General Insurance
Insurance Cover Explanations
An explanation of the insurance covers that we can arrange or advise can be found below::
Uncollected debts as a result of physical loss or damage to accounting and similar records.
Consequential loss resulting from loss or damage to property whilst undergoing construction, installation etc.
Includes loss from deferral of planned trading revenue, continuance of overheads, extended interest charges etc.
Covers loss of or damage to the insured aircraft and liability to third parties, including passenger liability, arising from the operation of the aircraft.
The insurance of animals for risks of death by accident, sickness or disease.
Covers loss or damage due to explosion or collapse of boilers and other pressure vessels that normally require a certificate of compliance before being used. The policy also covers liability for resultant third party property damage or bodily injury.
A surety bond is a contract of guarantee which has three parties:
- The surety or guarantee, ie the Insurance Company.
- The person who is to perform the subject matter of the bond, ie the Contractor.
- The person in whose favour the bond is issued, ie the Owner or Obligee.
Under a bond, the surety undertakes to hold itself responsible up to the specified amount for the non performance or malperformance of an expressed obligation, ie the obligation of the Contractor.
Burglary coverage is restricted to theft following break-in or committed by persons concealed on the premises. Theft cover is not dependent on either of those characteristics (and as a result, if available, is normally more expensive)
Covers loss of gross profit or revenue, to maintain 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.
Cover can be arranged to protect Promoters and Investors against losses that arise through the cancellation or abandonment of a nominated event caused by a prescribed peril or circumstance.
This insurance package is typically designed for small business enterprises and provides coverage for both Assets and Liabilities within the framework of one policy
This exposure follows the construction of a project and protects various responsibilities of the Contractor after leaving the site.
Covers loss, destruction of or damage to contract works and all materials ascribed to the contract whilst in transit or on or adjacent to “the insured site”.
(Cover applies both during the construction and maintenance periods and is tailored to reflect the particular risks specified that relate to construction contracts).
Can also cover legal liabilities for injury to any person(s) and/or damage to any property of third parties arising out of the construction/maintenance operations.
Covers baggage, overseas medical expenses, money, personal accident benefits, loss of deposits and other contingencies appropriate for insured persons whilst traveling on the business of the Insured. This policy is often purchased on an annual basis
Designed to protect the Insured against commercial losses brought about by the insolvency of trade debtors. A policy will usually cover 90% of insured debt and is recognised by financial institutions as an asset when considering granting loans or other facilities
Directors’ and Officers’
Covers Directors or Officers for their legal liability for wrongful acts committed whilst acting in their capacity as a Director or Officer.
Company Reimbursement
To reimburse 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. It will not reimburse the company for claims made against the company
Covers insured persons for permanent or temporary disablement as a result of accident or sickness, where such persons are unable to perform the major portion of their normal occupation – various covers such as Key Person, Salary Continuance etc are available.
Covers loss sustained by the Insured as the result of fraud perpetrated by anyone other than the Insured’s employees through the Insured’s computer or electronic communications systems.
Covers physical loss or damage, including mechanical or electrical breakdown, to computing equipment and loss due to interruption to the business as a result of loss, destruction or damage by a insured peril.
Covers a range of liabilities that can face an employer following wrongful termination, refusal to employ, failure to promote, demotion, disciplinary action, sexual harassment, discrimination or defamation of an employee.
Covers loss sustained through fraudulent or dishonest acts committed by employees.
Covers loss of or damage to fine art and curios whilst on display, exhibition or in transit.
This composite policy can include a selection 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.
Covers loss of or damage to specified property, normally of a portable nature, which is not covered under the policy on property at the insured’s premises.
Covers a nominated group of individuals for a specified benefits against a range of accidental disabilities. Benefits are payable to the organisation purchasing the cover rather than to the disabled person.
This embracive policy typically protects the Insured against losses involving assets and business interruption arising from physical loss or damage to the property used in the business.
Covers ransom monies and negotiation expenses in the event of kidnap of an employee or members of their family or resulting from threats against property.
Covers expenses in either pursuing or defending an action arising from disputes with customers or suppliers for the sale, purchase, hire or supply of goods or services or in defending employment contract actions brought against a company by employees or in defending any criminal prosecution made against the company, its directors or employees.
Legal liability for injury to the reputation, goodwill, profession, trade, business or credit of third parties in consequence of defamation, libel and slander.
Covers sudden and unforeseen mechanical or electrical breakdown of plant and machinery. The policy can be extended to cover consequential loss from interruption to the business following such breakdown.
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.
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 “Act” cover. This is a compulsory insurance in all States of Australia and applies to Third Party Injury or Death sustained in an accident involving a registered motor vehicle.
A Multi-Risks policy covers the Insured against a wide range of unspecified, fortuitous risks of loss or damage (subject to policy exclusions etc) to the property insured but not loss or damage caused by its inherent nature.
Can provide weekly and lump sum benefits for accidental death or injury to a specified person or persons. Protection is also available to cover sickness.
Covers loss by confiscation, expropriation, nationalisation, requisition, destruction or deprivation by actions of governments or local authorities of countries in which the Insured may trade
Covers the costs and loss of net profit where products are withdrawn or destroyed due to actual or alleged contamination or malicious tamper so as to render the product unfit or dangerous for use.
Covers legal liability for all costs, expenses and damages for withdrawal or recall of goods or products because of any known or suspected defect or deficiency therein.
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.
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.
This product provides comprehensive liability cover in six essential areas of exposure:
- Public Liability
- Products Liability
- Advertising Liability
- Professional Services
- Directors & Officers Liability
- Employment Practices Liability
This product was created to provide a simple solution for clients with uninsured risks – in particular, business owners, advisers, tradespeople or contractors who may not realised they need comprehensive liability coverage, or who do not want multiple, detailed policies.
Covers professional fees charged by an accountant in connection with a Taxation Office audit, including costs in obtaining expert advice.
Covers computer systems fraud, telecommunications fraud, computer virus, loss of data due to hacking, business interruption and extra expense.
Covers technology errors or omissions, technology media liability and technology broadform public and products liability.
Covers trustees and trust managers of superannuation funds. Covers fiduciary legal liability to compensate third parties (including legal costs incurred) arising out of the negligent administration of the trust or fund.
A legal liability insurance which provides cover:
- in the same circumstances as other liability policies such as Public & Products Liability, Motor Vehicle etc but provides additional sums insured above those insurances (known as “Excess Liability”).
- of a wider scope than the underlying liability policies, eg covers Advertising Liability.
Covers employees by way of a payroll deduction scheme, for death or disablement as a result of an accident. Cover also provided for an in-hospital cash benefit.
All employees injured by accident or industrial disease arising out of, or in the course of their employment are legally entitled to compensation under the various Workers’ Compensation statutes. The Acts in each State and Territory require employers in Australia to maintain compulsory “no fault” insurance to cover their legal liability.
