Machinery Breakdown Insurance:

This type of insurance is designed to compensate the insured for damages to machinery and equipment resulting from unexpected incidents that may occur during operation or maintenance. The main objective of this insurance is to cover losses caused by sudden mechanical failures.

Why choose Machinery Breakdown Insurance from Takaful?

Insurance Coverage:

This insurance includes compensation for the insured in the following cases:

• During operation or shutdown: If the machinery suddenly breaks down or fails during operation or even when not in use.
• During maintenance: Covers damages that may occur during maintenance processes such as dismantling, reassembly, or relocation of parts for cleaning or on-site repairs.

Obligations of the Insured:

• The machinery and equipment must first be insured under a fire insurance policy before being covered by a machinery breakdown insurance policy.
• Maintenance: The insured is responsible for regularly maintaining and properly operating the machinery.
• Reporting changes: If machinery is relocated or moved, the insured must notify the insurance company.
• Loss mitigation: The insured must take reasonable action to minimize any loss or damage when an incident occurs.

Exclusions:

The machinery breakdown insurance policy excludes damages or losses resulting from the following situations:

• War or radiation: Damages caused by wars or radiation are not covered.
• Rust and wear: Damages resulting from rust or normal wear and tear due to regular usage.
• Intentional damage: Damages caused by negligence or intentional acts by the insured.

Compensation:

In the event of damage, compensation will be based on the cost of repairing the machine or replacing the damaged parts. If any additions or modifications were made to the machinery after the insurance was issued, the difference in value will be charged to the insured in exchange for the added benefits.

This type of insurance enhances protection for companies that rely on machinery and equipment in their operations and ensures business continuity in case of unexpected breakdowns.

For more information, please contact us at 1800220220 or via mobile at #600.

Contractors’ All Risks Insurance:

Contractors’ All Risks and Comprehensive Erection Insurance This type of insurance is considered one of the most essential, especially with the rise in large-scale construction projects, including the construction of residential buildings, hospitals, schools, roads, bridges, factories, power plants, water desalination plants, and other projects executed by economic and governmental entities.

Insurance Coverage: Section One: Contract Value Coverage: This covers any damages that may occur from the moment materials intended for the project are stored—whether on-site or in any agreed-upon location—until the project is delivered to its owner or upon completion and use of the project by the owner or others during the insurance period. Section Two: Third-Party Liability Coverage: This coverage aims to protect third parties (those not part of the contractual relationship), such as individuals who may suffer death, bodily injury, or material damage due to the implementation of the contract. This includes sudden and unexpected accidents that may occur during the execution of the project.

Parties Benefiting from the Insurance Coverage: Project Owner: The individual or entity that owns the project. Consulting Engineer: Responsible for the project’s design or supervision. Contractor: The company or person responsible for executing the project. Subcontractors: Those who implement parts of the project. Third Party: Any person who has no relationship or interest in the project but may suffer injury or damage due to an accident while present at the work site.

Additional Coverage: Unexpected Accident Coverage: Covers any death, bodily injuries to third parties, or material damages resulting from sudden accidents during project execution.

Benefits of the Insurance: Financial Protection: This insurance protects all project-related parties from financial losses resulting from unexpected accidents. Comprehensive Coverage: Ensures compensation for affected parties, whether they are the owner, contractor, or third party. Legal Compliance: Helps fulfill legal requirements mandating insurance during construction projects.

Premium Calculation: The calculation of premiums is affected by the following factors:

• Contract value.
• Project location.
• Type and size of the project.
• Implemented safety and precautionary measures.
• Project duration.

This insurance provides an ideal solution for covering risks associated with project execution and ensures comprehensive protection for all involved parties.

For more information, please contact us at 1800220220 or via mobile at #600.

Electronic Equipment Insurance:

Takaful Insurance offers a suitable solution for insuring electronic equipment. If you own an electronic device and are concerned about potential damage or malfunction, we provide the right insurance to protect your device and shield you from financial loss.

Why choose Electronic Equipment Insurance from Takaful?

This type of insurance is specialized in covering devices that are primarily electronic in nature, such as:

• Medical equipment: such as X-ray machines, MRI machines, and laboratory devices.
• Computers and servers.
• Communication devices.
• Studio equipment.

Insurance Coverage:

The equipment is insured against losses or damage resulting from:

• Fire.
• Lightning.
• Explosion.
• Operational errors.

