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What does 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 as:

1. Faulty material, design, construction or erection.
2. Vibration, maladjustment or malalignment.
3. Defective lubrication, loosening of parts, abnormal stress, molecular fatigue, self-heating or centrifugal force.
4. Excessive electrical pressure whether due to atmospheric electricity or otherwise.
5. Failures of insulation, short circuits, open circuits or arcing.
6. Failure of connected machinery or protective devices.
7. Lack of skill, carelessness or malice of persons whether in the participant’s employ or not.
8. Falling, impact, collision and similar damage.
9. 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.

Exclusion

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 and strike.

  • 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.

Electrical equipment 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 (elevators).

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 products.

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.

   
     

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Takaful Solution Provider in Malaysia - auto insurance, auto takaful, car insurance, education plan, fire insurance, health insurance, home insurance, home takaful, hospitalization benefit, insurance, medical protection, motor, motor insurance, motor takaful, mrta, mrtt, personal accident, takaful, takaful provider, travel insurance, motor policy