IF4

This policy cover fall under 3 groups (Personal Accident, Sickness and Medical Expenses) They are Benefit policies. a. Personal Accident Cover Provisions: i.     Payments lump sums in the event of accidental death  or bodily injury ii.  Payment of a fixed sum of money should a defined event occur  whether or not the insured […]

Public Liability Insurance This policy covers all legal liability which is not excluded. Legal liability includes not only negligence, but also nuisance, trespass, and liability under statute. a. Cover Provisions: i. Legal liability ii. Death iii. Claimants’ costs and expenses iv. Arising out of and in the course of the insured’s business v. Trade or […]

Business Interruption (BI) Insurance a. Cover: i. BI insurance covers a business for actual or potential loss of earnings and additional expenses incurred as a result of a material loss under a property. Also called Loss of Profits or Consequential Loss Insurance. ii. Material Damage Warranty – BI losses always follow a material damage loss. […]

Know the features, extensions, and exclusions of Commercial Products Theft Insurance There is no standard policy wording for theft; however, under the Theft Act 1968, a person is guilty of theft if they permanently take property belonging to another with the intention of permanently depriving the other of it. Scope of Cover Extensions: Exclusions: First […]

Fire and Special Perils Know the features, extensions, and exclusions of commercial products The Association of British Insurers (ABI) has offered the insurance market a Standard Fire Policy, which is used as the basis of policy wordings. To this, additional perils are added, collectively known as Fire and Special Perils. Standard Fire Policy The standard […]

Extended Warranties These policies are issued by insurers and sold by some large authorized retailers. A new electrical item will usually carry the manufacturer’s 12-month warranty. Cover Includes: a. Can be for 3 or 5 years beyond the manufacturer’s 12-month warranty b. The cost of repair following mechanical and electrical defects c. Single item policy […]

Understand Insurance Products and Associated Services Travel Insurance There are many risks associated with travel, and having a policy can provide compensation as follows: a. Sickness b. Delay due to industrial disputes c. Luggage may be lost, damaged, or delayed d. Connections may be missed because of delayed or cancelled public transport e. The traveler […]

understand insurance products and associated services: Gadget Insurance – A fact of modern life is that we have smart phones, tablets, laptops, e-readers, drones. Features available: a. Month by month with gadgets swapped in and out. b. Loss , damage or theft cover. c. Mobile phones are usually replaced rather than being compensated by cash, […]

Know the features, extensions and exclusions of: Household policies – Building:- a. Definition – includes garages sheds, greenhouses, swimming pools and tennis courts. b. Perils covered: i.    Fire, Lightning , Explosion, Earthquake  ii.  Riots, Civil Commotion, Strikes, Labour or Political disturbance malicious damage or vandalism iii. Storm or Flood  iv.  Falling Trees or Branches […]