In addition to many other coverages that ensure your electronic device is protected from unexpected or sudden incidents.

Calculation of Insurance Premiums:

The insurance premium is calculated based on:

• The type of insured equipment and its sensitivity.
• Total insured value: Premiums depend on the insurance amount that covers potential losses.
• Deductibles: The amount the policyholder bears from the losses or incidents.
• Implemented safety measures: Whether preventive procedures are in place or not.

For more information, please contact us at 1800220220 or via mobile at #600.

Comprehensive Erection All Risks Insurance:

The importance of this type of insurance has increased due to economic growth and the need of individuals, economic entities, institutions, and governments to establish various projects that fulfill these needs—such as building houses, schools, hospitals, roads, bridges, factories, dams, power plants, and water treatment/desalination plants. These coverages take into account the interests of all parties related to the insured project, including:

• Project owner / consulting engineer / party responsible for design and/or supervision.
• Main contractor and/or subcontractors.
• Any third party (not involved in or related to the contract or its execution).

Properties may be exposed to damages or risks during installation due to sudden and unexpected incidents at the project site, as well as material damages to third-party property.

This insurance protects the policyholder from the financial burdens related to damage and/or loss caused by errors or accidents during the installation process.

Why choose Takaful’s Comprehensive Erection All Risks Insurance?

Insurance Coverage:

Takaful Insurance Company is committed to providing protection against the following risks:

1. Material Risks:

• Project-related property: Includes properties located at the project site.
• Contractor’s equipment and machinery: Covers tools and machinery used in construction.
• Debris removal costs: Covers the cost of removing debris resulting from an accidental collapse.
• Risk of loss of architect/consultant fees: Covers losses due to incidents affecting the architect's or consultant's fees resulting from the accident.
• Also includes coverage for the insured party against any material damages during the testing period that follows the completion of installation.

2. Third-Party Liability Risks:

• Bodily injury or death: Covers bodily injuries or death resulting from project execution activities.

Third-party property damage: Covers damage to third-party property due to installation-related incidents or errors.

3. Cross Liability Risks (Owner/Contractor):

• This coverage includes bodily injuries, property damage, or death involving the owner, contractors, engineers, or workers during project execution.

Calculation of Insurance Premiums:

The insurance premium calculation is affected by:

• Type of risk covered: Whether material risk, third-party liability, or cross liability.
• Total insured value (compensation ceiling): Premiums are based on the insured value covering potential losses.
• Nature of the project under execution: The type and size of the project (e.g., building, construction).
• Project duration.
• Deductible value: Amount borne by the policyholder in case of loss or accident.
• Project location: The geographic location of the project.
• Safety measures taken: Whether or not there are preventive measures in place.

Premiums are calculated based on a per-thousand rate of the total insured value (maximum compensation coverage).

For more information, please contact us at 1800220220 or via mobile at #600.

Contractors’ Plant and Machinery Insurance:

This type of insurance falls under engineering insurance due to the essential role of machinery and equipment in executing engineering works. The policy covers any loss or damage to the equipment and machinery caused by accidental and unexpected incidents, whether they are in operation or not.

Under this plan, you will be compensated for partial damage to any insured equipment based on the actual cost of repair and/or replacement value, without any deductions for depreciation or reduced value.

In the event of total loss of the machinery or equipment, compensation will be based on the actual value of the item right before the incident, determined after deducting a percentage representing depreciation over time, along with the agreed deductible.

Why choose Contractors’ Plant and Machinery Insurance from Takaful?

Coverage Includes:

• Fire: Covers damage or loss caused by fire.
• Overturning: Covers losses resulting from machinery or equipment overturning.
• Theft: Covers loss due to theft of the equipment or machinery.
• Collision: Covers damage resulting from collisions with other objects.

Premium Calculation:

Premiums are influenced by several factors including:

• Type of covered risks: e.g., fire, theft.
• Total insured value (compensation limit): Based on the value of the machinery and level of coverage.
• Type and nature of the equipment: Whether it’s heavy or light machinery, and its technical specifications.
• Replacement value: The compensation required to replace damaged or lost equipment.
• Age of the equipment.

Premiums are calculated as a percentage of the total insured value (compensation ceiling), agreed upon with the policyholder.

For more information, please contact us at 1800220220 or via mobile at #600.