Universal Insurance Company Limited, Pakistan - Details

The late Lt. Gen. R. M. Habibullah Khan Khattak, a prominent businessman, founded the Universal Insurance Company Limited, a unit of the Bibojee Group of Companies. In 1960, this company entered the insurance industry. The corporation is completely insured by its illustrious re insurers, which include:

1. Asian Re
2. Pakistan Re-Insurance Company

1. Introduction – Universal Insurance Company Limited, Pakistan

The Universal Insurance Company is able to underwrite risks of great magnitude because to its extensive and varied reinsurance contracts. The company has ongoing facultative reinsurance contracts with regional insurance providers for greater industrial risks.

Furthermore, due to the Company’s philosophy of rapid service and a nearly four-decade track record of exceptional claim settlement, “Universal” has been picked by significant industrial units for the provision of effective technical insurance services.

This clientele consists of over 15,000 different industrial projects, such as Textile/Spinning Mills, Flour Mills, Sports and Surgical Manufacturers, Garment Factories, Sugar Mills, Ghee Industries, Automobile, and several other projects. Some of these industrial projects include:

1. General Tyre & Rubber Company of Pakistan
2. Ghandhara Nissan Limited
3. Ghandhara Industries Limited
4. Bannu Woollen Mills Limited
5. Janana De Malucho Textile Mills Ltd
6. Babri Cotton Mills
7. Rehman Cotton Mills
8. Highnoon Laboratories
9. Mahar Group of Companies
10. Leather – Field (Pvt.) Ltd
11. Fircos Industries (Pvt.) Ltd
12. Mari Gas Company Limited
13. Attock Refinery Limited
14. Saif Group of Companies
15. Younus Brothers
16. S.A. Brothers
17. SAGA Group of Companies
18. Sublime Group of Companies
19. Friends Textiles Mills
20. Kohat Textile Mills
21. Friends Spinning Mills
22. Imran Textile Mills
23. ARC Knitwear (Pvt.) Ltd
24. Talon Sports (Pvt.) Ltd
25. Kampala Industries (Pvt.) Ltd

2. Details – Universal Insurance Company Limited, Pakistan

2.1 Vision Statement – Universal Insurance Company Limited, Pakistan

We, at Universal Insurance Company Limited recognize the importance of satisfying our customers by consistently providing quality insurance service in accordance with their needs and expectations. We strive to be competent partner of our customers against insured perils.

Vision Statement – Universal Insurance Company

2.2 Mission Statement – Universal Insurance Company Limited, Pakistan

• We strive to provide our customers cost effective insurance cover by continually increasing the productivity of our employees. To increase productivity, we conduct regular training programs during which employees are assessed and allocated a career path in accordance with their performance.
• We diligently follow the applicable laws and ensure strict compliance by conducting regular internal audits and educating our employees about the law.
• We try to improve our services by continually assessing our systems and procedures bases on customers and team feedback. We strive to maintain a customer focused approach by ensuring that our service is delivered to the customer on time, according to the customer required specifications and with in our stipulated cost.

3. Intro Video – Universal Insurance Company Limited, Pakistan

4. Types of Insurances – Universal Insurance Company Limited, Pakistan

4.1 Motor Insurance – Universal Insurance Company Limited, Pakistan

For both personal and professional use, all automotive types are covered by our motor insurance. Tricycles and motorcycles are also addressed.

Everybody who owns or operates a motor vehicle on a public highway is required to obtain motor insurance, which is one of the mandatory insurance classes.

The most popular type of insurance, known as “motor insurance,” is meant to cover the insured against loss or damage to his or her own vehicle as well as harm to third parties’ property, including physical injury and wrongful death.

4.2 Marine Insurance – Universal Insurance Company Limited, Pakistan

4.2.1 Marine Cargo Insurance – Universal Insurance Company Limited, Pakistan

Marine Cargo Insurance offers indemnity against losses to imported goods by sea or air. It can be arranged on a single shipment or open cover for all shipments in a year. The premium rate depends on the goods and import volume. Exclusions include willful misconduct, ordinary leakage, inherent vice, and insufficiency in packing or preparation.

4.2.2 Marine Hull & Machinery – Universal Insurance Company Limited, Pakistan

The Universal Insurance Marine Hull policy protects ship owners and operators from vessel loss or damage caused by maritime perils. It offers coverage on an Operational or Voyage basis, covering accidental damage during transit and use. The policy also covers hull, machinery, gear, and equipment damage caused by theft, fire, lightning, sea hazards, accidental damage, contact with aircraft, malicious acts, and piracy.

