Description
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.
Fidelity Insurance
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 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:
- Buildings
- Contents
- Additional expenses of alternative accommodation and loss of rent
- Liability to the public
- Personal accident(compensation for death of insured only)
Burglary Insurance
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.
Money Insurance
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 coins, 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, is 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 society.
Who can take the Insurance?
Persons with an insurable interest in the property are 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?
- Fire
- Lightning
- 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 an add-on cover is chosen)
- Earthquake (Fire & Shock) (unless add-on cover is chosen)
- Spontaneous combustion (unless an 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 the Government
- Burglary, Housebreaking, 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, or person who may be in his employment.
Directors and Officers Liability Insurance
Directors and Officers liability insurance offers liability cover for company key managers and business directors to protect them from claims that may arise from the decisions and actions taken within the scope of their regular duties.
Workmen’s Compensation
Workmen’s Compensation is a form of insurance that provides legal liability coverage for compensation to your employees for bodily injury or death caused due to accidents/occupational diseases arising out of and in the course of employment.
Business Interruption Insurance
This is insurance against loss of earning power following damages/loss caused by fire and special perils. The policy indemnifies the following items:
- It makes good the net profit which would have been earned.
- It pays fixed charges such as interest, rent, rates, etc which are payable even though the business has stopped.
- It bears any reasonable expenses that will hasten the resumption of normal business and minimize the 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.