This type of insurance is provided for all construction projects such as residential and office buildings, hospitals, factories, power plants, road and railway facilities, airports, bridges, dams...etc.
The Project and Engineering Takaful insurance policy provides insurance cover against any unexpected or sudden material loss or damage that occurs for any reason in the building up of the project, except for what is specifically excluded in the policy.
It also contributes to covering the legal liability of the insured towards third parties in the event of physical injury and accidental loss or damage to third party property related to the construction work. The insurance also covers losses resulting from specified natural hazards (details mentioned in the contract).
Provides comprehensive coverage for construction projects against physical loss or damage to works, materials, and equipment during construction, including third-party liability for bodily injury or property damage arising from site activities.
Covers accidental loss or damage during the erection, installation, testing, and commissioning of machinery, plant, and steel structures, typically including third-party liability protection.
Insures against sudden and unforeseen mechanical or electrical breakdown of machinery and equipment, covering repair or replacement costs and, optionally, associated business interruption losses.
Covers construction plant, tools, and heavy equipment such as cranes and excavators against accidental loss or damage while at work, at rest, or during site transit.
Provides comprehensive coverage for machinery against accidental physical loss or damage, including breakdown, operator error, and external causes, unless specifically excluded.