Hi @rugolf : Failure rates are basically probabilities (i.e., can be easily converted to probabilities). So, it appears what you want is Prob(Fail 1 OR Fail 2).
Prob(Fail 1 OR Fail 2) = Prob(Fail 1) + Prob(Fail 2) - Prob(Fail 1 AND Fail 2). And if the two characteristics are independent, then Prob(Fail 1 AND Fail 2) = Prob(Fail 1)*Prob(Fail 2).