Standard perils are covered

• Fire
• Lightning
• Explosion
• Storm, flood and landslides
• Malicious damage
• Impact damage by vehicles / animals / aircraft
• Riots and strikes, also civil commotion
• Burst pipes/water tanks, sprinkler leakage

4.3 Miscellaneous Insurance – Universal Insurance Company Limited, Pakistan

Here is a look at Universal’s miscellaneous insurance department:

4.4 Travel Insurance – Universal Insurance Company Limited, Pakistan

With our travel insurance, you can:

4.4.1 Trip Cancellation & Interruption Coverage

Covering for Travel Cancellation and Interruption: Because life is erratic, things might go wrong. In the event that you must cancel or shorten your trip due to a covered reason, such as illness, injury, or unforeseeable occurrences, our insurance reimburses you for non-refundable charges.

4.4.2 Medical Emergency Assistance

Travel with assurance knowing that you have access to emergency medical help and coverage for any costs incurred while traveling. We have you covered whether it’s a minor illness or a more serious health issue.

4.4.3 Personal belongings and Lost Luggage

Missing luggage can dampen your holiday joy. Our insurance makes sure you are paid for any lost, stolen, or damaged luggage so you will not be left high and dry while on your trips.

4.4.4 Travel Delays & Missed Connections

Missed connections and travel delays are sad realities of the road, but they don’t have to derail your plans. Our coverage helps you with additional costs resulting from delays in transportation or missing connections, enabling you to complete your vacation without difficulty.

4.4.5 Emergency Evacuation & Repatriation

Emergency medical evacuation and repatriation to your home country are covered by our insurance in the case of a serious medical emergency, ensuring your safety and well-being.

4.4.6 24/7 Travel Assistance

24/7 Travel Assistance: Our devoted crew is just a phone call away, anywhere in the world.

4.5 Fire Insurance – Universal Insurance Company Limited, Pakistan

A fire has the power to destroy your home and upend your life in an instant. You have a strong defense from our fire insurance, which offers:

4.5.1 Property Coverage

 In the unfortunate event of a fire, our insurance will pay for the cost of repairing or replacing your property, allowing you to rebuild your house and return it to its former splendor.

4.5.2 Personal Belongings

In addition to destroying buildings, fires often destroy people’s personal effects. Our coverage includes replacing or fixing all of your priceless items, including furniture, electronics, and more.

4.5.3 Temporary Housing

If fire damage renders your house unusable, we offer coverage for temporary housing costs to make sure you have a comfortable place to stay while your home is being repaired.

4.5.4 Protection from Liability

Accidents can occur at any time, including after a fire. In the event that someone is hurt on your property, our insurance includes liability coverage to shield you from the associated legal and financial responsibilities.

4.5.5 Emergency Services

We are aware that in the event of a fire, quick intervention is essential. Our coverage reduces the financial strain during emergencies by covering costs associated with emergency services and firefighting operations.

5. Branches – Universal Insurance Company Limited, Pakistan

Following are the main branches of Universal Insurance Company

6. Required Documents – Universal Insurance Company Limited, Pakistan

Required documents for Motor Insurance are :

• Duly completed claim form
• Repairs estimate from a certified mechanics

If the Vehicle is confirmed a write-off, then these documents are required:

• Original purchase invoice
• Original vehicle license
• Original certificate of insurance
• Ignition and other lock keys
• Photograph of the damaged vehicle

7. Board of Directors – Universal Insurance Company Limited, Pakistan

Board of directors of Universal Insurance Company are

8. Clients – Universal Insurance Company Limited, Pakistan

Companies working with Universal Insurance Company are

1. Janana De Malucho Textile Mills Ltd.
2. Rahman Cotton Mills Ltd
3. Bannu Woollen Mills Ltd
4. Ghandhara Nissan Ltd.
5. Ghandhara Industries Ltd
6. Ghandhara Tyre & Rubber Co. Ltd
7. Gammon Pakistan Ltd

9. Online Helpline – Universal Insurance Company Limited, Pakistan

• Phone: 042-37355426, 37313878, 37353458
• Address: Universal Insurance House 63-Shahrah-E-Quaid-E-Azam Lahore, Pakistan – 54000
• Email : info@uic.com.pk
• Fax: (042) – 37230326

10. Verification – Universal Insurance Company Limited, Pakistan

Company is verified from following site,

https://jamapunji.pk/verify/licensed-entity-detail/universal-insurance-company-limited

11. Disclaimer – Universal Insurance Company Limited, Pakistan

• If the Universal Insurance Company have not resolved your concern satisfactorily, you may file a complaint with the Securities and Exchange Commission of Pakistan (SECP).
• Please keep in mind that SECP will only consider complaints that were initially asked to be resolved directly by the firm and were not resolved.
• Furthermore, complaints that are not related to the SECP’s regulatory domain/competence will not be considered.

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