

Police report (F.I.R.) for theft/ burglary cases