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Takaful
General
Family Takaful
Takaful
Fire &
Miscellaneous
Marine Engineering Motor
Concept of General Takaful
Defining General Takaful
Insurable Interest
Principle of Indemnity
Principle of Contribution
Principle of Subrogation
Motor
Engineering
Marine
Motor Takaful
Motor Takaful
TPL
Comprehensive
TPL, Fire and Theft only
Motor Takaful : Types of Cover
Third party
Legal liability for death of or bodily injury to any third
parties (excluding passengers)
Limits of :
Bodily Injury :
Property:
Motor Takaful : Types of Cover
Comprehensive
Third party cover
Loss/damage to insured vehicle and its
accessories and spare parts due to :
Accidental collision
Fire, external explosion, lightning, burglary,
housebreaking, theft
Malicious act
Whilst in transit by road, rail, direct sea route, by
impact damage caused by falling objects
provided no convulsion of nature
Exclusions
Consequential loss, depreciation, wear and
tear, mechanical breakdowns, failures of
breakages
Damage to tyres unless the vehicle is
damaged at the same time
loss., damage, liability occurring outside the
geographical area
The vehicle is used other than in accordance
with the limitation as to use
Flood, typhoon
Volcanic eruption
Riot, strike
Nuclear risk
Fire & Miscellaneous Takaful
Fire Takaful
RISK COVERED
Loss/damage to buildings, contents
PERILS COVERED
- caused by :
- fire,
- lightning,
- explosion of gas used for
illuminating and domestic
purposes only
Fire policy : The Extensions
Special perils
Riot, strike
Earthquake, volcanic eruption
Explosions
Lalang fire
Storms, tempest
Aircraft damage
Impact damage by road vehicle, horses and
cattles
Bursting or overflowing of water tanks, pipes
Subsidence or landslip
Spontaneous combustion
Flood
Electrical installation
Fire policy : The Extensions
Loss of rent
Other losses
Removal of debris
Architects and surveyors fees
Sprinkler leakage
Fire policy : The Exclusions
}
earthquake, volcanic eruption, convulsion nature
Typhoon, hurricane
War risks
Nuclear risk
Loss/damage caused proximately by :
Burning of property by order of public authority
Subterranean fire
Explosion other than explosion of gas used for illuminating; burning of forest, clearing
of land by fire
Loss/damage to the following specified property :
Goods held in trust
Unset precious stone
Curiosity or work of art exceeding RM500
Manuscripts, plans, models, moulds
Securities, business books, computer system records
Coal against loss by its own spontaneous combustion
Explosives
Loss by theft during or after fire
Loss/damage to property caused by own fermentation, natural heating
Basic
Employers liability for occupational injury
sustained or disease contracted by any of his
employee,
Exclusio
Contractual liability
Injury sustained outside geographical
area covered by policy
ns Liability under WC Act
War risk
Nuclear risk
Employers Liability
Business firms legal liability to pay
Exclusio
boiler, boiler vessel or apparatus
Liability of injury/damage caused by passenger lift
or escalator owned or in possession of insured,
Public Liability
Basic Covers professionals liability arising out of
professional negligence committed by his
predecessors or employees
Cover Legal costs with operators prior consent
Libel or slander
Dishonesty, fraud, criminal or malicious
Exclusio act or omission by the insured or
predecessors or employees
ns Contamination by radioactivity
Any liability entitled to be indemnified
under any other policies
Professional Indemnity
Manufacturers or sellers liability for
death or bodily injury or damage to
Basic property caused by defects in goods
supplied or sold
Cover Electrical appliances, machinery,
pharmaceutical products, cosmetics,
toys
Injury to employees
Exclusio Contractual liability
Liability arising in respect of wrong
ns formula or specification of products
Loss/damage to products supplied
Products Liability
Loss/damage to contents in a business
Exclusio
Loss/damage occasioned by person lawfully
in the premises
Loss/damage to deeds, bonds, bills of
ns exchange, computer system, models or
designs
Riot, war, confiscation
Loss occasioned by forces of nature
Nuclear risks
Burglary Takaful
Basic Covers valuables such as jewellery,
watches, cameras, paintings
Cover
Covers all risks (fire, theft, accidental
causes)
ns
Scratching and breakage of lenses, glasses,
mechanical or electrical breakdown
Loss/damage arising from confiscation or
detention by customs
Nuclear risks
Money Takaful
Basic Covers all risks for loss/damage to goods by
fire, accident, theft
Cover
Whilst being loaded on, carried by or
unloaded from motor vehicles
Radioactive contamination
War, riot
Earthquake, subterranean fire
Exclusio
Moth, vermin
Delay, loss of market
ns
Deterioration
Theft involving insureds employee
Goods accompanying commercial travelers
Property not covered explosives, acids,
money, jewellery
Earthquake peril.
