HAILEY COLLEGE OF BANKNG AND FINANCE

PUNJAB UNIVERSITY LAHORE

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 “EFU GENERAL INSURANCE”
CHAPTER NO 1
Introduction and Historical Background

INTRODUCTION:
EFU is the largest insurer group in the country. The group structure comprises of
EFU General Insurance Limited, EFU Life Assurance Limited and Allianz EFU Health
Insurance Limited.
EFU General was incorporated on September 2, 1932. The Company provides a
full range of insurance services to fulfill the needs of all of its customers being
commercial and individual clients.

Vision:
To continue our journey to be better than the best.

Mission:
To provide services beyond expectation with a will to go an extra mile. In the
process, continue to upgrade technology, human resource and reinsurance
protection.

Values:
Our philosophy is to be the leading Company with service above par, with
integrity, excellence and professionalism.

Core Values:
INTEGRITY & ETHICS:

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Conduct business with ethics, dignity, fairness and transparency.

EXCELLENCE:
We measure our performance by results but more by quality of service.

PROFESSIONALISM:
We believe professionalism is perfection. Business resources are utilized in a
manner to achieve optimum returns on resources.

OUR PEOPLE:
In EFU we work like a family. Everyone is treated with respect and without any
discrimination.

CORPORATE SOCIAL RESPONSIBILITY:

We donate to various institutions in health and education sectors, for improving
the lifestyle of common man.

CODE OF CONDUCT:
The Board has adopted the Statement of Ethics and Business Practices to be
followed by Directors and Employees

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 EFU BEGINNING
In the early 30s of the 20th century, under the inspiration of the Quaid-e-Azam
Mohammad Ali Jinnah, there began to appear signs of economic renaissance of the
Muslims of India. Shipping, Airline, Banking and Insurance companies made their
debut.

In 1932, Mr. Ghulam Mohammad, a far sighted man, established Eastern Federal
Union Insurance Company (EFU) with financial assistance from the Aga Khan III and
the Nawab of Bhopal. Mr. Abdur Rehman Siddiqui became the founder chairman.
The company was originally registered at Kolkata.

In 1947, EFU found a new home in a new country. In Pakistan, EFU rapidly
established itself as a progressive and innovative insurer. It gave the emerging
insurance industry the leadership, the manpower and the drive needed to grow in
a situation where at one time, three-fourths of insurance was held by foreign
companies.

By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the
world stage, and the largest life company in Afro-Asian countries (excluding Japan)
under the leadership of Mr. Roshen Ali Bhimjee. It remained so until 1972 when
Life Assurance business in Pakistan was nationalized. Thereafter EFU operated
solely as a General Insurance Company, and was subsequently renamed EFU
General Insurance Limited. Now EFU General is the largest non-life insurance
company in the country and the mother company of other insurance organizations
of EFU Group.

Traditionally the EFU name has become synonymous with progressiveness and
prompt claim settlement and now the EFU being the largest insurance group
provides a full range of general, life and health insurance services.

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 EFU CORPORATE SETUP

General Insurance:

EFU General Insurance Limited (the Company) was incorporated as a public

limited company on 2 September 1932. The Company is engaged in non-life
insurance business comprising of fire and property, marine, motor, miscellaneous
etc

Life Assurance:

EFU Life Assurance Limited was incorporated in Pakistan on August 09, 1992 as
a public limited company under the Repealed Companies Ordinance, 1984 and
started its operation from November 18, 1992. It is engaged in ordinary life
business, pension fund business and accident and health business.

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 CHAPTER NO 2
Organizational Setup

MANAGEMENT

Chairman:

Saifuddin N. Zoomkawala

Mr. Saifuddin N. Zoomkawala has been associated with EFU Group since
1964. He also worked as General Manager for Credit & Commerce
Insurance Company at UAE, an insurance company of EFU group. He
served as Managing Director of EFU General Insurance Limited from July
10, 1990 till July 2011 when he was elected Chairman of the Company.

He is Chairman of Allianz EFU Health Insurance Limited, EFU Services

(Pvt.) Limited and Director of EFU Life Assurance Limited, all being EFU
Group Companies. He was Chairman of EFU Life Assurance Limited from
February 1999 to July 2011.

