CONTRACTOR'S ALL RISK INSURANCE
Scope of Cover
The policy is designed to cover civil engineering projects such as building, roads, and airports, Flyovers, water tanks. Sewage treatment plants, etc. unless specially excluded, this “all risk” insurance covers accidental physical loss or damage to contract works during the execution of a civil engineering project.
Coverage begins from the commencement of work or after unloading of the first consignment at the project site ,whichever is earlier, and terminates on handing over the works to the principal or on expiry of the policy, whichever is earlier. Coverage can be extended to include the interest of suppliers/manufacturers, contractors and subcontractors.
- Limited maintenance cover
- Extended maintenance cover
- Clearance and removal of debris
- Damage to owner’s surrounding property
- Third party liability
- Cross liability
- Express freight, holiday and overtime rates of wages
- Contractor’s plant and machinery
WORKMEN'S COMPENSATION INSURANCE
What is Workmen's Compensation Insurance?
It is compensation payable under a scheme set out in the workmen’s Compensation Act. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the course of employment .Costs or expenses incurred by the insured employer, with the consent of the company, to defend any claims are paid in addition.
Relevant statutes and laws under WC policy
The Policy covers legal liability of an employer under:
- Workmen’s Compensation Act, 1923, and subsequent amendments of the said Act prior to the date of issue of the policy
- Common Law
Who needs these policies?
Any employer, whether as a principle or contractor, engaging “workmen” as defined in the Workmen’s Compensation Act.
- Policy pays for claims arising from:
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Legal costs and expenses incurred with the company’s consent
Policy does not pay claims arising from:
- Any injury which does not result in fatality or partial disablement for a period exceeding 3 days
- The first 3 days disablement where the total disablement is less than 28 days
- Any non-fatal injury caused by any accident directly attributed to:
I. Influence of drinks or drugs
II. Willful disobedience of an order for securing safety to the workman
III. Willful removal or disregard of a safety guard devic
- War group and nuclear group of perils
- Liability to employees of contractors of the Insured(unless separately declared and covered)
- Liability of the Insured assumed under an agreement
- Diseases mentioned in Part 'C' of Schedule III of the Workmen's Compensation Act, 1923
- Any change in statute provisions after the policy has commenced
PUBLIC LIABILITY INSURANCE
Scope of Cover
The policy indemnifies you for any claims arising out of accidents, injury and damages that occur on your premises in connection with the carrying on of your business. For more comprehensive protection, you can extend it to cover legal exposures arising out of sudden and accidental pollution, Act of God perils, transportation of hazardous substances and more.
EMPLOYER'S LIABILITY INSURANCE
Scope of Cover
This insurance indemnifies the insured in case if at any time during the Period of the Insurance any employee in the insured’s immediate service shall sustain personal injury by accident or disease arising out of and in the course of his employment by the insured in the business and if the insured shall be liable to pay such compensation for such injury. .
PRODUCT LIABILITY INSURANCE
What is product liability insurance?
Coverage of a manufacture’s or seller’s liability for losses or injuries to a buyer, user or bystander caused by a product defects or malfunctions.
Who should buy product liability insurance?
Product manufactures, distributors and sellers are vulnerable to product liability litigation, including class actions, as a result of alleged defects and even when improper use is involved. Regardless of the circumstances, the product manufacturer, distributor or seller is typically brought into action and will require coverage for loss payments and defense. Product liability insurance provides protection to those organizations facing product liability exposure.
The policy covers all sums (including defense costs) which the insured become legally liable to pay as damages as a consequence of:
- Accidental death/bodily injury or disease to any third party
- Accidental damage to property belonging to a third party
Arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the Insured’s premises.
Coverage is written on claims made basis, i.e. a liability policy that provides coverage for an injury or loss if the claim is first reported or filed during the policy period. However, the policy offers the benefit of retroactive date, i.e a date stipulated in a claim-made liability policy declarations section as the first date is designed to provide coverage for claims resulting for incidents that take place prior to the current policy term. Renewal claims-made polices usually have the retroactive date of the first policy issued to he insured. When this is not done, there is a gap in the coverage.
Limited vendor's liability extension
Limited vendor’s liability means liability arising out of sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufactures.
PERSONAL ACCIDENT INSURANCE
Typical Benefits of our Personal Accident Policies
- Accidental Death: Covers the insured in the case of loss of life in an accident
- Permanent Disablement: Pays a benefit if the insured is permanently disabled in an accident
Hospital Cash :
Pays a daily benefit if the Insured need hospitalization as an in-patient following an accident
Additional Benefit Available
Kindly contact us for more information. The premium payable on the policy would depend on additional benefits purchased. Please note that all benefits are subject to a maximum amount as stated in the policy. In addition, some benefits are subject to a deductible or a franchise which will be taken into consideration when handling a claim. These will be clearly noted in any quotation released or any policy issued.
Scope of Cover
All Risk cover for money i.e. Cash, Prize Bonds, Foreign Currency, etc .either in transit or held at specified premises of the Insured due to armed hold-ups, burglary ,house breaking.
The Policy can be extended to cover:
- Accidental injury to employees of the Insured who are injured during a hold up
- The cash whilst on counter, drawer or in almirah -during office hours