Money and Banking (Project Report On Adam Jee Insurance)

Adamjee insurance company
Heritage international college. University of south Asia Gujranwala campus

ANALYSIS REPORT OF
ADAMJEE INSURANCE COMPONY


SUBMITTED TO:
SIR MIAN SAQIB
MEHMOOD

GROUP MEMBERS NAME:
MUHAMMAD NAVEED EHSAN

sCLASS: BBA V
SUBJECT: MONY AND BANKING



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We thank Allah for guiding us through the phases of
compiling this report and helping us out in all the difficulties.
We would like to take this opportunity to thank SIR,
MIAN SAQIB MAHMOOD our teacher for the course of
MONEY AND BANKING at UNIVERSITY OF
SOUTH ASIA, for his valuable support and encouragement,
which he has offered.
This report is a joint effort of all the group members ALI
SHEROZ, SHOAIB SHAHID, MUHAMMAD RAZA, ALI
ZAIB and our group leader MUHAMMAD NAVEED
EHSAN and we could not have made possible without the
immense help and cooperation of our family members. Without
their support and the amount of time that they gave us, this
report would not have existed.

Thanks a lot.



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To interpret our skills and educational knowledge of Finance we make report on
Adam jee insurance company limited.

The objective of this report was to explore the issues relating to Finance.
Moreover, to find out problems regarding the theoretical concepts with practical
experience working in an organization and study the system of Adam jee
insurance company limited. There are many possible improvements, which we
can make positive changes in the system.

The report summarizes the Adam jee insurance company limited with its
working divided into two parts first part deals with the description of the AICL
the second part covers the theory and practices adopted by AICL and at the end
concluding remarks and suggestions are given for improvements. It was too
much difficult for us to describe the functioning of such a vast organization
within the limits. In spite of this we tried best to describe.

Finally, for any all too fallible errors, omissions and shortcomings in the writing of
the report only we responsible for whom I hope that all concerning regards of
this report will forgive us.

MUHAMMAD NAVEED EHSAN
BBA V



BRIEF
b r i e f
CONTENTS
c o n t e n t s

Company introduction
Vision and core values
Board of directors
Committee
Company profile
Management profile
Corporate social responsibility
Quality policy
Health and safety policy
Code of conducts
Product portfolio
Engineering insurance
Fire and property insurance
Retail insurance
Marine insurance
Motor insurance
Miscellaneous insurance
Financial Analysis
Ratio Analysis
Current ratio
Quick ratio
Debt/Equity ratio
Activity ratios
Profitability ratios
Solvency ratio
Conclusion



Vision and 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
Humility
Empathy, Self Esteem and Respect in all Relationships
Fun at Workplace
Work Life Balance
Corporate Social Responsibility
Service to Humanity

B Bo oa ar rd d o of f d di ir re ec ct to or rs s

Ahmed Ebrahim Hasham is the Chief Operating officer of Mehran Sugar Mills which he
joined in 2000. He is a graduate in International Relations (IR) and Economics from Tufts
University, USA. He is an active contributor towards Social and Academic Services. He is a
member on the board of Pakistan Molasses Company Limited, Unicol Limited and Mehran
Sugar Mills. In addition, he is also a member of the Executive Committee of the Pakistan
Sugar Mills Association.

COMPANY INTODUCTION


Ali Munir has over 30 years' experience and is presently Senior Executive Vice President and
Group Head Strategic Planning & Investments in MCB Bank Limited. He joined MCB in
1999 and his responsibilities have included information technology, operations, financial
control, cash management, and corporate affairs. Previously, he had served senior positions at
Citibank, Saudi American Bank, and Habib Bank Ltd. Mr. Munir is a Lawyer and Chartered
Accountant from England. He has B.A. degree from the Government College Lahore and has
a TTFL degree from the University of Punjab, Lahore. He was awarded Muzzafar Memorial
Medal by the State Bank of Pakistan in 2005 for contribution to the banking industry in
Pakistan. Mr. Munir serves as a Director at Muslim Commercial Financial Services (Pvt.)
Ltd, MNET Services (Pvt.) Ltd and Hub Power Co. Ltd. He is a Member of the Institute of
Chartered Accountants in England and Wales and the Institute of Chartered Accountants of
Pakistan. He is currently the Chairman of the SBP Committee for Agricultural Finance.

Fredrik started his working career at Cape Town and later transferred to the Northern part of
South Africa, Pretoria, capital of South Africa. He holds professional qualification from
SAAF (Aircraft Maintenance), Rand Afrikaans University (Human Resource Development
certification). Current studies include his Masters from Cumbria University in Zurich. He
started his insurance career in 1984 and attended various Senior Management Development
programs with Old Mutual (CDC/MDC I & II) and industry related training institutes. He
was awarded the prestigious award "Best leader of the year" by Old Mutual. He acted in the
capacity as Director during his management career in South Africa with MDBCS as well as
internationally during his career in the UAE. He is currently the CEO of Adamjee Life
Assurance Company Limited.