Managing Director & Chief Executive:

Hasanali Abdullah

Mr. Hasanali Abdullah is Chartered Accountant and Certified Director

from Pakistan Institute of Corporate Governance (PICG). He has been
associated with EFU General Insurance Ltd. since 1979 and is Managing
Director & Chief Executive of the company from 2011. He is Director of
EFU Life Assurance Ltd., Allianz EFU Health Insurance Ltd., EFU Services
(Private) Ltd., Tourism Promotion Services (Pakistan) Limited (owners o f
Serena Hotels in Pakistan), Honorary Treasurer of Aga Khan Hospital &
Medical College Foundation, Member of National Committee of Pakistan

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Branch of Aga Khan University Foundation Geneva. Director of Institute
of Financial Markets of Pakistan.

He has served on the Boards, Council and Committees of various Aga

Khan Development Network institutions from 1976 to 2002. He has been
Director of PICG in 2011, Chairman of Insurance Association of Pakistan
for the year 2008, 2010 - 11 and 2016 - 2017, Executive Committee
Member of Federation of Pakistan Chambers of Commerce & Industries
for 2011 & 2017 and Chairman of Pakistan Insurance Institute 2014 - 15.

Board of Directors:

1-Rafiq R. Bhimjee

Mr. Rafique R. Bhimjee is B.Sc (Hons) in Management Science, University of

Warwick, MBA in Finance from City University, London and a “Certified Director”
from Pakistan Institute of Corporate Governance.

He has worked overseas in Merrill Lynch Asset Management, New York and Abu
Dhabi Investment Authority.

Mr. Rafique Bhimjee was the Chairman of EFU General Insurance Ltd. from
February 1999 to July 2011 and became Chairman of EFU Life Assurance Ltd in
July 2011. He is also a Director of Allianz EFU Health Insurance Ltd. and EFU
Services (Pvt.) Ltd

2-Saifuddin N. Zoomkawala

Mr Saifuddin N. Zoomkawala has been associated with EFU Group since 1964. He
served as Managing Director of EFU General Insurance Ltd from 1990 till 2011 when
he was elected Chairman of the Company. He is also the Chairman of Allianz EFU
Health Insurance Ltd. He was also Chairman of EFU Life Assurance Ltd. from 1999
to 2011.

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He is on the Board of Governors of Shaukat Khanum Memorial Trust; SIUT; Burhani
Hospital; and Fakhr-e-Imdad Foundation and on the Board of German Pakistan
Chamber of Commerce & Industry.

3-Taher G. Sachak

Mr. Taher G. Sachak has studied in the UK and is a graduate in Business Studies
from Bournemouth University, and also has a post-graduate Diploma in
Management Studies from Liverpool University. Following his studies, he joined the
British Civil Service and after 5 years decided to pursue a career in life assurance.
He held executive positions in major UK Life Assurance Companies, Allied Dunbar,
Trident Life and finally Century Life before coming to Pakistan in 1994 to join EFU
Life.

He is also a Director of EFU General Insurance and Vice Chairman of Allianz EFU
Health and on the Executive Committee of Pakistan Insurance Institute and a
“Certified Director” from Pakistan Institute of Corporate Governance.

4-Muneer R. Bhimjee

Mr. Muneer R. Bhimjee,has been associated with EFU since July 1993. He is a
Graduate (Hons) in Social Sciences from University of Westminster, London.
He is also a Director of International Foundation Garments (Pak) Pvt. Ltd. and on
the board of Allianz EFU Health.

5-Hasanali Abdullah

Mr. Hasanali Abdullah is Chartered Accountant and “Certified Director” from

Pakistan Institute of Corporate Governance (PICG). He has been associated with
EFU General Insurance Ltd. since 1979 and is Managing Director & Chief Executive

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of the company from 2011. He is Director of EFU Life Assurance Ltd., Allianz EFU
Health Insurance Ltd., EFU Services (Private) Ltd., Tourism Promotion Services
(Pakistan) Limited (owners of Serena Hotels in Pakistan), Honorary Treasurer of Aga
Khan Hospital & Medical College Foundation, Member of National Committee of
Pakistan Branch of Aga Khan University Foundation Geneva. Director of Institute
of Financial Markets of Pakistan.

He has served on the Boards, Council and Committees of various Aga Khan
Development Network institutions from 1976 to 2002. He has been Director of
PICG in 2011, Chairman of Insurance Association of Pakistan for the year 2008, 2010
– 11 and 2016 – 2017, Executive Committee Member of Federation of Pakistan
Chambers of Commerce & Industries for 2011 & 2017 and Chairman of Pakistan
Insurance Institute 2014 – 15.

6-Heinz Walter Dollberg

Mr. Heinz Dollberg, based in the Asia Pacific Division of Allianz SE in Munich since
1998, was responsible for managing operations in Asia, the Middle East and North
Africa. He frequently travelled between Allianz headquarters in Munich and the
subsidiaries to oversee operations. He has over three decades of experience at
Allianz.

