Insured Party: Red Box
Description of Goods: [Cargo shipments via Red Box]
Mode of Transport: Land, Sea and Air
Coverage Period: From the date of dispatch from the Supplier to the date of receiving the cargo to the Participant.
Coverage Details:
1. Scope of Coverage:
– This policy provides coverage for loss or damage to the insured goods during transit due to:
– Theft
– Accidental damage
– Natural disasters (as agreed)
– Other unforeseen events (as agreed)
2. Exclusions: – The following losses are excluded from coverage:
– Losses due to war, terrorism, or civil disturbances
– Damage resulting from the negligence of the Participant
– Normal wear and tear
– Pre-existing damage
– Losses incurred while transporting illegal goods
– Delays in shipping or delivery
3. Clauses
3.1 Import/Export Cargo:
– Label Clause (Applying to Labelled Goods)
– 190 Institute Marine Certificate General Provisions (Cargo)
– Institute Replacement Clause (Applying to Machinery)
– Duty Clause (Applying when Duty is separately covered under the certificate)
– Institute Radioactive Contamination Exclusion Clause
– Warranted that the vessel keeps 100 miles away from Somalia Coast
3.2 Inland Cargo:
– Label Clause (Applying to Labelled Goods)
– 190 Institute Marine Certificate General Provisions (Cargo)
– Institute Replacement Clause (Applying to Machinery)
– Duty Clause (Applying when Duty is separately covered under the certificate)
– Institute Radioactive Contamination Exclusion Clause
– It is warranted that the vessel shall not be employed during adverse weather conditions notified by the Meteorological Department or any such governmental body
– It is warranted that the consignment should be properly packed and/or lashed in such a way that there is no possibility of contact with water
– It is warranted that proper equipment should be used in all loading and unloading operations.
4. Claims Process:
– In the event of a loss, the Participant must notify the Red Takaful Agency within [24 hours] and provide all necessary documentation to support the claim.
5. Contribution:
– The Participant agrees to contribute [0.04%] of the total value of the goods as part of the takaful fund.
Takaful Contribution Sharing Agreement
Parties Involved:
– Takaful Provider: [Red Takaful Agency]
– Participants
Purpose of Agreement:
This agreement outlines the terms under which contributions made by the participant will be shared and managed by the takaful provider in accordance with Shariah principles.
Terms of Contribution Sharing:
1. Contribution Amount:
– The participant agrees to contribute an amount of [30%] to the takaful fund. The remaining will be deposited to the Red Takaful Agency’s fund to ensure that the funds are managed properly and can provide the necessary coverage or benefits as intended. In case of a shortage of funds in the Participants’ fund, Red Takaful Agency will compensate the loss to ensure that participants are supported and their contributions are safeguarded. This compensation mechanism is designed to maintain the integrity of the Takaful system and provide assurance to all participants involved.
2. Purpose of Contributions:
– Contributions will be pooled together to provide coverage for all participants in the takaful scheme, ensuring mutual assistance and support.
3. Claims and Payouts:
– In the event of a claim, the takaful provider will process claims according to the agreed terms, and payouts will be made to the participant based on the coverage provided.