This plan is very useful for the Principals, Contractors and sub contractors undertaking civil construction works of all kinds and this scheme can be tailored to meet the tender conditions , in relation to the requirement under a contract.
This plan provides you with a comprehensive financial protection against loss or damage to the contract works including temporary structures , construction plant and equipment, construction machinery. In addition to this you are also covered against legal claims in respect of third property damage or bodily injury/death arising out and whilst in the course of the construction of the project.
If your project relates to any civil structural and infrastructural works etc. and use basic or relatively simple building material such as sand, gravel, cement, wood, steel etc. then this product is for you.
The cover can be taken by the Principal or the Contractors engaged in the project, including all Subcontractors, Financial Institutions. The scheme covers all participants directly involved in the contract for their respective rights and interests.
The Plan provides financial protection against any accidental physical loss or damage to the covered works other than the specific exclusions as mentioned in the Takaful Certificate. Normally, claims under this Plan arise from the following causes:
Natural Perils: Fire, Lightning, Cyclone, Hurricane, Flood, Storm, Tempest, Inundation subsidence, Landslide,
Rockslide, Subsidence, Earthquake, Volcanic Eruption etc.
Social Perils: Riot, Strike and Civil Commotion, Malicious Damage, Burglary or Theft.
Human Errors: Lack of skill, bad workmanship, negligence
Chemical Perils: Explosion, Spontaneous Combustion, Heating, Fermentation.
Miscellaneous: Impact and Aircraft Damage.
The cover under this plan can be extended to include Goods in Transit, Surrounding Property of Principal, Off-site storage, Expediting Expenses, Costs of Removal of Debris etc.
The Period of cover is based on the Contract period and normally range between 6 months to 36 months followed by Maintenance Period.