Brahim Shamsi is the Chief Executive of Aladin Water & Amusement Park, Karachi and
Joyland, Lahore and also Chairman of Cotton Web (Pvt) Limited. He is involved in social
services as trustee of Jamat-e-Taleem ul Quran and has served on editorial board of College
& University publications. Mr. Shamsi earned MBA from the Lahore University of
Management Sciences. Mr. Shamsi serves as Director of Joyland Pvt. Ltd, Dupak Developers
Pakistan Pvt. Ltd, Siddiqsons Ltd., Siddiqsons Tin Plate Limited and Dupak Tameer Ltd.


Mr. Imran Maqbool holds an MBA degree from IBA Karachi and MS in Management from
Sloan School of Management, MIT (USA). He started his career from Bank of America,
where he worked at various positions in Relationship Management, Corporate and Investment
Banking, over a period of 15 years. Later, he joined Citibank, Lahore as Regional Manager
for a period of 2 years. He has been a part of MCB for over ten years. During this period, he
worked as Corporate Head before moving to Colombo as a Country Head of MCBs Sri
Lanka Operations. In Pakistan, he headed the Islamic Banking and Special Assets
Management Group. He was Group Head Commercial Banking, MCB Bank Ltd before
becoming President and CEO of the Bank. Prior to joining the banking industry, Mr Imran
Maqbool served a brief stint with Exxon Chemical Limited, Multan

Mr. Kamran Rasool joined the Civil Service of Pakistan in 1972 after doing his Masters in
English Literature from Punjab University. In 1978, he obtained a Post graduate Diploma in
Development Administration from Manchester University, UK. He served in various field
and Secretariat appointments in Punjab, where he was appointed Chief Secretary in 2003.
Earlier, he served as Chairman Bank of Punjab for a period of about one year. He served as
Secretary in various Ministries of the Federal Govt. including Cabinet Secretary and retired in
2008 after serving for two years as Defence Secretary. Mr. Kamran Rasool is currently
serving as Group Head, Security and CSR in MCB Bank. He is on the Board of Directors of
Pakgen Power, PASSCO and MCB Employees Security Company.

Mr. Muhammad Umar Virk is the Chairman of Hira Textile Mills Limited. He is a qualified
& seasoned professional having over twenty-five years' experience in textile trade and
industry. Mr. Muhammad Umar Virk founded Hira textile Mills in 1995 by acquiring a
spinning unit near Lahore. He successfully turned around the unit by skillful expansion and
up gradation. Mr. Muhammad Umar Virk did his graduation in textile engineering in 1976.
He serves as the Director of Hira Textile Mills Ltd & Hira Terry Mills Ltd.


Mr .Mohammad Ali Zeb has over 15 years of experience in Manufacturing, Financial and
Insurance Sector. Mr. Ali Zeb is a fellow member of Institute of Chartered Accountant of
Pakistan and was awarded gold medal in Cost Accounting. He started his professional career
in 1995 from Nishat Mills, where he rose to the position of Financial Controller. He then
joined Adamjee Insurance as Chief Financial Officer in 2005 and later became the Executive
Director Finance. He was appointed as Chief Executive Officer in September 2008. Mr. Ali
Zeb left Adamjee Insurance in March 2011. He then served City School Pvt Ltd as Chief
Financial Officer from 2012 till April 2013 and joined back Adamjee Insurance in May 2013.

S. M. Jawed is the Director of Din Leather (Pvt.) Ltd and has a vast experience in running a
most modern tannery. Due to his technical expertise Din Leather has received several export
performance awards, merits as well as best export performance trophies for the export of
Finished Leather from Pakistan and Companys contribution is earning valuable foreign
exchange for the Country. Due to excellence in quality and supply the company has also
received a Gold Medallion Award from the International Export Association U.K. He has
technical education in Leather Technology from Leather Sellers College, U.K. He also serves
a Director of Adamjee Life Assurance Company Limited.

Shahid Malik joined the Pakistan Foreign Service in 1972. During his service tenure of over
35 years he held prominent positions in Pakistan Missions abroad including Tokyo, Rome,
Washington, New Delhi and Ottawa. He also served as High Commissioner of Pakistan to
Canada with concurrent accreditation as Ambassador to Venezuela and High Commissioner
to Guyana, Trinidad and Tobago, and as High Commissioner of Pakistan to India from 2007-
2012. Mr. Malik has participated in various international conferences on strategic issues,
including the UN General Assembly, NAM etc. he has been a regular speaker at various
international forum on current affairs and international security


Mian Umer Mansha has been Chief Executive and Chairman of Nishat Mills Ltd. since
September 08, 2007. He is also the Chairman of the Risk Management & Portfolio Review
committee and is a member of the Business strategy & Development Committee and Physical
Planning and Contingency Arrangements at MCB. Umer Mansha completed his education
from Babson College, Boston, USA. He serves as a director of MCB Bank Limited, Nishat
Mills, Nishat Dairy (Private) Ltd, Nishat Developers (Private) Ltd, and Adamjee Life
Assurance Company Limited and is a member of Pakistan Business Council.

