| Insurance
today is a complex business with a large number of choices, the following
is a brief description of the more common classes of insurance, which our
trained staff are happy to discuss further :
BOILER
AND PRESSURE VESSEL EXPLOSION: 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.
BURGLARY
AND/OR THEFT: 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).
BUSINESS
INTERRUPTION (Loss of Profits, Consequential Loss): 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.
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COMMERCIAL
PACKAGE: This insurance package is typically designed for small business
enterprises and provides coverage for both Assets and Liabilities within
the framework of one policy.
CONSTRUCTION
RISKS /LIABILITY: 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 siteCan 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.
CORPORATE TRAVEL: 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.
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DIRECTORS'
AND OFFICERS' LIABILITY / COMPANY REIMBURSEMENT: 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 ReimbursementTo
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.
DISABILITY:
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.
ELECTRONIC
COMPUTER CRIME: 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.
ELECTRONIC
EQUIPMENT /BREAKDOWN / BUSINESS INTERRUPTION: 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.
EMPLOYERS
LIABILITY: A prescribed class of insurance business commonly referred
to as Workers' Compensation insurance.
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EMPLOYMENT
PRACTICES LIABILITY: 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. \
FIDELITY GUARANTEE: Covers loss
sustained through fraudulent or dishonest acts committed by employees.
FIRE
AND EXTRANEOUS PERILS: 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.
GENERAL
PROPERTY: 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.
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 signwriting
and framework.
GROUP
PERSONAL ACCIDENT: 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.
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HOME AND CONTENTS: Covers domestic
dwellings and contents against fire and other perils including theft and
personal liability.
INDUSTRIAL SPECIAL RISKS: 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.
LANDLORDS: Protects residential property
owners in the event of damage to their property by tenants.
MACHINERY BREAKDOWN (MATERIAL DAMAGE
/ BUSINESS INTERRUPTION): 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: 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: This can cover money at designated premises,
in safes and strongrooms and whilst in transit.
MORTGAGE PROTECTION: Utilised to
provide for the repayment of an outstanding mortgage or other outstanding
debt which is being paid off by instalments, in the event of death or
disablement of the mortgagor.
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 "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.
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MULTI-
RISKS: 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.
PERSONAL ACCIDENT /ILLNESS:
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.
PLEASURE
CRAFT: This policy can cover the craft itself, accessories and also
Third Party Liability (including to and by water skiers).
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.
TAXATION AUDIT: Covers professional
fees charged by an accountant in connection with a Taxation Office audit,
including costs in obtaining expert advice.
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