The Corporate Insurance Department ensures that risks relating to Kharafi National’s substantial investments in plant and equipment, to liabilities arising under contract, to the execution of projects and the well-being of employees are mitigated through appropriate and adequate insurance cover.
Corporate Insurance is heavily involved in safeguarding Kharafi National’s interests by providing comprehensive support to projects. Where possible during pre-tendering, the department amends liability clauses to limit the company’s exposure and redesigns these clauses to make the project insurable. It also coordinates with the Contracts and Tendering Departments to have these qualifications reflected in the tender documents.
During tendering, the department reviews the tender documents and analyses the tender specifications with a view to ascertaining the risks to physical property and the corporate liabilities involved. It makes recommendations for the insertion of suitable clauses and assists the proposal coordinators in preparing the insurance budget for the project.
After a contract has been awarded the Corporate Insurance Department carries out a project site review of the risks to physical property and corporate liabilities, and arranges optimal insurance cover for material damage and public liability during all stages of execution. It also manages risk during the operational phase. In the event of a claim, Corporate Insurance arranges all surveys and negotiates a settlement with the insurance company.
Corporate Insurance takes out appropriate and adequate general accident, motor, property all risks and marine cargo insurance cover for the company’s construction machinery and equipment, fleets of motor vehicles, stocks, office equipment and furniture, and financial assets, in all Kharafi National’s operational areas.
The department also provides all employees with life and permanent disability assurance due to accidents, illness or passive war risks and ensures that all staff members at Kharafi National are covered by workmen’s compensation insurance for bodily injuries and occupational diseases sustained during working hours and at all hours during business or training trips. The Corporate Insurance Department also arranges comprehensive group medical insurance for all non-manual employees and provides all necessary follow up with insurance companies to ensure that employees are adequately reimbursed.