Committee

Audit Committee Human Resource Committee and
Remuneration Committee

Umer Mansha Umer Mansha
Ahmed Ebrahim Hasham Ibrahim Shamsi
Ali Munir Kamran Rasool
Ibrahim Shamsi Mohammad Ali Zeb
S. M. Jawed

Underwriting Committee Re-insurance Committee And Co-insurance

Umer Mansha Ali Munir
Fredrik Coenrard de Beer Muhammad Umar Virk
Mohammad Ali Zeb Mohammad Ali Zeb
Head of Technical Head of Re- Insurance
Head of Co- Insurance
Ali Munir

Claim Settlement Committee

S. M. Jawed
Ahmed Ebrahim Hasham
Mohammad Ali Zeb
Head of Claims



C Co om mp pa an ny y P Pr ro of fi il le e

Adamjee Insurance Company Limited (AICL) was incorporate as a Public Limited
Company on September 28, 1960 and is listed on all three stock exchange 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 head office is located in Karachi and
it operates a network of branches all across Pakistan and two in UAE (Dubai & Abu Dhabi).

The Company commenced operations with a paid-up capital of Rupees 2.5 million, which has
grown phenomenally in the past five decades to Rupees 1.24 billion, as on 31 December
2012.

A strong asset base, significant paid-up capital, substantial reserves, balanced portfolio mix
along with steady growth in gross premium account gives Adamjee Insurance a well-
deserved competitive edge within the insurance industry.

Creating a Dynamic Business Environment

AICL meets customer needs by providing innovative solutions with their varied line of
products. Our dedicated employees are equipped with all the necessary skills that are needed
to serve our valued customers. AICL continues to strengthen and expand its regional
operation by tapping the potential available in the UAE market, with the consolidation of
business in Dubai. AICL with Hollard Insurance based in South Africa launched Life
assurance operations through a separate entity name, Adamjee Life Assurance Company
Limited.

Delivering Value to Customers

AICL broadly is involved in underwriting the following classes of businesses:
Fire and Property
Engineering
Health
Marine
Motor
Miscellaneous business
The diversity of AICLs portfolio allows the Company to be the insurer of choice, for an
array of clients and needs. Whilst expanding their customer base, AICL dedicates much effort
in maintaining the highest level of customer satisfaction. Its cornerstone philosophy is to
provide premium quality service along with forwarding the maximum benefit to its clients.
This commitment is exhibited in the importance AICL places on excellence, integrity and
ethical behavior. These values foster confidence, especially in our clients for whom
importance AICL places on excellence, integrity and ethical behavior. These values foster
confidence, especially in our clients for whom security is imperative. The high level of
confidence AICL inspires is evident in the number of banking and financial sector clients that
AICL insures. AICL also provides coverage to Petrochemical, Factories and Industrial Risk
projects of great value. AICL specializes in insuring Engineering and Telecom concerns,


hence securing the greatest share of clients in those sectors. On the other end of the spectrum,
AICL services the primary industries of Pakistan by covering Textile and Sugar.
Accomplishing the role as a leader in Pakistans Insurance Industry, AICL pioneered the
coverage of Energy Risks. AICL has also secured the business of foreign investors entering
Pakistan to execute and assemble construction or infrastructure development projects. AICL
is the principal insurer of Kidnap & Ransom, Professional Indemnity, Product Liability and
other specialized lines in Pakistan.

Management Profile

Mohammad Ali
Zeb
Managing Director
& CEO

Rehan Ahmed Khan
Executive Director
Chief Financial
Officer

Adnan Ahmed
Chaudhry
Executive Director
Commercial

Asif Jabbar
Executive Director
Technical

Salim Iqbal
Executive Director
Reinsurance

Najib Nasir Syed
Executive Director
Compliance &
Claims, MR

Amir A. Hamid
Executive
Director
Human
Resource

Tameez-ul-Haque
Company
Secretary


C Co or rp po or ra at te e S So oc ci ia al l R Re es sp po on ns si ib bi il li it ty y

AICL's corporate responsibility focuses on compliance, ethics and corporate citizenship and
maintaining overall sustainability. AICL has worked to cultivate these aspects of its
operations through enhancing communication, training and other initiatives

Compliance and Ethics

In order to uphold the highest standards of integrity and transparency, regulations are
becoming increasingly complex the world over. Keeping in step with this international
inclination, AICL has taken rigorous and extensive steps to develop its capabilities and
structures to meet the set standards. Having efficiently achieved a level of compliance more
stringently than others have, AICL has a competitive edge in the local market.

AICL has restated the Compliance Performance Standards, which applies to all areas of
business and processes. AICL has taken steps in furthering the knowledge and understanding
of compliance and ethical obligations through all the levels of its management and personnel.
These initiatives include internal awareness campaigns; specific training's in detailed
regulatory areas and focused efforts on areas such as conflict of interests.

Environment, Health and Safety

AICL continues to focus on providing safe work environment to the employees and is pleased
to report zero injury for the year under review. The company is committed to support
measures within its sphere of control, leading to reduction in environmental issues, which
Affects the community Being an office based concern, AICL does not have a direct bearing
on the environment. Nevertheless, the company is acutely aware of the environmental issues
on hand and is committed to reduce those impacts, which are within its ability to control.

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.

