Introduction
A boiler stores up tremendous energy which, on being
suddenly released by explosion, may cause extensive
damage and injury. A major explosion can wreck a
plant and cause property damage over a wide area
perhaps accompanied by personal injuries. Even when
an explosion is confined to part of a boiler, the
financial loss may be heavy. Boiler and Pressure
Vessel Takaful IKHLAS BOILER & PRESSURE VESSEL
TAKAFUL provides protection against the risks concerned
and third party claims in respect of damaged property
or bodily injury arising from such incident.
What does IKHLAS Boiler & Pressure
Vessel Takaful Cover?
The cover includes:
1. Damage (other than by fire) to any boiler or
pressure vessel described in the Schedule.
2. Damage to the auxiliaries and surrounding buildings,
machinery and other property belonging to the Participant.
3. Legal liability for damage to property not belonging
to the Participant.
4. Legal liability to third parties for fatal or
non fatal personal injuries.
caused by and solely due to explosion or collapse
of any boiler or pressure vessel whilst in the course
of ordinary working;
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EXCLUSIONS
1. Defects due to wearing away or wasting of materials
of a boiler or a pressure vessel, whether by leakage,
corrosion or by the action of the fuel or otherwise,
the grooving or the fracturing of any of the parts
of a boiler or a pressure vessel, or for deterioration
generally, or for the development of cracks, blisters,
laminations and other flaw; or for fractures, failures
of joints or for bulging and deformation due to overheating
of tubes (unless such defect, fractures, failures
or bulging result in explosion or collapse), or for
cracking of sections of cast iron heating boilers
or other vessels constructed of cast iron;
2. The failure of individual tubes in boilers of
water tube, locomotive or other multi-tubular types,
in super-heaters or in economizers (unless such defects
results in explosion/collapse);
3. Damage to property belonging to the Participant
or held by them in trust or on commission for which
he is responsible, caused by fire arising from explosion
or collapse or any other cause whatsoever, or damage
to the plant resulting from any extraneous cause;
4. Damage and/or liability caused by willful act
of willful neglect of the Participant;
5. Loss sustained by stoppage of work;
6. Loss or damage which either in origin or extent is directly or indirectly,
proximately or remotely occasioned or contributed to by any of the following
namely:
a. typhoon, hurricane, volcanic eruption, earthquake
or other convulsion of nature,
b. loss or damage directly or indirectly caused by or arising out of war, invasion,
act of foreign enemy, hostilities (whether war be declared or not), civil war,
rebellion, revolution, insurrection, mutiny, riot, strike lock-out, civil commotion,
military or usurped power, a group of malicious persons or persons acting on
behalf of or in connection with any political organization, conspiracy, confiscation,
commandeering, requisition or destruction of or damage to property by order
of any government de jure or de facto or by any public authority, nuclear radiation,
or radioactive contamination,
c. any test other than test at a pressure not exceeding the maximum pressure
permitted by the inspecting authority. |