In the 1980’s, Mr. Dollberg worked in Tokyo and Hong Kong, and was part of the
pioneering team that established the Group’s widespread operations in the Asia
Pacific.

Mr. Dollberg holds a degree in Law and holds executive positions with numerous
subsidiaries of Allianz. He was appointed, Honorary Professor by two well reputed
universities in China — South Western University of Chengdu, as well as the Tongji
University of Shanghai.

7-Syed Salman Rashid

Mr. Syed Salman Rashid has done B.Sc. (Hons) from Karachi University and is a
“Certified Director” from Pakistan Institute of Corporate Governance.

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He started his career with EFU General Insurance Limited and has been associated
with the company for over three decades and serves as Deputy Managing Director
in the company.

He has attended international seminars, meetings and conferences in several

countries of the world. Parallel to his professional services, he has also served on
the Board of JS Investment Bank Limited and is presently on the Board of Power
Cement Limited.

8-Ali Raza Siddiqui

Mr Ali Raza Siddiqui holds Bachelor of Arts Degree from Cornell University, USA
with Double majors in Economics and Government. He has also served on the Board
of Bank Islami Pakistan Ltd., Pakistan International Containers Terminal Ltd., UG
Food Company Pvt. Ltd., R&R Pvt Ltd., Jahangir Siddiqui & Co. Ltd. & JS Investments
Ltd.

Presently he is on the Board of EFU General Insurance Ltd., Mahvash and Jahangir
Siddiqui Foundation, Pakistan International Bulk Terminal Ltd and & Future Trust.
Prior to joining JS Investments Ltd., he was Assistant Vice President of AIM
Investments in Houston, a wholly owned subsidiary of INVESCO plc. (formerly
known as AMVESCAP plc).

9-Rukhsana Shah

Rukhsana Shah retired as Federal Secretary, Ministry of Textile Industry after 35

years in government service. In 2015, she set up the Autism Welfare Trust in
Lahore, with an office in Karachi, to create awareness about Autism, ADHD and
Learning Disabilities in Pakistan, and to train parents and teachers of special and
mainstream schools in the management of these disabilities.

From January 2016, she served as a nominee director of the Ministry of Finance on
the Board of First Women Bank Limited for three years. At present, she is an
independent director of Suzuki Motor Company in Pakistan. She completed her
Directors’ Training Programme in December 2017 from LUMS.

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She is a member of the Child Care Commission set up by the Chief Justice of Lahore
High Court, and is on various government and civil society committees relating to
Inclusive Education and Rights of Persons with Disabilities.

Functions of Management

1-Planning:

In this function company made different strategies to achieve its goals.

2-Organizing:

In this function company organize his plan that how you can achieve our goals,
this step always come after planning.

3-Coordinating:

Coordinating function of leadership controls all organizing, planning and staffing

activities of the company and ensure all activities function together for good of
the organization.

4-Controlling:

This function of management is use to ensuring that all the activities of the
company are in place and are operation successfully.

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 CHAPTER NO 3
Functions of Various Departments of EFU

UNDERWRITING DEPARTMENT
Insurance underwriters evaluate the risk and exposures of potential clients. They
decide how much coverage the client should receive, how much they should pay
for it, or whether even to accept the risk and insure them. Underwriting involves
measuring risk exposure and determining the premium that needs to be charged
to insure that risk. The function of the underwriter is to acquire or to "write"
business that will make the insurance company money, and to protect the
company's book of business from risks that they feel will make a loss. In simple
terms, it is the process of issuing insurance policies. Each insurance company has
its own set of underwriting guidelines to help the underwriter determine whether
or not the company should accept the risk. The information used to evaluate the
risk of an applicant for insurance will depend on the type of coverage involved.
For example, in underwriting automobile coverage, an individual's driving record
is critical. As part of the underwriting process for life or health insurance, medical
underwriting may be used to examine the applicant's health status (other factors
may be considered as well, such as age & occupation). The factors that insurers
use to classify risks should be objective, clearly related to the likely cost of
providing coverage, practical to administer, consistent with applicable law, and
designed to protect the long- term viability of the insurance program. The
underwriters may either decline the risk or may provide a quotation in which the
premiums have been loaded or in which various exclusions have been stipulated,
which restrict the circumstances under which a claim would be paid. Depending
on the type of insurance product (line of business), insurance companies use
automated underwriting systems to encode these rules, and reduce the amount
of manual work in processing quotations and policy issuance. This is especially the
case for certain simpler life or personal lines (auto, homeowners) insurance.

