Business

Accounts Receivable:
Irrecoverable customer debt caused by an insured peril to accounts receivable records.

Advance Business Interruption (Advance Profits):
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.

Aviation Hull & Liability:
Covers loss of or damage to the insured aircraft and liability to third parties, including passenger liability, arising from the operation of the aircraft.

Bloodstock or Livestock:
The insurance of animals for risks of death by accident, sickness or disease.

Boiler & 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. Please click on this link www.bicalculator.com for assistance in calculating the correct sum insured.

Cancellation and Abandonment:
Cover 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.

Confiscation and Expropriation:
Loss of assets, or use thereof, due to confiscation, expropriation, nationalisation and/or requisition caused by the actions of Government or local authorities in countries which you trade.

Construction Risks:
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.

Container Liability:
Covers contractual liability for loss of and/or damage to hired or leased containers and additional costs incurred.

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.

Credit:
Covers loss due to insolvency of companies or customers with whom the client
deals.

Contract Bonding:
Financial loss arising from the failure of parties to a contract, to fulfil their contractual obligations.

Contract Works:
The growth of large-scale construction projects has been accompanied by a demand for a new type of insurance coverage for them. Clauses written into Contract conditions have stipulated that the Contractor take out insurance on the Works.

Effectively, all Works Contract conditions make the Contractor liable for damage to the Works, as well as for damage to third party property (other than the Works) and for bodily injury arising from the construction activities.
Construction, civil engineering and installation projects can all be insured.

Disability:
Income replacement due to sickness or accident.

Errors & Omissions:
Liability to third parties arising as a result of products manufactured from own design should an error or omission occur in the design.

Fidelity Guarantee:
Loss sustained through any act(s) of fraud or dishonesty committed by an employee.

General Property:
Cover goods which are transported and stored away from premises such as tradesman's tools, mobile phones, laptop computers etc.

Industrial Special Risks:
This 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.

Insurance of Contract Penalties:
Covers penalties under contract for delay in completion of a contract on schedule.

Liability Insurance:
Legal liability to third parties for damage arising as the result of an occurrence in connection with the insured's business, premises or products against bodily injury or property damage.

Machinery Breakdown:
Physical loss or damage to equipment caused by its electrical or mechanical breakdown.

Machinery Breakdown (Business Interruption):
Loss from interruption/interference to the business as a result of loss or damage to plant and/or machinery.

Marine Cargo/Transit:
Covers the risk of loss to property and goods in transit. 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.

Personal Accident:
Covers death, injury or illness for which the client receives a lump sum or weekly benefits.

Pollution Insurance (Environmental Impairment):
Legal liability to third parties for death/injury arising out of gradual pollution exposure.

Products Recall:
Legal liability for all costs, expenses and damage in connection with the withdrawal or recall of defective (or suspected) goods or products.

Products/Performance Guarantee:
Legal liability in respect to costs incurred to repair or replace defective products.

Property Insurance:
Industrial special risk or business combined contracts to cover material damage to insured's property, stock and contents against fire & extraneous hazards including burglary & accidental damage.

Residential Construction Warranty:
A licensed builder is required by legislation to have Residential Construction Warranty Insurance before commencing a residential construction project. This insurance provides the consumer with protection against losses incurred as a result of faulty workmanship and/or the disappearance, death or the insolvency of the builder. Our specialist in this area is Lyn Gray, who can gain placement of this cover and the timely attainment of the required Certificates.

Tax Audit Insurance:
Covers the cost of employing auditors.

Workers Compensation:
Legal Liability under the respective State/Territory Acts and at Common Law for injury sustained by employees in the course of their employment. A separate policy should be taken out in each state where you have employees domiciled.

Workers Compensation Extra Territorial:
Certain employees temporarily working outside their state of domicile.

Workers Compensation Top Up Cover:
Additional benefits to the workers compensation act - on site workers only.