Beacon of Hope - Rebuilding Communities 2011

As part of the CSR program at Adamjee Insurance; the company recently initiated a shelter
project with Awaz Cds in Muzzafargarh (Quresha Wala-Mehmood Kot) where 5 shelters,
latrines and a communal water pump was made for the flood effectees. The project is now
completed. The project was conducted in collaboration with Awaz Cds, which is the leading
NGO in Multan actively pursuing shelter operations, rehabilitation projects with international
organizations. They have been in business since 1995 and are involved in Community
development, literacy program and disaster response program especially in Southern Punjab.
The NGO is head by Mr.ZiaUr-Rehman. The project was initiated in October 2011 and was
completed by end of Dec 2011. A ceremony was held to inaugurate the shelter program,
which was represented by Adamjee Insurance Company, Awaz Cds NGO, Landlord of Kot
Addu (Amjad Qureshi) and local residents.



Following are the details of the event:
The Ceremony was held on 10th Jan Mehmood KOt, (Qureshi-Wala) Muzzafargarh. It
started at 11:30 a.m.
Mr. Syed Farhat (Manager Adamjee Insurance Mutan Division) formally opened the
ceremony and gave a brief overview of the company and its CSR activities. He also
appreciated the efforts of all the Field Force of Awaz, as well as Local Community who
participated in this project and helped us out in making this project successful.
Next, Mr. Malik Nazir (Divisional Head Adamjee Insurance Mutan Division) spoke a few
words on the Company and project which will pave ways for more development in the
region.
Mr. Zia-ur-Reman (CEO Awaz Cds) was then invited and he especially thanked AICL for
contributing towards the project.
Last but not least the Chief Guest Mian Amjad Qureshi (Landlord/Senator) delivered an
inspiring speech and applauded the efforts of AICL and Awaz Cds towards the project. He
said this was the need of time, as local residents are still badly affected by the flood and have
lost their livelihoods.
After the speeches the shelter owners were called on stage and property papers were
distributed alongwith a small gift token which was contributed by the local staff of AICL
Multan Office (from their own expense). The papers and gifts were distributed by Mian
Amjad Qureshi and Malik Nazir Ahmed.
the ceremony ended with a visit to the shelter where the ribbon cutting ceremony was held
and cut by the chief Guest; keys were also handed over to the shelter owners. A Photograph
Session was also held with the local community members and owner of the Shelters.
Lunch boxes were distributed among the local community as well.
Helping the Flood Affecters in 2010
Helping the Flood Affecters The employees of AICL contributed their one-day salary
towards the flood affecters. The Company also extended a helping hand towards this cause
and topped up the money collected for this cause. The money available was donated to the
following organizations:
Imran Khan Flood Relief Fund "Pukar"
TCF Flood Relief Fund
J B Boda our reinsurance partners also contributed towards the cause and we highly
appreciate their generous gesture.



Quality Policy
The management and employees of Adamjee Insurance demonstrate commitment in
satisfying customer needs for managing the risk assessment in General Insurance.

In alignment with satisfaction of customer needs, processes are established to support the
vision and values of the company. We use QMS-9001 as a tool to continually review and
improve the effectiveness of our implemented systems. We regularly assess our processes
and practices, to build on our relationship with all our stakeholders including customers,
shareholders, strategic partners and employees.
Health & Safety Policy
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 performing contributes 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.
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.



E En ng gi in ne ee er ri in ng g I In ns su ur ra an nc ce e
Contractors' All-Risk's (CAR) Insurance
Electronic Equipment Insurance
Erection All-Risk's (EAR) Insurance
Comprehensive Project Insurance
Machinery Insurance
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
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.
PRODUCT PORTFOLIO



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
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 its 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
Electronic Equipment Insurance

Electronic Equipment Insurance covers all electric equipments with moderate power
requirements against material damages



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
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)






Incident report
Defects in documents affecting claim
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.
The insurer will indemnify loss or damage due to the following causes:
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
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
Loss or damage due to nuclear reaction, nuclear radiation or radioactive
contamination
Other Related Products
Contractors Plant and Equipment Insurance
Advance Loss of Profit Following EAR Insurance
Incident report


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 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, 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 little standard exclusion.

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 because 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:
The insurer will indemnify loss or damage due to the following causes:
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
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
Loss or damage due to nuclear reaction, nuclear radiation or radioactive
contamination

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

Incident report


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 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, molds, 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


Boiler and Pressure Vessels Insurance
Loss of Contents following Machinery Breakdown
Contamination of Contents following Machinery Breakdown
Loss of Profit following Machinery Breakdown


Incident report
Defects in documents affecting claim
Fire & Property Insurance
Normal Fire and Allied Perils
Property All Risks
Business Interruption Following Insured Perils.
Householder's Comprehensive Policy
Terrorism

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
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


Marine Insurance
Marine Hull and Machinery Insurance
Marine Cargo Insurance
Marine Umbrella Liability 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.

Why Adamjee Marine Insurance
Strong treaty based overseas vessel hull insurance
Coverage of international marine cargo trait other than 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
Marine Cargo
Marine Cargo caters to losses /damages pertaining to cargo / freight carried on the vessels.
We provide all risk coverage as well as policies covering limited risks depending upon the
needs of our valued clients.



