Equipment All Risk Takaful
Takaful for Industrial & Commercial Equipment.
Accidents and unfortunate events can happen even to equipment and machinery when you least expect it. Is your company financially secured if something unfortunate, like machinery breakdown, were to happen unexpectedly? Some businesses rely largely on their machinery and equipment to operate, and so it is important to ensure that they are covered under by takaful.
Zurich Malaysia offers Equipment All Risk Takaful, a takaful with an affordable contribution that provides various cover for your machinery and equipment.
Machinery and Equipment All Risk Takaful Coverage
Mobile Equipment
This class of takaful is specially designed to cover mobile vehicles or equipment which are not licensed for general road use. Some examples include forklifts, wheel loaders, agricultural tractors, excavators, bulldozers, crawlers etc.
The certificate covers loss or damage to the property covered by:-
- Accidental collision or overturning or collision or overturning consequent upon mechanical breakdown or consequent upon wear and tear
- Fire, external explosion, self-ignition or lightning
- Theft
- Malicious Act
Immobile Equipment
The coverage provided is very wide and embraces accidents or misfortunes not expressly excluded. The certificate covers loss or damage to immobile industrial or commercial equipment arising from:-
- Fire and lightning
- Theft consequent upon violent or threat of violence to persons or forcible and violent entry into or exit from the Premise
- External accidental damage
Regardless of how well you maintain your machinery and equipment, they are subject to wear-and-tear and damage. As the cost of fixing such items are usually quite high, our affordable takaful, provides you with a wide range of benefits and gives you the flexibility to extend your coverage options. As a result, in the event of any financial burden arising from unexpected events, rest assured that our takaful benefits and privileges will offer your equipment utmost security and protection.
You may extend to cover for your equipment and machinery by making additional contribution and cover mishaps like:
- Strike, riot and civil commotion
- Subsidence and landslip
- Earthquake and volcanic eruption
- Flood
What is the difference between named perils and all risks?
A named peril includes risks that are specified in the takaful plan. Anything that is not specifically mentioned in the certificate will not be offered any coverage.
In an All risks takaful, it is assumed that every peril, except for ones explicitly excluded from the plan, will be offered coverage. Such plans are usually comprehensive. You can even expect to get coverage for unexplained losses. Zurich offers a All Risk takaful plan in Malaysia that covers important equipment and machinery from all risks.
What is the difference between Equipment All Risk Takaful and All Risk Insurance for equipment?
Equipment All Risk takaful is based on Islamic Shariah ideals. It includes coverage for listed perils that are not prohibited by Shariah principles. This takaful requires minimum Tabarru and does not contain any elements of Riba, Al-Gharar, and Al-Maisir. Equipment All Risk insurance, on the other hand, is comparable to the takaful plan when it comes to coverage options, but does not adhere to Shariah laws.
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The benefit(s) payable under this product is (are) protected by PIDM up to limits. For more information, please refer to PIDM's Takaful and Insurance Benefits Protection System brochure on Zurich General Takaful Malaysia's website or PIDM's website.