AFNICO

LOAN REPAYMENT INSURANCE

The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses

HOME INSURANCE

Protecting our home against perils such as fires, natural disasters, and even burglary, can be a cause for worry, as they can occur at any moment.

AUTOMOBILE INSURANCE

Motor Comprehensive Cover (which covers Own Damage to the insured vehicle due to an accident + Third Party Liability in compliance with the Road Traffic Law of the country).

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About AFNICO

For over four decades now, Al Fujairah National Insurance Co (AFNIC) is the only insurer in the United Arab Emirates that has its headquarters in Fujairah, situated in the Eastern part of the country. AFNIC serves a multitude of clients across a wide-spectrum of industries throughout the UAE.

About Loan Repayment Insurance

The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses, such as:
Purchase or expansion of a
practice or business,
Purchase of expensive equipment, Facility renovations, an increase in working capital or build-up of inventory.


Loan Repayment Insurance helps the business pay any outstanding borrowings such as commercial loan, should the borrower covered die or become diagnosed with a specified critical illness or the business covered becomes insolvent (if chosen). In some situations we are able to take over the loan repayment including the accrued interest.

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Our Products

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Loan Repayment Insurance

LOAN REPAYMENT INSURANCE WHAT IS LOAN REPAYMENT INSURANCE? The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses,…

Liability Insurance

Liability Insurance Third Party Liability / Public Liability / Commercial General Liability Insurance Workmen’s Compensation + Employers’ Liability Insurance Airport…

Aviation Insurance

Aviation Insurance Aviation Hull + Aircraft Insurance Aviation Personal Accident Insurance Airport Operators’ Liability Insurance

Accident Insurance

Personal Accident Insurance This insurance provides a worldwide coverage. It covers you whether you are in the U.A.E. or in…

Life Insurance

Life Insurance Life insurance protects against financial loss that would occur due to the premature death of an insured. The…

Home Insurance

Home Insurance Homeowner’s Package Insurance Protecting our home against perils such as fires, natural disasters, and even burglary, can be…

Medical Insurance

Medical Insurance Medical Insurance Fujairah – Visa Medical insurance Fujairah Individual / Family Cover The welfare of our families is…

Automobile Insurance

Automobile Insurance AFNIC offers for you the best services and coverage for your car. Motor Comprehensive Cover Motor Comprehensive Cover…

Our Services

As a company, we believe that customer service is at the core of our business. We make every effort to ensure that our customers feel secure and assured in their interaction with us, and to this end, we train our team to deal with every inquiry accordingly.

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FAQs

WHAT IS LOAN REPAYMENT INSURANCE?

The Loan Repayment Insurance (LRI) covers loans taken out for business-related expenses, such as: Purchase or expansion of a practice or business, Purchase of expensive equipment, Facility renovations, an increase in working capital or build-up of inventory. Loan Repayment Insurance helps the business pay any outstanding borrowings such as commercial loan, should the borrower covered die or become diagnosed with a specified critical illness or the business covered becomes insolvent (if chosen). In some situations we are able to take over the loan repayment including the accrued interest.

WHY IS IT NEEDED?

Loan Repayment Insurance (LRI) provides borrowers and lenders added peace of mind because Loan Repayment Insurance is a loan tenure assurance. Many businesses take out loans and their ability to repay often rests on a few key people. Insurance helps to pay an

WHAT DOES IT COVER?

Most types of business loan can be protected, including: (1) Commercial loans and mortgages. (2) Director’s loans. (3) Venture capital loans. (4) Personal guarantees.

MAKING A CLAIM?

MAKING A CLAIM? When a claim is made, the proceeds are paid to the policy owner, who can then decide to pay off the loan in full or to continue repayments according to the loan contract agreement. But if the policy has been assigned to a lender, we make things simple by paying them the claim proceeds directly.

WHAT IS A PRODUCT DISCLOSURE STATEMENT "PDS”?

This PDS is designed to assist you in understanding this insurance. We may need to update this PDS from time to time if certain changes occur where required and permitted by law. If this happens, we will issue you with a new PDS or a Supplementary PDS or other compliant document to update the relevant information except in limited cases. Where the information is not something that would be materially adverse from the point of view of a reasonable person considering whether to buy this insurance, We may issue You with notice of this information in other forms or keep an internal record of such changes (You can get a paper copy free of charge by contacting us using our details.
Al Fujairah National Insurance Co (AFNIC) issuer and underwriter of this insurance product is a United Arab Emirates based insurance company authorized by the UAE Prudential Regulation Authority (UAEPRA) to carry on general insurance business in Gulf region under the Insurance Act 1999 and holds a United Arab Emirates and GCC Financial Services License issued by the United Arab Emirates Securities and Investments Commission (UAESIC).