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MARKETING DEPARTMENT:
Currently one of the notable trends is the emergence of insurance market
interests to marketing and establishment of marketing departments in insurance
companies. However the majority of insurance companies use marketing as the
tool of product sales and expansion (insurance services), which an enterprise has,
This means that the development of an offers for consumers is carried out
“blindly”, without taking into account the market requirements and customer
needs

CLAIMS DEPARTMENT:
It is quite tough and complicated process in which insured do not have any
participation other than just providing the exact information of claim. Staff should
treat it with full attention as claim procedure of insurance company establishes its
goodwill in market and helps to generate more and more business. Guidance,
Expertise, Knowledge of when to bring someone else in, all provide an important
service to client.

HUMAN RESOURCE DEPARTMENT:

Human Resource Department is the most important department on which the
internal system of whole organization is based. It motivates the employees and
takes in account the incentives and tactics required to keep the qualified and
experienced employees with them and to make them work in the way
organization wants. HR Department have to perform the following duties:

• Resource hunting and Recruitment

• Coaching the employees i.e. Training, Development etc
• Motivation And Performance Appraisal
• Salary and Payroll Negotiations
• Employee Satisfaction and Feedback

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ACCOUNTS DEPARTMENT:
The function of an accounting department is to look after the finances of a
company. This can be anything from paying bills to making sure that the
employees that work for the company get paid. The four main accounting
functions are:
• Making Payments
• Payroll
• Receiving Payments
• Budgets Accounts department of EFU insurance have divided
its duties into different sections.
• Cash Collection Section For the collection of cash, account department has a
cash counter. When a policy holder comes to pay his premium, they check
whether the policyholder is able to pay his premium or not. If the policyholder
comes within 30 days after the due date, then he is considered as able to pay his
policy otherwise he is not able.
• Cash Disbursement Section For cash disbursement, first the voucher is
prepared, signed and prepared by authorized officer, for the person to whom the
payment is made. After these the cash book is maintained, cheques are prepared,
and these cheques are sent to concerned party. Bank Statement is prepared daily
by the authorized banker regarding total collection and payments of cheques i.e.
realization of cheques. These banks Statements are punched into the computer.
• Salary Preparation Section In Account Department Salary of the employees is
calculated. Different allowances are offered to the employees. Loan facilities are
available for the employees. Tax is deducted from salary. A provision of recoveries
of the loan is made.
• Budget Preparation Section Budget is prepared annually. Proposed budget is
sent to principal office. The funds of different heads of proposed budget are
transferred to zonal office.

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 CHAPTER NO 4
Product Portfolio

EFU General provides a full range of insurance services to fulfill the needs of all of
its customers being commercial and individual clients.
EFU product portfolio includes:

1-AVIATION INSURANCE:

No one will ever know when mankind first tried to fly, but it is clear that man envied
the gift given by nature to the animal kingdom, that is, the ability to fly. Very large
sums are invested in modern aircraft and their operation. The modern airliners cost
large sums. Hence, if compensation for death or injury has to assessed, this may
run to a much larger sums. Even a small private aircraft may be the cause of a mid-
air collision with similar financial consequences. The failure of a component
manufactured by a small company may result in the loss of a fully loaded airliner.
Because such catastrophic loss may arise it is normal for aviation risks to be
excluded from many kinds of general insurance policy.

Buyers of Aviation Insurance

 Commercial Aircraft Operators
 Corporate and Business Aircraft Operators
 Aerial Work and Air Taxi Operators
 Private Owners and Flying Clubs
 Air-Craft Manufacturers
 Owners and Operators of Air-Ports, Hangers
 Aircrew
 Passengers

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 Shippers Of Goods By Air
 Lessors (Banks, Financial Institutions)
 Hang Gliders
 Conventional Gliders, Balloons and Hovercraft
Importance
It has been realized that an increase in speed from 60 m.p.h. to an estimated 1800
m.p.h. in respect of the new supersonic aircraft, together with their ever-increasing
costs would reveal the amount of money that air-operators, manufacturers and
financial enterprises are investing in the aircraft industry and in civil air transport,
and would emphasize the fact that each and every individual company or
enterprise could not afford to lose the whole, or even a part, of their capital as a
result of accident or misfortune. That is why the idea of spreading the risk by
insurance is regarded as inevitable, and why aviation insurance enterprises, as well
as new ventures, have been constituted and actively continued.

