WHY NIIL INSURANCE IS THE BEST
Northern Islami Insurance Ltd. is one of the leading general insurance company in Bangladesh.
The Company was incorporated on April 8, 1996 as public limited company under the companies act 1994 and licensed under Insurance Act, 1938 in order to run all types of general insurance business other than life insurance business. It obtained certificate of commencement of business on April 8, 1996 with an authorized and paid up capital of capital of Tk. 2500 million and Tk. 60 million respectively. It got registered with the Department of Insurance on 25 May 1996 with the prime maxim “A key to Protection”.
To operate insurance business on the basis of Islami Shariah, the required change including provision for formation of Shariah Council in the Memorandum of Association and Articles of Association had been approved in Extra Ordinary General Meeting held on 14/10/20219. Thereafter, the company obtained the required permission for operating business based on Islami Shariah and the change of company name from Northern General Insurance Co. Ltd. to Northern Islami Insurance Limited had been obtained from Insurance Development & Regulatory Authority (IDRA) & Registrar of Joint Stock Companies & Firms (RJSC). The Company formed Shariah Council and Stared its insurance business on Islami Shariah from December 2019.
OUR TOP MANAGEMENT
Mr. S.M. Ayub Ali Chowdhury
Mr. Golam Haider Chowdhury
Deputy Managing Director
Mr. Md. Saifur Rahman
Mr. Abdul Haque FCA
Managing Director & CEO
Mr. Md. Shamsuddin Ahmed
Executive Vice President
Tofael Ahamed Bhuya
Mr. Chowdhury Golam Faruque
Additional Managing Director
Mr. Md. Waliullah Sikder
Sr. Vice President
Mrs. Fazilatun Nesa Rimi
Senior Assistant Vice President
Mr. Sujit Kumar Dey,FCA
Deputy Managing Director & CFO
Mr. M.H. Galib
Property Damage All Risk Insurance
The property damage all risk insurance covers accidental loss or destruction of or damage to the Property Insured under the defined perils. The words “Defined Peril” shall mean Fire, Lightning, Riot & Strike, Explosion, Malicious Damage, Earthquake, Flood, Cyclone & Electrical Short Circuit (Electrical Clause “B”) and Burglary.
Industrial All Risk Insurance
To qualify for IAR insurance the minimum sum insured should be Taka 500,000,000 and above. The IAR insurance policy covers:
All risks/perils other than a few perils excluded specifically in the policy wording.
Business Interruption for a certain period of time (Optional).
- Machinery Insurance (Machinery Breakdown)
- Deterioration of Stock (DOS)
- Boiler and Pressure Vessel (BPV)
- Electronic Equipment Insurance (EEI)
- Erection All Risks (EAR)
- Contractor”s All Risks (CAR)
- Work Plant (WP)
- Oil & Gas Well Drilling Equipment Package (OGD)
- Contractors Plan & Machinery (CPM)
- Hotel Owners All Risks (HOAR)
Marine Cargo Insurance transit by Steamer or Powered Vessel
Marine Cargo Insurance transit by Rail/Lorry/Truck
Marine Cargo Insurance transit by Inland Rail or Road
Marine Cargo Insurance transit by Inland Cargoes (water borne)
Marine Cargo Insurance transit by Air Cargo
A. Private Vehicles:
The vehicles which are under private Registration and used for private purposes and not used for hire or reward, shall come under the scope of the Private Vehicles. The vehicles are classed on the basis of the registration and the purposes of use but not on the basis of the design or type.
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