Our marine cargo insurance covers different risks depending upon the type of coverage
sought by our 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
Premium Payment Method

Premium payment can be made through cash, cheque, pay order, demand 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.

Retail Insurance
Crop insurance
Livestock insurance
Travel insurance
Retail Auto insurance



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 from crop sowing to harvest is extremely crucial for the farmers. However, the
unforeseen climatic changes only add to their worries. The field of agriculture is always
exposed to hazards of floods, droughts, rains, and hailstorms. 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
In case of crop damage, insurance company covers loan taken from bank
Farmers get financial aid for re-cropping
Gives a secured and peaceful life

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 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 over the telephone as
soon as possible.



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 in case 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, and telex
transfer to the concerned Adamjee Insurance branch.


To report a claim contact claims department via email / Fax / Letter or over the telephone as
soon as possible.

Travel Insurance

Adamjee Insurance "FAASLAY ASAAN" gives you freedom from unforeseen traveling
hassles. Providing you the convenience of an Instant Overseas Claim Settlement, whether you
are on a vacation or a business trip.

In collaboration with International SOS, we offer services of International healthcare, just a
toll free call away to assist you in over 70 different languages. Our people will connect you
with the local help available at your foreign destination. Besides medical assistance, our
customer care services also excel in providing concierge, travel, cash emergency and a wide
range of hotline services.
Leave your worries behind and let us make your journey a comfortable & peaceful one.


On Travel Services
Worldwide Consulate and Embassy Referral
Arrangement of transport in case of medical emergency
Delivery of medicines not available at destination
Luggage and Passport Recovery Assistance Emergency cash advancement
Coverage

Sum Insured with Deductibles (each loss) / Schedule of Benefits.

COVERAGE PER PERSON SUM INSURED PER PERSON (in US$)

Elite

Bliss

Delight

Care
Accidental Death & PTD
Common Carrier 20,000 20,000 N/A N/A
All Other Accidents 30,000 20,000 5,000 10,000
Medical Benefits
Accident & Sickness Medical Expenses
Including OPD (Deductible USD100 EEL*)
100,000 50,000 50,000 10,000
Repatriation of Mortal Remains Included Included Included Included
Emergency Dental Care
(Deductible USD100 EEL*)
500 300 - -
Emergency Return Home of Insured Actual
Expense
Actual
Expense
- Actual
Expense
On Travel Services - Legal &
Communication
Free Free Free Free
AICL Advantage

Total Loss of Checked-In Baggage 1,000 500 100 100
Loss of Passport (Deductible USD25 EEL*) 300 200 - 100
Loss of Credit Card 500 300 - -
Delays
Baggage Delay (Excess First 8 Hours) 100 50 - 50
Flight Delay (Excess First 12 Hours) 300 200 - 100
Cancellations
Trip Cancellation & Curtailment 400 300 100 200
Emergencies
Travel & Stay Over of One Immediate
Family Member
Included - - -
Return of Dependent Children Included Included Included Included


Dispatch of Medication Included Included Included Included
Personal Liability
(Deductible USD.1,000 for TPPD**)
100,000 50,000 - 15,000

* Each & Every Loss
** Third Party Property Damage

Note:
Accidental Death Cover for Dependent child under 18 years of age is limited to USD.
5000 in Elite and Bliss.
Accidental Death Cover for Dependent child under 18 years of age is limited to USD.
1250 in Delight
P Pr re em mi iu um m i in nd di iv vi id du ua al l

Tenure of Coverage (Amount in PKR)
Elite Bliss Delight Care
Up to 1 Week 2,900 2,700 1,300 675
Up to 2 Weeks 4,900 4,550 1,900 1,150
Up to 3 Weeks 6,750 6,200 2,500 1,550
Up to 1 Month 8,700 7,700 3,100 1,950
Up to 2 Months 16,000 14,000 4,100 3,750
Up to 3 Months 23,000 20,000 5,300 5,100
Up to 4 Months 30,000 26,500 6,200 6,700
Up to 5 Months 37,500 32,250 7,100 8,250
Up to 6 Months 44,500 38,500 8,600 10,000
Every Additional Day 550 500 350 100
1 Year Multi Trip ** 22,500 17,500 11,600 -

Premium for family

Tenure of Coverage (Amount in PKR)
Elite Bliss Delight Care
Up to 1 Week 5,100 4,100 2,200 1,325
Up to 2 Weeks 8,600 6,900 2,675 2,300
Up to 3 Weeks 12,000 9,400 3,550 3,100


Up to 1 Month 15,000 11,600 4,360 3,900
Up to 2 Months 23,500 15,000 5,380 7,500
Up to 3 Months 30,000 21,200 6,495 10,500
Up to 4 Months 36,000 27,100 7,240 13,500
Up to 5 Months 42,000 32,900 7,870 16,500
Up to 6 Months 48,000 42,000 9,215 19,000
Every Additional Day 850 600 455 200
1 Year Multi Trip ** 32,900 29,900 15,280 -

* Premium plans are inclusive of all taxes and stamp duties
** Third Party Property Damage
* Maximum of 60 days are covered per trip under a Multi Trip policy in Elite and Bliss.
* Maximum of 30 days are covered per trip under a Multi Trip policy in Delight.
* Medical benefits in Delight plan limited to hospitalization only.

