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ENGINEERING INSURANCE

Engineering Insurance

Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machines and equipment in project operation. Product categories: Depending on the project, it can be divided into construction project all risks insurance and installation project all risks insuranc; depending on the attribute of the object, it can be divided into project all risks insuranc, and machinery breakdown insurance.

Contractors All Risks Insurance

Construction sites for buildings, bridges, dams, towers and others are very busy throughout the construction and maintenance period. While the Engineers, Foreman and site supervisors are trying their best to ensure safety, minor or major accidents could occur. If these sites are not adequately insured, these accidents would result in devastating losses to contractors or to the projects principals.
The "National Takaful Insurance Company" contractors all risks policy which is in 2 sections, provides coverage as follows:
Section 1 (Material Damage): This section provides coverage to the contributors against any unforeseen accidental loss or damage to the contract works arising out of any causes which is not specifically included by the policy wording. A brief description of the Perils covered are as follows:

-Accidental Damage during construction.
-Fire and lightening.
-Water damage, flood, storm and tempest.
-Collapse, collision, impact, burglary, theft and malicious damage, aircraft.
-Breakdown or explosion to any part of the contract such as lifts in buildings.
-Consequent damages due to defects in material casting, workmanship and design.
-Riot, Strike, subsidence, landslide, cyclone, hurricane, earthquake, volcano.

Section 2 (Third Party Liability): This section of the policy, with agreed limits, will cover contributors legal liability towards third parties in respect of the following:
-Accidental bodily injury &/or death to third parties (not members of the contributor's employees).
-Accidental damage to third party property (excluding property belonging to or in the custody or under control of the contributor, his employees).
-In addition it also provides the legal expenses for defending any proceedings with insurer's consent.

Erection All Risk Insurance

Sites for the erection of Machinery such as Electricity Generators, Water treatment plants, Desalination plants, Elevators and others are very busy throughout the erection period, and while the engineers, Foreman, and site supervisors are trying their best to ensure safety, minor or major accidents could occur. If these sites are not adequately insured, these accidents would result in devastating losses to contractors or to their principals.
The "National Takaful Insurance Company" erection all risks policy which is in 2 sections, provides coverage as follows:
Section 1 (Material Damage): This section provides coverage to the contributors against unforeseen accidental risk or damages to the contributors against unforeseen accidental loss or damage to the Erection works arising out of any causes which is not specifically Excluded by the policy wording.
A brief description of the Perils covered are as follows:
-Accidental Damage during construction.
-Fire and lightening.
-Water damage, flood, storm and tempest.
-Collapse, collision, impact, burglary, theft and malicious damage, aircraft.
-Breakdown or explosion to any part of the contract such as lifts in buildings.
-Consequent damages due to defects in material casting, workmanship and design.
-Riot, Strike, subsidence, landslide, cyclone, hurricane, earthquake, volcano.

Section 2 (Third Party Liability): This section of the policy, with agreed limits, provides indemnity to third party due to the Legal liability of the contributor resulting from his negligence or his employees/family members causing:
-Accidental bodily injury &/or death to third parties (not members of the contributor's family or one of his employees).
-Accidental damage to third party property (excluding property belonging to or in the custody or under control of the contributor, his family members or his employees).
-In addition it also provides the legal expenses for defending any proceedings with insurer's consent.
Maintenance Period Risks:
Once the erection works, including testing and commissioning, covered under erection all risks policy is completed, the maintenance cover comes to effect automatically. During this period, the cover is against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract "insured" provided the cause of such loss or damage originated during the period of insurance.

Boiler Explosion

Damage (other than by fire) to insured plant and other property belonging to the contributor such as boilers and pressure vessels under steam and air pressure.
Legal liability will go for:
-Death or bodily injury of any person not engaged in and upon the service of the insured under a contract of service or apprenticeship.
-Damage (other than by fire to property held by the insured in trust or on commission or for which the contributor is responsible.
-Damage to property not belonging to the contributor consequent upon explosion or collapse of the insured plant.

Electronic Equipments Insurance

Electronic equipments such as computers, laptop, and any electric & electronic equipement etc… are so valuable and sensitive items, and they are exposed to various risks and in addition the insured will be exposed to consequential losses following such damages.

The “National Takaful Insurance Company’s electronic equipment insurance policy covers, whether the contributors items are at work or at rest, being dismantled for cleaning, or in course of subsequent re-erection. This policy has many cover sections which can be used as a whole or section one alone or section one along with section (2) according to the contributors choice.

