MOTOR INSURANCE POLICY
Motor insurance cover is usually arranged as follows:
2. Third Party Fire and Theft
3. Third Party
1A. COMPREHENSIVE MOTOR POLICY
The Comprehensive cover is an “All Risks” cover. The scope of cover:
• Accidental damage to the vehicle
• Fire damage
• Loss or damage by theft or malicious act
• Storm/ flood and other extraneous causes damage
1B. THIRD PARTY LIABILITIES
The Comprehensive cover includes indemnity to the insured in respect of third party property
damage, personal injuries or death and legal costs.
2. THIRD PARTY FIRE AND THEFT
This cover is similar to comprehensive except that, the accidental damage section is cancelled
3. THIRD PARTY POLICY
The policy provides indemnity to the insured in respect of his legal liabilities to third parties arising out of the use of the vehicle on the road causing death or bodily injuries to third parties or damage to property belonging to third parties. The loss of or damage to the insured’s vehicle is excluded.
This policy provides cover against loss or damage by fire. A policy on buildings can be arranged to include Landlord’s fixtures and fittings and contents i.e. computers, air conditions etc.
The risks covered in the standard form are;
3. Explosion( of gas in premises not forming part of any gas works of gas used for domestic purposes and for heating).
Cover can be extended to include loss or damage by:
4. Collapse of the building or part thereof ( compulsory by legislation)
5. Impact, aircraft/articles dropped there from, storm, hurricane, typhoon, bursting or overflowing of water pipes utensils and apparatus, flood, earthquake and volcanic eruption, riot and strike, malicious damage (Extraneous perils).
The policy provides indemnity to the insured against loss or damage to the premises by fire resulting in loss of Gross Profit due to;
1. Reduction in turn over.
2. Increase in cost of working.
3. Payment of Wages and Salaries.
4. Auditors Fees.
For a claim to be admitted under this policy there must have been admitted a claim under the Fire policy.
The policy provides indemnity to the insured against loss of or damage to property by theft following upon forcible entry or violent exit. Cover is available for both business and private premises.
Money insurance policy covers the insured against accidental loss or damage to money whilst being moved from one location to another or whilst in locked safes on insured premises. The cover is an “All Risks” cover.
This is an “All Risks” Policy which provides indemnity to the insured against loss of or damage to the property insured whilst in transit by road, rail or inland waterway resulting from accident, theft or fire involving the carrying vehicle.
Cover can also be arranged on “Restricted” basis, i.e, limited to selected perils only. Carriage can be by Own or Hired vehicles.
Bonds are basically Guarantees given by an insurer guaranteeing the contractor for works or other activity to be performed on behalf of an Employer or Principal. Bid Bonds, Advance Payment or Mobilization Bonds, Performance Bonds are commonly issued for Contract Works. Custom Bonds are issued to importers for goods kept in Customs Bonded warehouses awaiting assessment for duty payable. Removal Bonds, Retention Bonds, Security and Transit Bonds are also available.
The Marine cargo insurance covers damage or loss to the insured cargo due to perils of the sea on the voyage on an “All Risks” or on restricted basis. The cargo Policy also covers ‘General Average’, sue and labor charges, salvage charges as well as liability to third parties. Policies can also be issued ‘With Average’ (WA) or ‘Free from Particular Average’(FPA) subject to the Institute Cargo Clauses. The insurance covers the Freight On Board (FOB), or Cost, Insurance and Freight (CIF), and can be on Warehouse to Warehouse or Port to Port basis. Customs Duty payable can also be insured, if desired.
A Marine Hull Policy provides cover against loss of or damage to the vessel itself as a result of an insured peril. Cover can be arranged and provided against Construction risks and Navigation risks. Cover is also available for Offshore and Oil & Gas risks associated with Oil Rigs and installations. The Hull Policy is subject to the Institute Hull Clauses and covers third party risks as well. Yachts and other pleasure crafts or vessels are covered under the Hull policy. War risks are insured under the marine policy.
The Workmen’s Compensation policy provides indemnity to the employer for accidental bodily injury or death to an employee in the course of his work whilst on a contract of service. Injuries sustained outside his work are not covered. Some employers ask for extension of the cover to include their legal liability resulting from negligent act of employees.