Terms and Conditions
1. Minimum Insured age: 6 months
Maximum Insured age: 65 years
Insured Age between 65-85 years will be charged 100% extra premium.
2. The coverage is subject to the terms, conditions and exclusion of the specific cover as
well as to the General Conditions and General Exclusions of the Policy wording
provided herewith.
Our policy is Schengen approved for visa purposes



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 center & providing best services to their customers.

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
Motor Insurance

Comprehensive Motor Insurance
(Private Vehicles)
Comprehensive Motor Insurance (Commercial
Vehicles)
Comprehensive Motor Cycle Insurance
Motor Third Party Liability 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 protecting 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

Premium payment can be made through cash, cheque, pay order, demand draft, and 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. 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.
Miscellaneous Insurance
Financial Lines Insurance
Health Insurance
Micro Insurance
Liability Insurance
Personal Accident Insurance
Financial Lines Insurance

Financial Lines insurance covers financial institutions against infidelity, professional
indemnity and directors and officers' liability.

Coverage

Bankers Blanket Bond (Main Cover)
The Banker's Blanket Bond is a "blanket cover" protecting financial institute in question
against variety of different perils:
Infidelity of Employees: financial loss due to dishonest or fraudulent acts of
employees.
On Premises: Loss of property resulting from theft, burglary etc.
In Transit: Loss or damage to property whilst in transit anywhere in Pakistan in the
custody of employees
Forged cheque
Counterfeited currency


Damage to office and contents arising from burglary, theft, hold-up and other criminal
act
Securities et al
Salient Features
Easy to administer
Electronic & Computer Crime liability can be included in the cover if required
Claims made policy
Main Exclusions
Infidelity of directors, contractual employees / armed guards
Errors & omissions on part of employee(s)
Losses due to terrorism
Losses due to fire and allied perils
Areas of insurgency, hostilities, rebellion, insurrection, civil war, war (whether
declared or undeclared) and / or warlike situations
Plastic Card Insurance
Foreign Exchange Dealers Policy
Directors & Officers Liability
Safe Deposit Box / Lockers Insurance
Electronic & Computer Crime Insurance
Premium payment mode and claim settlement process has to be decided mutually upon
agreed terms.

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. Our 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
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
Labor 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 based on 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

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)
Congenital birth defects
General Health checkups and preventive vaccinations
Psychiatric treatment , mental or nervous disorder
Charges for visiting consultant
Charges for visiting consultant
Value Added Services
Relationship Management functions for constant facilitation of our 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.
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 our 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.

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 Programmed is running in 96 district of Pakistan out of
114.

Liability Lines Insurance

Liability insurance provides coverage against legal liability to pay compensation to any third
party for accidental bodily injury or death and/or direct damage to the material property of
any third party arising due to any accident caused by Insured's business activities.

Coverage

This insurance policy provides compensation in respect of legal liability by law to third party
for
Bodily injury and / or death
Property damage
Main Exclusions
This insurance policy will not cover the property of the insured or property under
Care, Custody and Control of insured or the property of the contractors or sub-
contractors. This policy would also not cover bodily injury to employees of insured
whether permanent or on contract nor would it cover bodily injury to employees of
contractors or sub-contractors
This insurance shall not cover any type of direct or indirect pollution or contamination
liability


Any claim associated with the products liability
Pure Financial Losses
Punitive Damage
Asbestos related claims
Employer's Liability/Workmen Compensation
Road Traffic Act Liability (RTA) is excluded
All losses, damage & liability arising directly or indirectly due to Transmission and
Distribution
Failure to supply
War, SRCC & Terrorism Exclusion
Libel Slander defamation or malicious falsehood
Slander of title of goods or other injuries falsehood
All sorts of contractual liability
Death of or bodily injury to any person caused by explosion or for damage to property
caused by fire or explosion
Any consequence of war invasion act of foreign enemy hostilities (whether war be
declared or not) civil war rebellion revolution insurrection or military or usurped
power
Liability assumed by agreement
Contractual Liability
Product Liability
Comprehensive General Liability
Contractual Liability
Employers Liability
Pollution or Contamination Liability
Professional Indemnity
Aviation and Airport Operators Legal Liability
Combined Liability for Security Organization

Company Limited.

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.



Personal Accident Insurance

This cover operates 24 hours and on worldwide basis. It provides for payment of specified
capital benefits following accidental death, bodily injury, permanent total disablement, and
permanent partial disablement, temporary total and temporary partial disablement caused by
an accident. This cover operates 24 hours and on worldwide basis. It provides for payment of
specified capital benefits following accidental death, bodily injury, permanent total
disablement, and permanent partial disablement, temporary total and temporary partial
disablement caused by an accident.
In addition, the cover also provides reimbursement of emergency transportation to the nearest
Hospital and expenses incurred for preparation and transportation of the mortal remains of
the insured person from the place of death to home and can be extende to cover medical
expenses.

