Learn about different insurance types

 

This is a brief definition and explanation of categories of business insurances we have available.

BURGLARY AND/OR THEFT

Burglary coverage is often restricted to theft following a break-in or committed by a person who is concealed on the premises.  Theft cover does not depend on either of those characteristics (and as a result, if available, is normally more expensive).

BUSINESS INTERRUPTION (Loss of Profits, Consequential Loss)

Insures against loss of gross profit or revenue - it covers the continuing or fixed costs of a business and increased working costs incurred to avoid or diminish a reduction in the business results and profitability following loss of or damage to property.

COMMERCIAL PACKAGE

An insurance package designed for small business enterprises

DIRECTORS’ AND OFFICERS’ LIABILITY / COMPANY REIMBURSEMENT

Directors’ and Officers’

Covers directors or officers of companies for their legal liability for wrongful acts or omissions committed whilst acting in their capacity as a director or officer.

 

Company Reimbursement

Covers the company for payments it is legally entitled or obliged to make in indemnifying directors or officers for claims made against them whilst acting in their capacity as directors or officers.  Does not cover claims made against the company.

ELECTRONIC EQUIPMENT / BREAKDOWN

Covers physical loss or damage, including mechanical or electrical breakdown, to computing equipment.

EMPLOYMENT PRACTICES LIABILITY

Covers a range of claims that can be made against an employer including wrongful termination, refusal to employ, failure to promote, demotion, disciplinary action, sexual harassment, discrimination or defamation of an employee.

FIRE AND EXTRANEOUS PERILS

A composite policy which can cover some or all of the following perils:  Fire, Lightning, Explosion, Aircraft, Earthquake, Storm & Tempest, Rainwater, Water Damage, Flood, Malicious Damage, Riots & Strikes, Impact by Vehicles or Animals.

GENERAL PROPERTY

Covers loss of or damage to specified property, normally a portable, which is not covered under the buildings policy.

GLASS

Can cover either specified items of glass or more typically all glass on the premises.  Cover can be extended to include such items as sign writing and framework.

INDUSTRIAL SPECIAL RISKS

This extensive commercial policy typically protects the businesses against losses involving assets and business interruption arising from physical loss or damage to the property used in the business.

KEY PERSON

Covers a specified amount following the death or disablement of selected key personnel.  This cover should be purchased where the loss of key personnel may result in loss of market confidence, significant cost of employee replacement, short-term cash flow difficulties, debt foreclosure, etc.

LANDLORDS

Protects residential property owners in the event of damage to their property by tenants.

LIFE ASSURANCE

Covers an individual against death by any cause other than suicide, subject to certain time constraints.

MARINE

Marine insurance covers the risk of loss to ships and vessels (Marine Hull), and the risk of loss to property and goods in transit (Marine Cargo).  Marine Cargo insurance is sometimes divided into Inland Marine, which covers property and goods in transit between locations without requiring sea transport and Ocean Marine, which covers property and goods subject to a sea voyage.  Marine Cargo policies are issued in various forms depending on the requirement of the shipper, the shipowner, the charterer, the consignee etc.

MONEY

Covers money held in safes and strongrooms at designated premises and whilst in transit.

MOTOR VEHICLE

This can take several forms:

 

1 (a)     Comprehensive, ie own damage and third party

            property damage.

   (b)     Third Party Property Damage plus Fire and Theft.

   (c)     Third Party Property Damage only.

 

2.         Compulsory Third Party cover - covers injury or death to a third party sustained in an accident involving a registered motor vehicle.

PERSONAL ACCIDENT / ILLNESS

Can provide weekly and lump sum benefits for accidental death or injury to a specified person. Protection is also available to cover sickness.

PROFESSIONAL INDEMNITY / ERRORS AND OMISSIONS

Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the insured in the conduct of their business.

PUBLIC AND PRODUCTS LIABILITY

Legal liability to pay compensation (including legal expenses) to third parties in the event of the insured causing injury, death or loss of or damage to property arising out of business operations or products.

TECHNOLOGY LIABILITY

Covers technology errors or omissions, technology media liability and technology broadform public and products liability.

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