Types of Covered offered

 Aviation Hull All Risks
 Hull War and Hijacking
 Spare Engines and Spare All Risk
 Legal Liability To Passengers
 Legal Liability To Third Parties
 Legal Liability To Cargo
 Legal Liability To Mail
 Comprehensive General Liability
 Loss Of License
 Personal Accident

2-MARINE INSURANCE:

Two types of insurance policy provided in marine insurance

1-Marine Cargo
2-Marine Hull

Marine Cargo

"Marine Insurance is said to be Mother of all Insurances”.

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In Marine Insurance coverage is provided for goods in transit for both Import and
Export and the mode of conveyances on waterways, air and land routes Marine

Cargo Insurance is divided mainly into three segments i.e.

Important
The goods are covered from warehouse to warehouse the contract is usually on
C&F and CIF basis.

Export
The goods are covered from warehouse to warehouse. The contracts can be CIF
and FOB basis.

Inland Transit
The goods are covered from anywhere in Pakistan to anywhere in Pakistan.

The covers with respect to above segments are granted as per London Institute
Cargo Clauses A, B & C.

Whereas clause “A” provides widest and most comprehensive cover while clause
“C” provides the narrowest scope of cover.

Marine Hull

Construction Risks
During the period of the construction of a vessel, it may be insured with
an insurance company familiar with handling of such insurance. Due to
the fact that a Ship-owner's Yard is essentially a static, non-marine risk,
it is possible that basically non-marine insurer will take on the risk of
covering a vessel while it is under construction, but generally it is
unsatisfactory. Cover will be required for a whole period of construction,
which may last for two or three years and as the builder frequently
accepts responsibility for the launching of the vessel, its tests, sea-trials
and possibly its delivery voyage, builder's risks policies issued in the
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marine market include full marine cover accordingly. The Institute Clause
for Builders' Risks provides a comprehensive form of cover in this
respect. Cover can be extended to include War risks but due to the
operation of the "Waterborne Agreement"; the vessel is only insured
while she is waterborne i.e. after launching.

Period of Insurance
The customary practice is to effect Hull policies for a period of 12 months. The
clauses contain, however, the "Continuation Clause" which provides that if at the
expiration of the policy the vessel is at sea, or in distress, or at a port of refuge or
of Call, the vessel shall, provided previous notice is given to the underwriters, be
held covered at a pro-rata monthly premium to her port of destination. This clause
provides protection for an insured in the event that vessel was known to be in a
damaged condition at sea or feared lost and the policy was nearing termination,
naturally making it difficult to obtain renewal of the policy. These days most
renewals are arranged well ahead (negotiations frequently commencing two
months before expiry) and the need for this clause has, therefore, been reduced.

Types of Hull Cover

1. Institute Time Clauses — Hulls: total loss, general average and ¾ collision
liability (including salvage, salvage charges and sue and labour)
2. Institute Time Clauses — Hulls: total loss only (including salvage, salvage
charges and sue and labour)
3. Institute Time Clauses — Hulls: port risks and institute time clauses and hulls:
port risks including limited navigation
4. Institute Voyage Clauses — Hulls

Additional Insurance
1. Institute War and Strike Clauses — Hulls — Time
2. Institute Time Clauses — Hulls: disbursements and increased value (total loss
only, including excess liabilities)
3. Protection and Indemnity Associations
4. Liabilities in respect of Seamen
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5. Liabilities in respect of Passengers
6. Liabilities in respect of Third Parties
7. Liabilities arising from Collisions
8. Liabilities arising from Pollution
9. Liabilities arising from Wreck Removal
10.General Average

Miscellaneous Marine Risks

There are quite a number of other marine risks, such as Ship Repairers' Legal
Liability and Ship Owners' Liabilities (usually to "on deck" shipments covered by
"under deck" bill of lading), Terminal Operators Liability Insurance and Stevedores
Liability Insurance. These represent small but important areas within the
specialized field of Marine Insurance.

3-MOTOR INSURANCE:

Tips on buying right motor insurance policy

Driver should bear in mind that there are number of details that should be taken
into account when applying for motor insurance policy

Firstly as soon as car purchased the owner must buy an insurance cover. If a used
car is purchased, the new owner needs to know that the cover of the previous
owner is null and void.

The insured value or sum insured depends on the market value of the vehicle.
Under insurance or over insurance occur when this value is not properly
mentioned.

Over insurance occurs when sum insured is higher than the market value,
maximum compensation is the market value of the vehicle.
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Under insurance occurs if sum insured is less than the market values, you are as
self-insuring the difference. In the event of a loss, you will only be partially
compensated.

