GENERAL ACCIDENTS INSURANCE
Public liability Insurance
This is a policy designed to indemnify the insured against all sums for which he is legally liable to pay in respect of accidental bodily injury to or illness of any person, accidental loss or damage to property occurring during the period of insurance and in connection with the business carried on at any place described in the schedule. In addition, the policy makes the insurer liable to pay all litigation expenses incurred with its consent and all costs and expenses of litigation recovered by any claimant against the insured.
This class of insurance is designed to cover the insured against all direct pecuniary loss sustained through any act of fraud or dishonesty committed by any of the insured’s employees.
Goods In Transit Insurance
Goods in transit insurance covers the goods of the insured against fire, theft or accidental damage while the goods are being loaded or unloaded as well as while the goods are in transit or whilst temporarily housed within the general course of transit.
Householders Comprehensive Insurance
This class of insurance covers your house structure including the walls, roof, fixtures and fittings, garages, gates and fences and house contents like household goods, personal effects and other moveable possessions. This policy could be effected by the owner of the building or tenants. The whole policy is divided into 5 sections:
- Additional expenses of alternative accomodation and loss of rent
- Liability to the public
- Personal accident(compensation for death of insured only)
This is a form of protection against loss or damage by theft of property belonging to the insured or for which the insured is responsible. The risk covered by insurance is defined as theft involving entry into or exit from the premises by forcible and violent means.
This policy is designed to provide cover against loss of money through theft, fire and other causes while in transit or in a locked safe or on a stated premises.Money shall mean coin, bank and currency notes, cheques (probably excluding crossed ones) postal and money orders.
Group Personal Accident Insurance
This policy gives cover to the persons insured against the risks of death, permanent or injuries resulting from external, visible and violent means occurring anywhere in the world.
Fire and Special Perils Insurance
The Standard Fire & Special Perils (SFSP) Insurance, designed to cover loss or damage to Buildings, Plant & Machinery, Tools, Instruments and accessories, Furniture, Fixtures and Fittings, Electrical Installations, Stocks in trade including work in progress, etc due to Fire and Act of God perils. This policy is vital for all types of industry and trade groups, offices, service occupancies, households and assets belonging to all sections of the society.
Who can take the Insurance?
Persons with insurable interest in the property to be insured like owners, banks and financial institutions.
The Policy Covers
Buildings, plant and machinery, furniture, fixtures and fittings, electrical installations, stocks, stocks in trade including work in progress etc belonging to any industry, offices, service occupancies, households etc.
What does the Standard Fire and Special Perils Insurance cover?
- Explosion / implosion
- Aircraft damage
- Riot, strike and malicious damage (RSMD)
- Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation (STFI)
- Impact damage
- Subsidence and landslide including rockslide
- Bursting and/or overflowing of water tanks, apparatus and pipes
- Missile testing operations
- Leakage from automatic sprinkler installations
- Bush fire
Apart from the above mentioned perils, Standard Fire and Special Perils Insurance also covers:
- Architects’, surveyors’ and consulting engineers’ fees
- Removal of debris
What does the Standard Fire and Special Perils Insurance not cover?
- Terrorism (unless add on cover is chosen)
- Earthquake (Fire & Shock) (unless add on cover is chosen)
- Spontaneous combustion (unless add on cover is chosen)
- Burning of property by order of any Public Authority
- Property undergoing any heating or drying process
- Explosion of boilers (other than domestic boilers)
- Total or partial cessation of work
- Permanent or temporary dispossession by order of Government
- Burglary, House breaking, theft, etc
- Normal cracking or settlement or bedding down of new structures
- War or war like operations, Nuclear perils
- Pollution or contamination
- Over-running, excessive pressure, short circuiting etc
Professional Indemnity (E&O) Insurance
This is a form of protection for the insured against legal liabilities that may arise by reason of any neglect, error or omission committed in a professional capacity by the person insured or by any partner, director, person who may be in his employment.
Directors and Officers Liability Insurance
Directors and Officers liability insurance offer liability cover for company key managers and business directors to protect them from claims which may arise from the decisions and actions taken within the scope of their regular duties.
Workmen’s Compensation is a form of insurance provides for legal liability coverage for compensation to your employees for bodily injury or death caused due to accidents/occupational diseases arising out of and in course of employment.
Business Interruption Insurance
This is an insurance against loss of earning power following damages/loss caused by fire and special perils. The policy indemnify the following items:
- It makes good the net profit which would have been earned.
- It pays fixed charges as interest, rents, rates etc which are payable even though the business has stopped.
- It bears any reasonable expenses which will hasten resumption of normal business and minimize loss of net profits.
- Pays the wages of staff whose service will have to be dispensed with due to the fire damage.
- It pays the fees of the auditor employed to prepare any claim under the policy.