Cover is for:
1. Death/ Permanent Disability
2. Temporary Total/Partial Disability
3. Medical Expenses
This is similar to the Workmen’s Compensation Insurance policy. The difference is that, it provides a 24 hour accidental bodily injury or death cover to the employee and designed mainly for senior staff although some employers may include their junior staff in the cover as an alternative to the workmen’s compensation policy.
The scope of cover is as follows:
1. Death/ Permanent Disability
2. Temporary Total/Partial Disability
3. Medical Expenses
House Holders Insurance provides cover for Fire and allied perils, burglary, accidental damage and injury at homes It is available for tenants in respect of contents and landlords for buildings and contents. The policy provides for loss of rent payable or receivable.
This policy will indemnify the insured against all sums which the insured shall become legally liable to pay as damages consequent upon;
1. Accidental bodily injury to or illness (whether fatal or not)
2. Accidental loss of or damage to third party property
occurring in connection with the insured’s business during the period of insurance at any of the places to which the policy applies. The policy is arranged as follows;
• Limit of liability for any one occurrence
• The aggregate limit for the insuring period
• The legal cost recoverable by any claimant from the insured
• Costs and expenses incurred with the written consent of the company
The Policy will not indemnify the insured in respect of:
• Any person employed by the insured
• Any person by whom or by whose dependents to which any claim is brought against the insured under any Workmen’s Compensation Legislation
The policy covers the financial infidelity or fraudulent acts of employees against all pecuniary losses suffered by the employer. Cover can be arranged on individual/named basis with sums allocated for any loss traceable to the named employee or on ‘blanket’/unnamed basis with a sum insured as a limit for any one loss/occurrence and a sum representing an annual aggregate.
The policy indemnifies the insured against negligence in the provision of services to his client resulting in injury, loss of or damage to property for which he is legally liable. The policy is available to all professionals such as accountants, lawyers, insurance brokers and consultants, architects, engineers, advertising agents, media-men etc
The policy is designed for the banking and other financial services companies against loss or damage to the institution as a result of their operations, e.g. Loss of document, counterfeit currency, financial infidelity, forged cheques etc.
The Erection “All Risks” Policy offers an all risks cover for Plants, Machinery, Electrical and other Equipment or Steel Structures in the course of installation including commissioning and testing. The policy can be extended to include Third Party bodily injury and property damage arising thereof.
Electronic Equipment Insurance policy provides indemnity for loss or damage to Electronic Equipment whether at work or at rest, or being dismantled for the purpose of cleaning, overhauling or being shifted within the premises.
The policy provides compensation for loss or damage to property, accidental injuries, sickness or death to policy holders whilst outside Ghana on foreign trip. Some insurers go beyond this cover by compensating the insured for losses due to flight delays and/or cancellations up to a stated limit.
The Aviation insurance policy provides an “All Risks” cover for Aircraft and Aviation risks for Commercial aircraft operators, Corporate and business aircraft operators, ‘Aerial work’ and air taxi operators, Private owners and flying clubs, Manufacturers of aircraft and of components for use in aircraft, Owners or operators of airports, hangers and other premises, Aircrew, Passengers, Shippers of goods by air, Owners or operators of gliders, balloons and hovercraft.
The aircraft (Hull) can be insured against loss or damage on an ‘Insured’ and ‘Agreed Value” basis and wear, tear and breakdown of the aircraft resulting in an accident subject to some considerations.
The Policy also covers Passenger Liability, third party legal liability, products liability and Airport owners’ and operators’ liability.
Air cargo can also be insured subject to the Institute Air Cargo Clauses (All Risks) under the policy.
The modern trend has shown that the Workmen’s Compensation and Group Personal Accident policies do not satisfy the needs of the employer, and do not give the employee adequate compensation. Many employers are therefore shifting from the traditional Group Personal Accident and Workmen’s Compensation policies to the GROUP LIFE PLAN because of its benefits.
The Group Life Plan provides the following benefits:
• Death/ Permanent Disability resulting from accidents..
• Death as a result of illness or natural death.
• Bodily injuries suffered from accident.
• Temporary Disability resulting from accident.
• Medical expenses.
• Weekly benefit.
Fifty percent of sum assured payable as a lump sum in the event of dreaded diseases i.e., Stroke, kidney failure, paralysis, blindness, cancer, heart attack, coronary artery, major organ transplant etc.
The policy excludes death as a result of suicide.