FIRE & PROPERTY DAMAGE TAKAFUL

FIRE & PROPERTY DAMAGE TAKAFUL

WE OFFER THE FOLLOWING TAKAFUL COVERS

Fire and Allied Perils
Consequential Loss following Fire & Allied Perils
Property All Risk
Comprehensive Machinery
Terrorism
Property All Risk

Fire represents one of the utmost hazards that an organization can meet. Every year numbers of lives are lost due to fire incidents and thousands of peoples are injured and massive amounts of financial losses are sustained due to destruction of property or damage by fires. Fire and Allied Perils Takaful provides comprehensive coverage against all risks to make lives and businesses secure. Fire Takaful provides compensation to the covered person or firm in the event of damage to property.

Risk/Perils Covered

Fire
Earthquake
Explosion
Aircraft
Impact by road vehicles
Atmospheric Disturbance/Flood
Bursting or overflowing of water tanks apparatus or pipes
Riot fire
Riot and strike damage
Malicious Damage
Burglary

Initial Information Required

Buildings structure quality.
Detailed valued of assets to be covered (item-wise)
Business Operational hazards.
House Keeping and safety precautions
Layout plan and latest inspection report (if available) of the property to be covered

FIRE CONSEQUENTIAL LOSS

Fire Takaful will only cover physical loss or damage to the property cover but does not cover loss of profit arising from such physical damage.
The Fire Consequential Loss coverage is valid during the period of interruption:

Risk/Perils Covered

Continuing overhead expenses
Increase in cost of working
Loss of Gross Profit
Loss of net profit
Wages of employees
Auditor’s Fee

This coverage does not become operative unless the material damage claim is paid or liability is admitted in respect of such damage. Consequential Loss takaful may be issued in conjunction with Fire Material Damage Fire takaful from the same Window Takaful Operator.

Initial Information Required

Annual Turnover
Audited Financials
Alternate arrangement in case of misfortune

PROPERTY ALL RISK

The Property All Risks Takaful PMD offers wider coverage than Fire and Allied Perils by covering accidental physical loss of or damage to the Property Insured whilst situated at the premises described in the PMD, everything is covered other than the exclusions, defined in the wordings.
Factories, power plants, building and office projects including workshop, machinery, equipment, material, goods, fuel, warehouse, premises or offices are covered under this takaful PMD.

Risk/Perils Covered

Fire
Lightning
Explosion
Aircraft, or other aerial devices or articles dropped there from Impact by vehicles, watercraft, locomotives or rolling stock
Earthquake
Riot
Strike
Civil commotion
Malicious damage
Busting or overflowing of water apparatus (including sprinkler leakage)
Impact by own vehicle
Theft or attempted theft (by violence to persons or threat thereof or by violent and forcible entry to or exit from the premises) and Accidental loss or damage

Initial Information Required

Buildings structure quality.
Business Operational hazards.
House Keeping and safety precautions
Value of property

COMPREHENSIVE MACHINERY INCLUDING BUSINESS INTERRUTPION

Comprehensive Machinery Takaful offers protection against sudden and unforeseen physical loss or damage to machinery, which has been erected and is operational or at rest.
This is a PMD which also covers financial loss, increased cost of operations/business interruption incurred by the participant due to loss or damage to machinery as a result of sudden accidental electrical and/or mechanical breakdown due to internal defects and/or external sources.

Risk/Perils Covered

Faulty material, defects in casting, faulty construction, faulty design, cracking or overheating of parts, short circuits and electrical burnouts, faulty erection, explosion (as defined), tearing apart on account of centrifugal forces, failure of operation of safety devices.
Lack of skill, carelessness, sabotage, falling bodies, electrical over pressure, failure of other machinery connected with it.

Initial Information Required

Machinery Specification

(Type, output, capacity, speed, load, weight, voltage, amperage, cycles, fuel, pressure, temperature, etc). Year of manufacture and Machine Operators).
Loss of profit relevant detail i.e. Turnover and Cost of Working

TERRORISM

We provide best market terrorism takaful solutions to protect businesses from devastating losses to physical assets resulting from acts of terrorism. Coverage can be customized to meet distinct participant needs.
Financial protection against terrorism, a risk excluded from most commercial property PMD. Our property terrorism product addresses this coverage gap and offers protection to multinational and local companies in diverse industries.

Risk/Perils Covered

Cover Physical Loss or damage to commercial buildings and their contents. Expense associated to business interruption including loss of profit and increased operational cost.

Initial Information Required

Owners’ involvement in political activities.
Location of premises and presence of any five star hotels, multinational operator offices, multinational banks, fast food outlets or government buildings in close proximity.
Security arrangements of the premises.
History of any losses, incidents or threats within last 5 years, associated to the proposed takaful

Office Address

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