Engineering

Contractors’ All Risk Insurance

Construction is considered one of the complex business activities; because of the high technology introduced therein. Some business sectors and companies now have a variety of civil engineering works for residential, commercial and infrastructure purposes. Since these works are often accompanied by a wide range of risks that these sectors may face during the course of their business, Aljazira Takaful designed the Contractors’ All Risk Insurance Policy; in order to provide the necessary protection against the risks they may face during construction.

Main Coverages of the Contractors’ All Risk Insurance

• Material damage in regards to the project works and equipment.
• Third-party liability, which includes:
• Insurance coverage for the properties used in the third-party owned projects, but maintained (as a trust) with the insured properties at the time of loss.
• Insurance coverage against any legal liability for an injury directly attributable to the construction operations of the insured properties.
• Insurance coverage for the litigation cost redeemed from the defendant, and all the costs and expenses incurred with the written consent from the insurance company.

Additional Benefits of the Contractors’ All Risk Insurance

• Storage risks.
• Rubble removal risks.
• Insurance coverage for the surrounding real estates and properties.
• Equipment and machinery.
• Construction equipment.
• Express transportation fees.
• Maintenance visit / coverage for additional visits.

Construction All Risks Insurance

The rapid and massive progress in the engineering world has led the technological development to spread in all the fields. This development is often accompanied by many risks, especially when installing modern machinery in different projects; therefore, Aljazira Takaful provided the Construction All Risks Insurance Policy; in order to provide full protection for these properties from all types of risks associated with the construction and installation of machinery, equipment and metal constructions of any kind.

Main Coverages of the Construction All Risks Insurance

• Material Damage
• Insurance coverage against sudden and unpredicted damage to the insured properties during their construction, testing and pilot operation.
• Insurance coverage for all the risks, including:
• Fire, lightning, explosion, aircraft damage, floods, drowning, storm, hurricane, and their aftermaths from other hazards.
• Landslide, rockslide, or ground settlement.
• Theft and looting.
• Mechanical and electrical malfunctions.
• Any other sudden and hidden malfunctions that are not specifically and explicitly excluded.

Third-Party Liability:

• Insurance coverage for the properties used in the third-party owned projects, but maintained (as a trust) with the insured properties at the time of loss.
• Insurance coverage against any legal liability for an injury directly attributable to the construction operations of the insured properties.
• Insurance coverage for the litigation cost redeemed from the defendant, and all the costs and expenses incurred with the written consent from the insurance company.

Additional Benefits of the Construction All Risks Insurance Policy

• Rubble and debris removal expenses.
• Corresponding liability and surrounding properties.
• Express transport fees and additional expenses.

Electronic Devices and Equipment Risks Insurance

The world is currently witnessing a major revolution in the electronic information world that has changed the industry; the matter which led to a major change in the business performance, and the electronic devices and data analytics have become the key element in business competition. Therefore, Aljazira Takaful designed the Electronic Devices and Equipment Risks Insurance Policy; in order to protect you from the consequences of anything that may occur to this data, or the computers and other electronic equipment. This Policy also provides you with insurance against the risks facing the electronic equipment and devices that you need to cover your assets; in order to keep your business running in seamless manner.

Main Coverages of the Electronic Devices and Equipment Insurance Policy

• Material Damage: Coverage of any sudden or normal loss or damage to the electronic equipment, unless specifically excluded.
• Increase in Labor Cost: Coverage of all additional costs spent to ensure continuous data processing in the alternative equipment.
• External Data Media: Coverage of the expenses incurred to restore the insured data media to the state it was in before the accident.

Benefits of the Electronic Devices and Equipment Insurance Policy

• Extensive insurance coverage in three parts - equipment, external data media, and excess cost of working capital.
• Insurance coverage for total and partial loss due to material damage to the equipment.
• Expenses incurred in order to recover the data included within the insurance coverage.
• Continuing to work with an insurance coverage for the additional costs through the continuous data processor.

Boilers and Pressure Vessels Explosion Risks Insurance

The industrial environment is living in a continuous development; as many entities are using boilers in high-pressure operations, as well as high-pressure vapor in many different types of applications, which sometimes lead to explosions, and result in damage to properties (God forbid), or injuries to people and deaths. Aljazira Takaful’s Boilers and Pressure Vessels Explosion Risks Insurance Policy guarantees you coverage and protection from all these risks, and works on compensating you if an unfortunate accident occurs, God forbid; so that your business will return to its normal state as soon as possible.

Main Coverages of the Boilers and Pressure Vessels Explosion Risks Insurance Policy

• Damage (other than fire) that affects any boiler or pressure vessel described in the table enclosed with the Policy and other insured properties.
• The liability for which the Insured is held legally accountable; due to legal or illegal injuries to any persons other than the Insured’s employees, or any employees or members of the Insured's family.
• Securing the Insured’s liability, for which he is held legally accountable; due to the damage incurred to properties owned by a third party.