Average clause is applied when you suffer damage to your vehicle which is under
insured. Your claim will be reduced proportionately by the uninsured portion, e.g.
if you have insured your vehicle up to 70% of the market value, the insurance
company will only pay 70% of total repair cost.

List of Coverage for each type of Cover

 Coverage
 Act liability policy
 Third party policy
 Comprehensive policy
 Third party personal injury and death
 Third party property damage
 Theft/own damage, constructive total Loss

Private and Commercial Vehicle Comprehensive Insurance

This is the widest form of cover; our client is protected against financial losses of all
kinds, accidental loss to vehicle, theft of car and third party liability claims on him
or her.

Private and Commercial Vehicle Third Party Motor Vehicle Insurance

EFU's client is protected against all financial losses due to accidental damage
liability of all forms to third party, property damage or bodily injury, death or both.

Private and Commercial Vehicle Act only Liability Insurance

The cover meets the minimum legal insurance requirement. In this cover, EFU
offers you protection against financial losses due to liability of accidental bodily
injury or death to third party. In addition to above basic protections we are offering
insurance solutions to our clients, combining basic covers with following EXTRA
BENEFITS.

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Family Accidental Benefit Cover
EFU offer accidental death or injury benefit for insured, spouse and the entire
family of EFU individual clients, in addition to comprehensive insurance of motor
vehicle.

Accidental Death Cover for Salaried Driver

For our commercial clients owning fleet of vehicles a specially designed product
offering personal accident covers for the paid drivers.

Protection of Loan Amount for Financial Institutions

For financial institution offering car financing schemes EFU offer modified
insurance package offering protection of outstanding loan amount to the leasing
company in case of death of lessee, combined with the comprehensive coverage of
motor vehicle.

Personal Accident Benefit Cover for Passengers

This is a very popular cover that EFU is giving its clients who are in hospitality
business, car rental service. Their guests are offered accidental injury or death
benefits while traveling in motor vehicle.

4-PROPERTY INSURANCE:

In property insurance EFU General providing two types of Policies

1-Engineering

2-Fire

ENGINEERING:

In engineering policy EFU provide these covers

Erection All Risks Insurance

Contractor's All Risks Insurance
Machinery Insurance
Electronic Equipment Insurance
Comprehensive Machinery Insurance Policy

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1-Erection All Risks Insurance

Erection All Risk Insurance offers comprehensive and adequate protection during
the period and stages of erection of the machinery, plant and steel structures of
any kind as well as third party claims in respect of property damage or bodily
injury arising in connection with the execution of an erection project

2-Contractor's All Risks Insurance

Contractor All Risks Insurance offers comprehensive and adequate protection

against loss or damage in respect to contract works of civil engineering projects,
construction plant and equipment and construction machinery as well as third
party claims in respect of property damage or bodily injury arising in connection
with the execution of a construction project.

Contractor's Plant and Machinery Insurance

This policy is developed for the contractors. It offers comprehensive insurance to

contractor's plant and machinery on an annual basis. It offers loss or damage
occurring at work, at rest or during maintenance or during the transit of
equipment and is not limited to a specific construction site.

3-Machinery Insurance

Machinery Insurance is developed to grant industry the effective insurance cover

for expensive plant, machinery and mechanical equipment. All type of machinery,
plant, electrical and mechanical equipment and apparatus may be covered under
this policy. By its very nature Machinery Insurance is an all risk "Accident"
insurance for machinery. It covers unforeseen and sudden physical loss or
damage from causes not specifically excluded, in a manner necessitating repair or
replacement. Those items having a short service life compared to the entire plant
are normally excluded.

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4-Electronic Equipment Insurance

Electronic Equipment Insurance is today a common policy for high valuable

electronic equipment. The term electronic equipment comprises all electrical
systems having moderate power requirement such as

Electronic data processing ( EDP ) equipment

Electrical and radiation equipment for medical use
Communication facilities

In other words all types of equipment which generate, convert, store transfer
and/or process physical data and information can be insured. Electronic
Equipment Insurance is one of the most comprehensive policies. The insurance
protects owner as lesser or lessee, as operator, or as hirer, or as maintainer. This
policy is an "Accidental" insurance of "all risk" basis covering almost all the perils
but only after successful commissioning of the insured items. Mobile and portable
equipment whilst at stationary or at transit any where in the country may also be
covered under this policy.

5-Comprehensive Machinery Insurance Policy

The Comprehensive Machinery Insurance policy is intended to provide property

cover for machinery and industrial plant as an enhancement of machinery
insurance and is specially aimed at risks which are demanding from underwriting
perspective. Power and steel plants, paper, cement factories, sugar mills or other
industry with a high exposure to machinery damage but a lower exposure to fire,
explosion and natural hazards are insured under this policy.

FIRE:

EFU Insurance writes a portfolio comprising a broad spread of quality business

relating to industrial, commercial and service activities, including transportation,
oil production, manufacturing, engineering, banking, and other miscellaneous

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services. The business written ranges from simple commercial property risks to the
largest and most sophisticated industrial and energy risks.

Client Focus:
The team of EFU Insurance claims and business administration specialist ensure
that client's affairs receive immediate and responsive attention, using
sophisticated management systems based on the latest information and
communication technology. Providing expert advice on the interpretation and
consequences of contractual obligations, together with the efficient handling and
prompt settlement of claims, underlines the dedication of EFU Insurance to provide
the utmost quality of service to clients and a commitment to develop long-term
and mutually beneficial relationships with our clients. EFU takes a proactive role in
developing innovative solutions, which meet the specific requirements of its
clients.

Types of Policies:
Property policies come in three basic types; package, combined and single. Example
of package policies is that of a household policy (domestic) and a shopkeeper policy
(commercial).

The package policy contains a number of different sections e.g. fire, accidental
damage, glass, theft, third party liability, employers liability, goods in transit,
money, and the insured usually buys the policy as a whole, although small
modifications can be made if required. The cover, limits, and sums insured are
standard for each policy issued to the same trade, or section of the market for
which it is designed.

A combined policy is one where separate sections are brought together to create a
policy which is specific to the needs of the organization insuring. These policies are
usually bound by a front and back cover.

The insured can elect to have particular sections included within the policy, which
is tailored specifically client by client; i.e. one insured may choose, fire, business
interruption, theft and glass coverage, whereas another client may choose fire,
theft, glass, money, goods in transit and frozen food coverage, because this would
be more particular to his need.

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The single policy on the other hand is one where only one type of cover is provided
such as fire policy or a theft policy; single policies are however, becoming rarer
since the combined policy can be adapted to suit most needs of an organization.

FU covers both medium and large industrial and commercial risks relating to
property, including energy complexes.

Scope of coverage is fire and allied perils extending to all risks including difference-
in-condition, with both physical damage and business interruption.

EFU leads on a number of major industrial energy accounts and industrial property
risks.

EFU is recognized market leader for worldwide marine energy business, with a well-
spread, diversified portfolio. It has a highly experienced underwriting team
supported by advanced computer systems for accumulation and analysis

Property:
EFU covers both medium and large industrial and commercial risks relating to
property, including energy complexes.

Scope of coverage is fire and allied perils extending to all risks including difference-
in-condition, with both physical damage and business interruption.

EFU leads on a number of major industrial energy accounts and industrial property
risks.

Miscellaneous

Following are the miscellaneous products offers by the efu general

 Personal Accident
 Workmen's Compensation
 Travel Care Insurance (EFU Travel Insurance)
 Liability Insurance
 Fidelity Insurance

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 Money Insurance
 Plate Glass Insurance
 Burglary

Personal Accident:

These are the covers EFU provide under personal accident insurance

 Group Personal Accident

 Personal Accident cover for individual persons
 Family Package gives a discount when the whole family buys one policy

This policy will provide compensation in the event of Death, Permanent Disability
or Temporary Disability due to an Accident. Coverage is worldwide. We can add
extra coverage that will pay for medical expenses resulting from an Accident.

Workmen's Compensation:

The Workmen's Compensation Act provides no-fault benefits in the event of death
or injury to a 'Workman' (normally with an income of less than PKRS 3,000 per
month) due to an accident at work. Employers can protect themselves in case they
are required to pay under the terms of this Act for injury to an employee by
purchasing our Workmen's Compensation policy.

Travel Care Insurance (EFU Travel Insurance):

Enjoy our 24-Hour Non-Stop Travelcare to any destination all around the world
which is specially designed for the travelers traveling abroad. Our Worldwide

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Travelcare offers best coverage with Immediate Assistance and Direct Settlement
of Claims in the Country of Visit. Travel Insurance Brochure
Being a student going abroad, funds are sure to be tight therefore buying travel
insurance can help you to enjoy your time away from home with a piece of mind.
With a suitable insurance plan in hand, you have an assurance that if some mishaps
were to happen related to health, luggage, belongings or tuition fee then at least
you would have your Insurance Company to put you at ease.

