Bonds and guarantees are in actual fact function of Banks. However, in general takaful it is written to support engineering portfolio where contractors are issued various types of bonds/guarantees as given hereunder:
Errection All Risk (EAR) Takaful
This policy provide protection to principals, contractors &sub-contractors during errection of Plant, Machineries, any kind of steel structures and heavy equipment’s against loss or damage by variety of hazards including third party claims in case of bodily injuries or property damage during execution of erection work. Unlike named perils, if is an all risks takaful including natural hazards and other perils.
Contractors All Risk (CAR) Takaful
This takaful provides comprehensive coverage against loss or damage caused to project works, equipment and plant & machinery. This takaful also indemnifies the insured in case of property damage and/or bodily injuries of third party while executing construction work on respective projects. It is also an all risks takaful covering natural hazards and other perils.
Machinery Breakdown (MB) Takaful
Industrial Plant, Machineries and Equipment devising operational period are covered for breakdown under Machinery Breakdown Policy against sudden and unforeseen losses. The Company indemnifiers the participant for repairs/replacement bringing the machinery to its pre-loss conditions.
Electronic Equipment (EE) Takaful
Electronic Equipment Takaful indemnifiers the Participant against sudden & unforeseen causes resulting in loss or damage to equipment during their operational mode. The following equipment can be covered in Electronic Equipment Takaful:-