Engineering Takaful
The need for Engineering Takaful
During the 18th century the Industrial Revolution taught us, the hard way, that the field of engineering is a rough one. It carries with it numerous risks to man and equipment. Although technology has reduced the risk to man but the threat to machine is always there. The constant load of production will eventually cause machinery to breakdown and it is very expensive to maintain machinery in this scenario. Pak-Kuwait Takaful Company Limited (PKTCL) Engineering Takaful Policy protects you against such losses and provides you with peace of mind by sharing in your risk.
What are the kinds of Engineering Takaful Policies available
Contractor’s All Risks Policy
Contractor All Risks Policy offers comprehensive and adequate coverage 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.
Contractors’ Plant and Machinery Policy
This policy is developed for the contractors. It offers comprehensive Takaful 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.
Erection All Risks Policy
Erection All Risk Policy 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.
Machinery Breakdown Policy
This cover intends to provide compensation in the event of the plant and equipment covered being damaged either by some extraneous cause or by its own breakdown.
Electronic Equipments Policy
This particular policy covers electronic equipment against risks such as Fire, Lightning, Explosion, Short Circuit, Burglary etc.
Boiler and Pressure Vessel Policy
Boiler is an integral part of many industrial plants. It is expensive equipment and always contains risk of explosion and collapse. The explosion not only destroys the boiler itself but cause catastrophic damage to surrounding property and machines. This policy covers cost of repairs of boiler and pressure vessel and auxiliary equipment and surrounding buildings, machinery and other property.
Salient Features
- An Islamic alternative to insurance.
- The unique benefit of “Profit Sharing”.
- Competitive market rates.
- Prompt settlement of claims.
- Personalized customer services.
- Recognized by Shariah Advisory Board.