Material Damage: This section covers any unforeseen and sudden physical loss or damage to the insured items from any cause not specifically excluded. Compensation of such loss may be done by cash payments, replacement or repair.
External Data Media: in case it includes information stored which can be directly processed in EDP systems, or suffer any material damage compensated under section 1. The company will indemnify the contributor not exceeding the sum insured.
Increased cost of working: If the material damage compensated under section 1 gives rise to a total or partial interruption of operation of the EDP equipment, the “National Takaful Insurance Company” will indemnify the contributor for any additional expenditure incurred for the use of substitute EDP equipment, not covered under this policy, up to an amount not exceeding the sum insured.

Maintenance Period Risks

Once the construction of the project covered under contractors all risks policy is completed and handed over to the Principal, the maintenance cover comes to effect automatically.
During this period, the cover is against any loss &/or damage that occurs in the course of the compliance with the maintenance obligation under the contract insured provided the cause of such loss or damage originated during the period of insurance.

Decennial Liability

Erection All Risks Policies are issued to cover material damage and third party liability risks associated with electrical and/or mechanical engineering contract works including steel system buildings. There should be a contract awarded to the proposer to execute the engineering project. The ‘Insurance Conditions’ of such proposed contracts should be scrutinized and its compatibility with the basic cover provided under the Company’s standard policy should be confirmed before further processing the insurance proposal.

Should there be any associated civil engineering construction risks (Contractor’s All Risks Insurance) in conjunction with the erection contract works, the contract value applicable to such associated construction risks is required to be separately ascertained and should be rated as per rules applicable to Contractor’s All Risks. If such values do not exceed 20% of total contract value, such separate rating is not required and it may be rated as per rules applicable to Erection All Risks policies.

Machinery Breakdown

Machinery Breakdown policy (M.B.) provides material damage cover to machinery, equipment and installations in the specified premises against unforeseen and sudden physical loss or damage from causes such as defects in casting and material, faulty design, faults at workshop or in erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm or from any other cause not specifically excluded from policy cover.

Cover is applicable to insured items after successful completion of their performance-acceptance tests whether they are at work or rest or being dismantled for the purpose of cleaning or overhauling, or when being shifted within the premises or during subsequent re-erection.

Deterioration of Stock

Frozen goods are subject of being stored under given temperatures status, and any variation in temperature can be harmful to such stock as ice creams, meat, chicken, vegetables and others which are items of trade and need to be protected at all times. Available to protect losses resulting from damage to goods due to unforeseen and sudden physical loss or damage of the Machinery serving the cold stores is the deterioration of stock insurance.
Here you will be able to access basic information and either ask for quotation on line or request a call back for expert to contact you.
The "National Takaful Insurance Company's deterioration of stock insurance policy provides coverage to losses resulting from deterioration of goods stored in cool or cold stores or controlled atmosphere stores resulting from identifiable breakdown of refrigerating machinery, including damage due to escape of refrigerants, rise or fall in cooling temperature and incorrect composition of controlled storage atmosphere.
This cover will be provided only in conjunction with machinery Breakdown Insurance policy.

Contractors Plant & Machinery

Construction plant and machinery are usually used in construction or erection sites where these items are exposed to various risks which can cause loss or damages to them. These Machinery and Plants includes shovels, excavators, rollers and dumpers amongst others.
The "National Takaful Insurance Company's contractors plant and machinery insurance policy covers these items when it suffers any unforeseen and sudden physical loss or damage from any cause not specifically excluded, and the cover will be active whether the items are at work or at rest, being dismantled for cleaning, in course of subsequent re-erection.
In this case, the company will compensate the contributor for immediate able losses by cash payment, replacement or repair.
The company shall not be liable to indemnify the contributor in many cases of loss or damage due to:
-Electrical or Mechanical Breakdown.
- Replaceable parts & attachments.
- Vehicles designed and licensed for general road use.
- Waterborne vessels or craft and total or partial immersion in tidal waters amongst others.
The sum insured should be equal to the cost of replacement of the items by new ones of the same kind and capacity, including cost of freight, customs, duties and cost of erection

Company informations

National Takaful Insurance Company K.S.C.C.


Al-Sour Street , Al-Tijaria Tower, 9th floor
P.O. Box 21149 Safat - 13072 Kuwait

Contact details

E-mail address:
contact@nationaltakaful.com

+965 18 333 81

Available 8:00am - 4:00pm