Benefits

This insurance provides benefits in respect of
Death
Permanent Disablement
Permanent total loss of both eyes or two limbs
Permanent total loss of one eye and/or one limb
Permanent total loss of one eye or one limb
Permanent total loss of one finger or thumb or toe
Temporary total Disablement
o (a) Temporary total disablement Rs.5/- per Rs.1,000 Sum Insured per week
(Maximum up to 52 weeks)
o (b) Temporary partial disablement Rs.1.25/- per Rs.1,000 Sum Insured per
week
Emergency Medical Transportation (Maximum 5% of the Sum Insured)
Repatriation or local burial expenses (Maximum 5% of the Sum Insured)
Medical Expenses Cover (Optional: may be granted by charging additional premium)
Eligible Persons

Minimum Age Limit - 18 Years
Maximum Age Limit - 60 Years

The relaxation in age is at underwriter discretion.

Main Exclusions
Non accident related death or bodily injury
Intentional self-injury, suicide or attempted suicide whether felonious or not
War, invasion, act of foreign enemy, hostilities, civil war, rebellion, revolution,
insurrection, strike, riot, civil commotion, military or usurped power
Certain sporting and leisure activities such as motorcycling, mountaineering, riding or
driving in any kind of race speed


Insured engaging in flying or air travel of any kind (other than as a passenger in any
fully licensed passenger carrying aircraft and / or helicopter but not as a member of
the crew) or engaging in Hazardous sports like polo, steeple chasing, professional
football, mountaineering, winter sports, riding or driving in any kind of race and
occupational use of power driven woodworking machinery
Insured being under the influence of / affected by intoxication liquor, drugs, AIDS or
insanity, child birth or pregnancy, abortion or miscarriage
Death or bodily injury resulting from acts of terrorism

Other products available for compensation to employees and individual against injuries
resulting from work related incidences or on leisure trips
Personal Accident Insurance for the crew and passengers of the aircraft
Group Personal Accident for employees of firms/organizations
Travel Insurance (Faaslay Asaan)

Company Limited.

Company Limited via email/Fax/Letter or over the telephone as soon as possible.
In addition, the Insured should report the event to the local law enforcement
authorities as soon as possible.



Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations. The Current
Ratio formula is:

Also known as, "liquidity ratio", "cash asset ratio" and "cash ratio"

The ratio is mainly used to give an idea of the company's ability to pay back its short-term
liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The
higher the current ratio, the more capable the company is of paying its obligations. A ratio
under 1 suggests that the company would be unable to pay off its obligations if they came due
at that point. While this shows the company is not in good financial health, it does not
necessarily mean that it will go bankrupt - as there are many ways to access financing - but it
is definitely not a good sign.

Current ratio
2012 2013

Quick Ratio
An indicator of a companys short-term liquidity. The quick ratio measures a companys
ability to meet its short-term obligations with its most liquid assets. For this reason, the ratio
excludes inventories from current assets, and is calculated as follows:

Quick ratio = (current assets inventories) / current liabilities,
Or
= (cash and equivalents + marketable securities + accounts receivable) / current liabilities
The higher the quick ratio, the better the company's liquidity position. Also known as the
acid-test ratio" or "quick assets ratio."

Quick ratio
2012 2013

Debt/Equity Ratio
A measure of a company's financial leverage calculated by dividing its total liabilities by
stockholders' equity. It indicates what proportion of equity and debt the company is using to
finance its assets.

Financial Analysis


A high debt/equity ratio generally means that a company has been aggressive in financing its
growth with debt. This can result in volatile earnings as a result of the additional interest
expense.

If a lot of debt is used to finance increased operations (high debt to equity), the company
could potentially generate more earnings than it would have without this outside financing. If
this were to increase earnings by a greater amount than the debt cost (interest), then the
shareholders benefit as more earnings are being spread among the same amount of
shareholders. However, the cost of this debt financing may outweigh the return that the
company generates on the debt through investment and business activities and become too
much for the company to handle. This can lead to bankruptcy, which would leave
shareholders with nothing.
Debt/Equity ratio
2012 2013

Activity Ratios
Accounting ratios that measure a firm's ability to convert different accounts within its balance
sheets into cash or sales. Activity ratios are used to measure the relative efficiency of a firm
based on its use of its assets, leverage or other such balance sheet items. These ratios are
important in determining whether a company's management is doing a good enough job of
generating revenues, cash, etc. from its resources.
Companies will typically try to turn their production into cash or sales as fast as possible
because this will generally lead to higher revenues. Such ratios are frequently used when
performing fundamental analysis on different companies. The total assets turnover ratio and
inventory turnover ratio are two popular examples of activity ratios used widely across most
industries.
Inventory turnover ratio
The inventory turnover ratio is one of the most important financial ratios. Of all the asset
management ratios, it gives the business owner some of the most important financial
information.
The inventory turnover ratio measures the efficiency of the business in managing and selling
its inventory. This ratio gauges the liquidity of the firm's inventory. It also helps the business
owner determine how they can increase their sales through inventory control. Here is the
calculation for the inventory turnover ratio:
= Cost of Goods sold/ Average stock
Inventory turnover ratio
2012 2013



Asset turnover ratio
Asset turnover ratio shows how well a company uses its assets to generate sales. The asset
turnover ratio is expressed as a number and not as a ratio or percentage.
Asset Turnover Ratio = Sales Revenue
Assets
Asset turnover ratio
2012 2013

Debt Ratio
A financial ratio that measures the extent of a companys or consumers leverage. The debt
ratio is defined as the ratio of total debt to total assets, expressed in percentage, and can be
interpreted as the proportion of a companys assets that are financed by debt.