Additional Benefits of the Boilers and Pressure Vessels Explosion Risks Insurance Policy

• Damage incurred to the surrounding parts.
• Fast shipping /and overtime during holidays.
• Judicial expenses.

Equipment and Machinery Breakdown Insurance

Equipment and machinery are the backbone of any business, and constitutes a large proportion of the capital expenses of any industry. They are always exposed to exceptional risks that may lead to sudden mechanical failures, which may suspend the production and work process. Aljazira Takaful’s Equipment and Machinery Breakdown Insurance Policy guarantees insurance protection against the actual sudden damage or loss resulting from the breakdowns of these equipment and machinery.

Main Coverages of the Equipment and Machinery Breakdown Insurance Policy

• Damage due to defects in material casting; faulty design; errors in workshops or construction; poor manufacturing; lack of skill required for performing the work; negligence; lack of water in boilers; apparent explosion; or rupture due to a centrifugal force, electrical surge or storm.
• Insurance protection against actual sudden damage or loss resulting from the breakdowns of the equipment and machinery, as follows:
• During their presence at work / not functional.
• While dismantling them to conduct regular cleaning and maintenance by the Insured.

Benefits of the Equipment and Machinery Breakdown Insurance Policy

• Coverage of different types of machinery, equipment and installations against electrical and mechanical failures.
• Provision of insurance coverage for machines and machinery in different sites.

Additional Benefits of the Equipment and Machinery Breakdown Insurance Policy

• Coverage of different types of machinery, equipment and installations against electrical and mechanical failures.
• Provision of insurance coverage for machines and machinery in different sites.
• The change or repair cost in relation to loss or damage.
• The scope of the insurance coverage can be expanded to include the following:
• Surrounding properties.
• Damage incurred to third-party’s properties.
• Third-party’s physical damage.
• Express transport fees, and holiday work and overtime allowance pay.

Machinery Breakdown Loss of Profit Insurance

The main machines, boilers or pressure vessels in the industrial units are always subject to a breakdown; as a result, the normal production processes may be suspended and the employer will lose the profits and gains desired to be achieved from the business plan. There is no doubt that the decline in the turnover rate, with the additional costs necessary to achieve work continuity, and the associated risks, require an adequate protection.

Therefore, Aljazira Takaful Company provided the Machinery Breakdown Loss of Profit Insurance Policy; in order to ensure protection from these unexpected losses.

Main Coverages of the Machinery Breakdown Loss of Profit Insurance

• Insurance coverage for loss of gross profits; as a result of declined or reduced production/output.
• Insurance coverage to the increase in the labor cost; due to accidental damage to broken machines and equipment in the designated locations as a result of operation.

Benefits of the Machinery Breakdown Loss of Profit Insurance

• Product insurance coverage to compensate for financial loss; due to breakdown or failure of important machinery.
• Expansion of the coverage scope to include the Auditor’s wages and fees.

Contractors’ Equipment and Machinery Insurance

From the most difficult works at any construction site are those carried out through tools and equipment from handling materials and transportation to ground drilling, rubble removal, and generation of the required power around the clock. The difficulty lies in the presence of many risks associated with the damage of this vital equipment. Therefore, Aljazira Takaful’s Contractors’ Equipment and Machinery Insurance Policy is the easiest way to protect the work from any potential loss of investment and repair costs.

Main Coverages of the Contractors’ Equipment and Machinery Insurance Policy

• Insurance from unexpected and apparent loss or damage for any reason (unless specifically excluded).
• Coverage of the insured machinery, whether they are functional or disassembled to perform the dismantling or overhaul works.
• The change or repair cost in relation to loss or damage.

Additional Benefits of the Contractors’ Equipment and Machinery Insurance Policy in exchange for an Additional Premium

• Insurance of the owner’s properties and surrounding properties.
• Removal of rubble and debris from the site.
• Fast shipping / overtime allowance / holiday pay.
• Air transport.

Stored Goods Damage Insurance

Provision of stock with highly effiency is one of the most important requirements and priorities of many business owners; however, the biggest threat to the owners of such business is the exposure of the stock or products to damage; due to a malfunction in the machines. Therefore, Aljazira Takaful Company provided the Stored Goods Damage Insurance Policy; in order to protect the business owners from the risks of overcoming these conditions, and also ensure them that they will not be exposed to any financial difficulties.

Basic Coverage of the Stored Goods Damage Insurance Policy

• Coverage of the losses or damage caused by any sudden loss/damage to the specified refrigeration machines and machinery, which include the following:
• Complete loss or partial damage to the refrigerated or frozen goods due to sudden and unexpected outage of the refrigeration and freezing machinery and equipment.

Benefits of the Stored Goods Damage Insurance Policy

• The flow of materials used in the refrigerators’ facilities and locations.
• The costs associated with removing the damaged stock after an accident.