Property

Risk Exposures:

Our property reinsurance safeguards against risk exposures to property, such as:

– Fire and Lightning
– Earthquake
– Non-political riot, strike, and malicious damage
– Storm or tempest, rain, hail, or snow, busting or overflowing of gutterings, downpipes or water supply systems,
– Aircraft and other aerial devices
– Impact by or collision with any of the said buildings and /or walls, gates, fences, and pertaining thereto by road vehicles, railway, rolling stock, or animals
– Flooding including inundation or leakage of water from whatsoever caused
– Falling trees

This includes specialized forms of insurance such as Assets All Risks and Industrial All Risks, amongst others.

Business Interruption Insurance:

The property class also covers Business Interruption Insurance, also known as Loss of Profits or Consequential Loss Insurance. This policy is purchased to indemnify the insured for the loss in turnover and continuing costs because of interruption to the business following damage by an insured peril. This insured peril can be fire or engineering machinery breakdown.

Engineering Risks:

Machinery Breakdown: This is a type of accident insurance for machinery and provides cover against unforeseen and sudden physical loss or damage to insured machinery. Cover is for damage from causes such as defects in casting and material, faulty design, faults at workshop or erection, bad workmanship, lack of skill, carelessness, shortage of water in boilers, short circuit, storm, or from any other cause not specifically excluded.

Loss Of Profits Following Machinery Breakdown: Machinery Loss of Profits policy provides cover for the time lost due to a
business interruption caused by loss or damage to machinery insured which is indemnifiable under a Machinery Breakdown policy.

Contractors All Risks: This refers to property insurance for any building or civil engineering project. Cover is on-site during the construction period and, if required, during the maintenance period. Legal liability to third parties can be included under this cover.

Electronic Equipment Insurance: This refers to insurance of electronic equipment against sudden and unforeseen physical damage from any cause not specifically excluded. Cover is for all electrical equipment that consume low or moderate electrical power (low current) such as computers, office machinery, medical equipment, signalling and transmitting unit, radio and TV broadcasting and receiving installations.

Plant All Risks: This provides cover against damage to plant whilst at work or at rest and/or during installation, erection or dismantling and liabilities resulting there from.

Erection All Risks: The intention of this cover is to provide broad coverage during erection of machinery, plant and steel structures involving little civil engineering work.

Deterioration Of Stock: This covers the deterioration of goods as a direct result of machinery breakdown. The cover commences once goods are stored inside the cold storage rooms and it is a pre-condition that a machinery breakdown policy must be in place.