The higher this ratio, the more leveraged the company and the greater its financial risk.
Debt ratio
2012 2013

Average Collection Period
The Debtors/Receivable Turnover ratio when calculated in terms of days is known as
Average Collection Period or Debtors Collection Period Ratio.
The average collection period ratio represents the average number of days for which a firm
has to wait before its debtors are converted into cash.
= (Average Trade Debtors No. of Working Days) / Net Credit Sales
Average collection period
ratio
2012 2013

Creditors Payment Period
Average payment period means the average period taken by the company in making
payments to its creditors. It is computed by dividing the number of working days in a year by
creditors turnover ratio.
= (Average Trade creditors No. of Working Days) / Net Credit purchases


Average payment period
ratio
2012 2013

Profit Margin Analysis
In the income statement, there are four levels of profit or profit margins - gross profit,
operating profit, pretax profit and net profit. The term "margin" can apply to the absolute
number for a given profit level and/or the number as a percentage of net sales/revenues. Profit
margin analysis uses the percentage calculation to provide a comprehensive measure of a
company's profitability on a historical basis (3-5 years) and in comparison to peer companies
and industry benchmarks.
It is the amount of profit (at the gross, operating, pretax or net income level) generated by the
company as a percent of the sales generated. The objective of margin analysis is to detect
consistency or positive/negative trends in a company's earnings. Positive profit margin
analysis translates into positive investment quality. To a large degree, it is the quality, and
growth, of a company's earnings that drive its stock price.

2012 2013

Return on Assets
This ratio indicates how profitable a company is relative to its total assets. The return on
assets (ROA) ratio illustrates how well management is employing the company's total assets
to make a profit. The higher the return, the more efficient management is in utilizing its asset
base. The ROA ratio is calculated by comparing net income to average total assets, and is
expressed as a percentage.

Return on Assets
2012 2013



Solvency Ratio
The solvency ratio indicates whether a companys cash flow is sufficient to meet its short-
term and long-term liabilities. The lower a company's solvency ratio, the greater the
probability that it will default on its debt obligations.
The measure is usually calculated as follows:

Solvency ratio, with regard to an insurance company, means the size of its capital relative to
the premiums written, and measures the risk an insurer faces of claims it cannot cover.

The solvency ratio is only one of the metrics used to determine whether a company can stay
solvent. Other solvency ratios include debt to equity, total debt to total assets, and interest
coverage ratios.
Solvency ratio
2012 2013



This report is all about Adamjee insurance company, one of the leading insurance company
of Pakistan insurance industry with nationwide and almost branches operating in other cities
including Lahore, Karachi, Islamabad, Faisalabad, Peshawar, Hyderabad, and Quetta.
Adamjee Insurance Company Ltd. [AIC] established in 1960 to undertake general and life
insurance business, the Life Insurance Division of the company was nationalized in 1974.

Since then, AIC has been investing its resources on providing general insurance covers for
marine, fire, motor and miscellaneous risks. In recent years it has been a pioneer in launching
new types of insurance policies, which are: Home Insurance, Kidnap & Ransom, Personal
Accident, Medical Insurance & various types of covers for Power Generation/Infrastructure
Projects. Today, AIC is the largest insurance company in Pakistan and operates through its
1000 employees at its 84 branches all over Pakistan . It is the leader amongst 40 general
insurance companies and commands a 38% market share, as well as a reputation of being
one of the most prompt and efficient settlers of claims. International offices includes 6
branches each in Dubai , Abu Dhabi , Sharjah, Jeddah, Dammam and London . Plans are
underway to establish a branch in Dhaka

The management team at AIC is considered to be the most professional in its industry. The
Company has earned a rating of "A" [Excellent] by A.M. BEST COMPANY INC., AIC is a
Public Limited Company and is listed on the Karachi Stock Exchange.
The Adamjee families holding have been diluted since 2004 when there was a change in
management of ownership structure: The Family now owns a strategic stake of 20% Recently
AIC has planned enter life insurance business in joint venture with a south Africa insurer; this
will be a subsidiary of AIC and will be marketed under brand name of Adamjee
The challenge it is facing are currently the lack of implementation of rules and regulations
that may lead to weak organizational culture, old organizational culture, no regular
promotions practices. There are many workers and employees unions exist in Adamjee
insurance company that uses to play organizational politics instead of doing productive work
that leads to wastage of time.

As analysis shows that AIC is a most growing organization with highest return on capital,
largest market share amongst all Pakistani insurance companies. However, there is further
need for improvement to overcome weaknesses and to maintain its position as an Asian
Tiger in insurance field.
CONCLUSION

Money and Banking (Project Report On Adam Jee Insurance)

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Adamjee insurance company

Heritage international college. University of south Asia Gujranwala campus

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