IKHLAS Machinery Breakdown Takaful Cover?
The IKHLAS MACHINERY BREAKDOWN
TAKAFUL certificate covers unforeseen
and sudden damage to the participant’s machinery
while at work or at rest and during cleaning, inspection,
overhauling or removal to another position in the
premises. Unforeseen and sudden damage includes
damage to the participant's machinery from such causes
||Faulty material, design, construction or erection.
||Vibration, maladjustment or malalignment.
||Defective lubrication, loosening of parts, abnormal stress, molecular fatigue,
self-heating or centrifugal force.
||Excessive electrical pressure whether due to atmospheric electricity or
||Failures of insulation, short circuits, open circuits or arcing.
||Failure of connected machinery or protective devices.
||Lack of skill, carelessness or malice of persons whether in the participant’s
employ or not.
||Falling, impact, collision and similar damage.
||Storm and tempest, obstruction or entry of foreign bodies.
The main cover under this form of takaful is therefore, electrical and mechanical
breakdown and accidental damage from extraneous causes.
The principal exclusions are:-
Fire, lightning, explosion (other than disruption
of turbines, transformers, switchgear, etc.), theft,
collapse of buildings, subsidence, water damage (other
than storm and tempest), flood, earthquake, riot
Wastage of material or the like or wearing
away or wearing out of any part of the machine caused
by or naturally resulting from ordinary usage or
working, or other gradual deterioration.
Exchangeable parts and tools, chains, belts,
ropes, conveyor bands, jointing and packing material
and parts not made of metal (other than insulation
of electrical conductors).
Machines May Be Covered As Follows:
Boilers and associated pressure
vessels equipment, with auxiliary equipment
such as stokers, oil-firing equipment, fans and
blowers, and feed pumps.
including alternators and generators, motors, rectifiers,
switchgear and transformers.
Lifting equipment including
cranes of all types (e.g. derrick, cantilever, goliath,
portal and overhead traveling) conveyors and lifts
Mechanical plant including
engines, turbines (steam water, gas) blowers, compressors,
pumps, machine tools, presses and refrigerators.
Process machinery in
most industries including cold stores, engineering
and metal industries, paper/pulp making, printing,
rubber/plastics and textiles, food, drink and agricultural
Obviously all desirable plant cannot be mentioned but it is fair to say that
plant which does not have a high risk factor or is not vulnerable to excessive
wear would be desirable.