Dismantling cover in case of already erected
second hand plant.
Removal of debris, contractors plant and
equipment, third party liability, if they are to
be included in the sum insured.
CONTRACTORS ALL RISKS (CAR)
A CAR policy may be taken by the principal or by the contractor
Usual on contract agreement it is obligatory on part of the
contractor
The sum insured under the policy must not be less than the full
value of the contract works at the completion of contract
inclusive:
- all materials,
- wages,
- freight,
- custom duties,
- construction cost and material or items supplied by the
principal.
TYPE OF PROJECTS
The CAR Takaful policies generally issued for all types of Civil
Engineering projects like dwellings, office building, commercial
building, go downs and warehouses, hospitals, schools, silos, steel
structure, roads, water supply lines, construction work, etc.
Cover
Section I
Section II
Section III
MACHINERY BREAKDOWN (MB)
Machinery Breakdown Takaful was developed to grant industry
effective Takaful cover for expensive plant, machinery and
mechanical equipment. This Takaful is important for everyone who
operates the machines. This policy should support our property
Takaful and hence this Takaful must not be granted on a stand - alone
basis.
SUBJECT MATTER INSURED
All types of machinery, plant, mechanical equipment and apparatus
may be covered under MBD Takaful, such as for example power
generating units, power distributing plant as well as production
machinery and auxiliary equipment, etc.
SCOPE OF COVER
By its nature, Machinery Breakdown Takaful is an accident Takaful
on machinery. Thus,
It covers unforeseen and sudden physical loss of or damage to the
insured items.
Faulty design faults at workshop or in erection, defects in casting and
material.
Faulty operations, failure of safety system / lubrication system /
control system, lack of skill, negligence.
CONTRACTORS PLANT &
MACHINERY (CPM)
Whilst it is possible to have the Contractors plant and machinery
covered under an EAR or CAR policy at specific project sites, CPM
policy has been designed to provide a cover on an annual basis to a
contractor who may be using his plant and machinery at different
projects during the course of the year. The cover under a CPM policy
is not limited to a specific project site and is operative at all sites
wherever the plant and machinery is in use and even while the same
is lying at the contractors own premises. We therefore have to ensure
that all the sites where the insured items are being used are
mentioned on the face of the policy.
Inherent Vice
Wear & tear, loss due to defects known to the insured at the time
of commencement of the policy. Manufacturers responsibility:
The loss / damage for which the suppliers are responsible under
guarantee.
Willful Act
Due to any willful act or willful negligence of the insured or his
representatives.
Cessation
Cessation of work whether total or partial.
Expected Perils
War, invasion and the like, nuclear reaction / radiation, loss or
damage due to interruption caused by the failure of any gas,
water or electricity service or supply.
Functional Failure
Maintenance costs.
Hired Equipments
For the equipment hired for which the owner is responsible.
Marine Takaful
Definition of Marine Takaful
Hull Takaful
Cargo Takaful
Hull Takaful
Open Cover
This is the most usual type of cargo Takaful,
where a policy is drawn up to cover a number
of consignments. The policy can be either for
a specific value that requires renewal once the
insured amount is exhausted or an
permanently open policy that will be drawn up
for an agreed period, allowing any number of
shipments during this time.