Thus, EFU's student travel insurance can take that extra burden off your shoulders
and make you feel secured. EFU travel insurance plans combine comprehensive
travel protection and 24-hours emergency assistance in the country of
visit. Student Travel Insurance Brochure

Liability Insurance:

Public Liability Insurance

Any firm or any individual in the normal course of business or other activities may
negligently cause damage to the property of others or injury to others. This may
result in that person becoming legally liable to such persons whose property has
been damaged or who have been injured. Apart from this liability, extensive legal
fees may have to be paid. Our Public Liability Insurance policy will pay all sums
which a firm or individual may become legally liable to pay as compensation for
bodily injury or illness caused to third parties.
Product Liability Insurance

Any firm that produces, repairs, services or supplies goods or products may
become liable to users of such goods if these goods are defective in any way and
as a result of such defect, the user may suffer property damage or bodily injury.
Our Product Liability Insurance policy will pay all sums that the producer or
supplier becomes legally liable to pay in such a case including the legal expenses
incurred in defending himself in a court of law.

Employer's Liability Insurance

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An employer may become liable to his employee if due to the negligence of the
employer the employee is injured at work. Our Employer's Liability Insurance
policy will protect the employer in such a case and will pay all sums that the
employer becomes legally liable to pay to his employee as compensation. In
addition, it will pay for legal fees incurred in preparing a defence in a court of law.
This is similar to Workmen's Compensation Insurance as explained above.

General Professional Indemnity

Professional lawyers, doctors, engineers, etc. run the risk of becoming legally
liable to others as a result of not properly performing their professional duties.
This may include for instance, the case where a lawyer gives wrongful advice to
his client resulting in his client suffering a financial loss. Our professional
Indemnity policy will pay all sums that such a professional becomes legally liable
to pay as a result of professional negligence. In addition it will pay for legal
expenses incurred in preparing a defence in a court of law.

Fidelity Insurance:

Should a company suffer a direct financial loss as a result of an employee's

dishonest activities, our Fidelity Guarantee policy will compensate the company for
such loss.

Money Insurance:

Cash in Transit / Cash in Safe Insurance

A business may be robbed of cash either during normal business hours or after
normal business hours. Money may be stolen whilst in transit between the bank
and the office or on any other route. Our Cash in Transit, Cash in Safe and Cash in
Drawers policy will compensate the business for such loss. The policy may be
extended to cover accidental injury to employees of the business who may be
injured during a hold up.

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Plate Glass Insurance:
Plate Glass is costly to replace and certain businesses find glass insurance an
important part of their insurance portfolio. This applies particularly to retail shops,
department stores, showrooms, etc. where shop fronts and window displays play
an important role in attracting business. The Glass Policy pays the cost of
replacement of all external glass following breakage at the business premises. The
Glass Policy may be extended to cover special types of glass which are very
expensive to replace such as silvered, wired, ornamental, stained, lettered,
toughened and armoured glass.

Burglary:

Property belonging to a business or a household may be stolen from the business

premises or the home. Our policy will compensate the business or the individual in
the event of loss of property from the insured premises following actual forcible
entry on to the premises.

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 CHAPTER NO 6

This chapter includes all the activities I have done on my internship, branch
information in which I was doing my internship also the SWOT analysis and the
recommendations.

“Branch Information”

Branch Address:

Suit No 201, 2nd Floor, Eden center, 43-Jail Road, Lahore.

Branch Employees information:

There were 10 employees in that branch, the vice president name of that branch

Is Amjad Irshad.

Information regarding branch Operations:

In that branch there was no direct dealing with customers, it was

working/processing Branch.

Policies and Endorsements of policies made there through Oracle System.

Receipts capturing also the part of the operations of that branch.

Collection of cheque from their clients also the part of their operations

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Major Clients:

There are many clients connected with that branch, Major clients of that branch
are

 Ayesha spinning

 Nishat chunian

 Nisar Spinning

 Sheikhupura Textile

 Ihsan Cotton

 A.T.S

 Saphire

 Mass Pharma

 Glamour Textiles

 Indus Home

 Nagina Group

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 “Internship Program Details”

Internship Period:

I have done my internship program from June2019-July 2019

Internship Responsibilities:

 Capturing Receipts Online

 Sending e-mails of their policies, Endorsements, Receipts Scans to different

employees of the branch

 Creating Clauses for the attachment in policies

 Making sets of their policies, Endorsements

Visit During Internship:

During my internship Program I also visit one of their clients “AYESHA GROUP”
with my colleague for the collection of cheques for the renewal of their policies.

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