This takaful provides protection to the contractor/construction company specifically for construction projects. This cover could also be taken by the owner of the Property. So that his/her property is fully protected during the construction.
What can be covered?
This plan provides coverage under two sections:
Constructions of Residential buildings
Constructions of Commercial buildings
Constructions of Resort projects
Other similar projects
Machinery and equipment used during the Construction project
Bodily injury or property damage to third party
Section I — Material damage
Covers physical loss, damage or destruction of the property due to any cause other than those specifically excluded in the takaful contract..
Section II — Third-party liability
Covers the legal liability falling on to you as a result of bodily injury or property damage to a third party.
This is a comprehensive takaful coverage which provides complete protection against all types of civil construction risks. The Contractors’ All Risks Takaful provides cover against a wide range of perils. Some of the covered perils are:
Fire, lightning, explosion and aircraft damage
Riot, strike and malicious act
Flood, inundation, storm, cyclone, landslide, subsidence and rockslide
Burglary and theft
Short-circuiting, arcing and excess voltage
Collapse, damage due to foreign objects and impact damages
This Takaful does not cover the following:
War and related perils
Nuclear reaction, nuclear radiation or radioactive contamination
The willful act or willful negligence of the insured
Cessation of work
Defective material or bad workmanship
Wear and tear
Any act of Terrorism
How to Claim
Inform Takaful Operator immediately after the incident by: