Commercial Insurance

Any commercial organization faces risk and should consider purchasing insurance for risk it cannot control. This section describes briefly most of the typical insurance coverage that is available for corporations and applies whether that organization is large or small – uninsured losses affect all businesses and hurt the balance sheet.

The descriptions below are brief and all policies contain clauses and conditions about which you should be aware. Please contact our staff for detailed information.

Property All Risks (PAR)

This policy provides cover for your assets which can include buildings, furniture, fixtures, fittings, stock, electronic equipment and the like. Cover is on a reinstatement basis for buildings, and replacement basis for stock and contents.

Protection includes loss caused by earthquake, tsunami, flood, windstorm, as well as fire, theft and other perils.

Loss of profits (also known as Consequential Loss)

If a loss occurs that is covered under your property policy then usually your business will be interrupted and you will suffer a financial loss and reduction in sales or gross profit.Such loss can be measured and will be covered by this policy

Construction / Project insurance (Contractors All Risk-CAR)

Any project to construct a building, dig a tunnel, build a bridge or simply to decorate or fit out your office can suffer a loss. The CAR policy provides a combination of cover for the physical loss of assets (e.g. partly built buildings/unfinished superstructure/etc.) as well as third party liability (If a visitor to site suffers injury or other people’s property suffers loss because of your negligence you will be covered for your liability for the loss)

The CAR policy can be effected by the contractors or by the developer of the project. A large project including many sub-contractors should, ideally, be effected by the developer.

Liability Insurances

There are several types of liability insurances all of which protect you as the policy holder against any loss where you are deemed to have caused the loss to other parties.

Third Party/ Public/General Liability
This coverage has many names, but is designed to protect you or your company from legal liability to third parties. Any such losses where you are considered negligent should be included.

Product Liability
If you manufacture, import or distribute a product you must be sure that it does the job it is supposed to do and does not fail.If the product is faulty and damages something or injures someone you could be liable for damage. This policy protects you against such potential liability from faulty products.

Professional Indemnity (PI)
This is designed for professional people or companies where you offer a skill or provide advice for a fee. If liability arises because you provided incorrect advice or your services are not up to normal professional standard you can be sued. The policy will protect you against such lack of professional standards. (If proven negligent)

Director’s and Officer’s Liability (D&O)
A policy offering protection against financial loss to third parties caused by inadequate management. This is different from PI above (which is concerned with your duty of care as a professional person) and relates more to a company Board of Directors, members of a management Association (i.e. Juristic Person condominium Owners committee) and the like.

Marine Insurance

Cargo: If you send goods by ship, plane or vehicle the cargo can be damaged in transit and Cargo insurance can cover loss of or damage to such goods in transit.It can also extend to resulting loss of profits This applies to imports, exports and domestic carriage of all types of goods.

Vessels: Ocean going ships, barges, and oil rigs can all be insured. The coverage is global and is for full the value of the assets, including mortgages and loans

Marine Liability: Know as Protection and Indemnity (P&I) provides protection against your legal liability.

Trade Credit / Political Risks

Trade Credit: The policy can protect a company against financial loss due to non-payment of debts owing to you. Your Account Receivable (in whole or in part) can be insured against non-payment of debt.

Political Risk: If you are concerned that your investments (particularly overseas investments) could be confiscated by governments or contracts could be frustrated by changes in law then Political Risk coverage may be available to protect against the resultant the financial loss.

Medical Insurance (group)

Every company that employs staff will consider providing staff benefit to all or some of its workforce. Usually the main benefit will be healthcare or medical insurance.

A medical insurance scheme can be tailor – made to suit your company and your staff. Protection is available for Hospitalization costs (including accommodation, operating theatres, doctor fees and the like) as well as for doctor consultations (i.e. visits to the doctor’s clinic)

The policy for larger groups can provide a Card Payment System accepted at a wide number of clinics and hospitals that simplifies administration although cash reimbursement policies are also available.

The range of benefit levels available allows you to select the best cover for your team.

Personal Accident (Group)

Personal Accident cover (P.A.) provides a cash lump sum benefit if the insured person suffers an accident that results in death, loss of eye or limb or suffers a disability of a permanent or temporary nature.

The cover can be provided to a company for its employees, to a school for its students, to a sports club for its members or to any collection of people. The benefits can be selected to suit the circumstances.


Personal Insurances

These are designed to protect the individual rather than the company and the choice of policies available can become very confusing. In simple terms here are the main products on offer although many can be altered to suit your needs.

Household Protection

Can include cover for your house/ apartment/condominium for replacement value. Also can include your household contents such as furniture, fixtures, fittings and everything included inside your home. The sum insured should be fixed at the replacement value of the item.

Cover will include Fire, Windstorm, Earthquake, Tsunami, Flood, Theft and accidental breakage.

Personal Possessions

Those higher value items (such as jewelry, mobiles, ipads, sports equipment) can be included within the household policies, but if they are removed from the home they need to be specifically insured. You will need a sales receipt and a photograph of the item to obtain cover and to pursue a claim.

Motor Vehicles

Motor cars and motorcycles should be insured before using on the public roads. As a minimum you should purchase third party liability insurance (in case you cause injury to people or damage to third party property) but for full coverage a comprehensive policy should be purchased (including cover for any damage to your vehicle)

Yachts and Pleasure Craft

Boats, whether large or small, whether sailing or cruising, should be insured. Cover can be provided to insure the full hull value including engine breakdown.

Liability cover should be purchased in case you cause damage or injury to third parties. If your boat is larger and has full time crew then consideration should be given to crew health and accident policies.

Insurance can be designed to cover local usage, regional sailing, global voyages, transportation on board container ships, racing and many other activities.

Health Care (Individual)

The choice of healthcare policies is huge and selecting the right coverage to suit your circumstance is very important.

Cover can be provided for families or individuals.Benefit levels can be selected as appropriate. Geographical coverage can be tailored to suit your lifestyle.

Personal Accident (Individual)

To protect against an accident changing your life and your earning capability.A PA policy can provide lump sum payments if you are injured or suffer more seriously. The cost of insurance in low, but it should be remembered that cover is for accidental injury and not sickness.

Travel Insurance. (Individual and Group)

This is a very simple policy with many sections providing cover for personal injury (P.A), hospital treatment (medical), flight delay, loss of baggage and many more areas. Coverage is quite cheap although benefit limits are quite low.


Other Insurances

The commercial and individual policies described above are the most commonly used insurances. There are however, many others types of cover that whist not regularly used, are very specific and allow protection for more unusual areas of activity.

Event Cancellation

If an event is organized the usual reason is to raise money-either on a commercial or charitable basis. However, if the event is cancelled for some reason the organizer has expenses as well as zero income. These losses can be insured

Example: Bad weather leads to cancellation non- appearance of super – star due to illnessoutbreak infectious disease


Planes, helicopters, microlites, Balloons, Aero Club Liabilities.


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