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Sunday, July 23, 2017

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Casualty Insurance



Burglary Insurance

Features: Covering properties contained in Insured's Premises against loss by forcible and violent entry or exit from the premises.

Benefits: the policy provides indemnity against loss or damage to property insured caused by burglary.

Premium is calculated per thousand of the total Sum Insured. The rate varies according to the nature of the risk to be covered.


Jeweler’s Block Insurance

Concept: To provide a comprehensive coverage for the merchandise of gold, jewelry and such other precious metals and stones.


Plate Glass Insurance

Features: Covering breakage of plate glass (Windows, Doors, Showcases exhibitory Items, etc.)

Benefits: The policy provides indemnity for the loss or damage caused by breakage of glass. (Value of the glass together with the cost of refixing).

Premium is calculated as a percentage of total sum insured. Rate varies according to the nature of the risk.


Workmen's Compensation

Concept: To cover the employer's legal liability for compensation as a result of his employees suffering bodily injury or death due to work related accidents arising out of and in the course of performance of his employment of the insured's business.

Coverage: Compensation is payable to the employees according to the Qatar Labour law. The policy can be extended to cover accidental medical expenses, employer’s liability and repatriation cover.

Premium Rating: An agreed rate is applied on the actual or estimated total annual wages of employees at rate per cent.


Professional Indemnity

Concept: To provide indemnity to such professional individuals or firms like architects, accountants, auditors, lawyers, medical practitioners including partners and employees against claims for financial loss or negligence due to failure to exercise the required degree of care and skill expected in the conduct of their profession or business.

Coverage: Insured's legal liability to pay claims made against him for negligent act, error or emission on the part of the insured, his partner or his employees committed in the professional conduct of his or their business. Policy period is usually one year. The policy covers costs and expense incurred by the insured for investigating and defending the claims with the consent of the company, But not exceeding the limit of the liability covered by the company.

Limit of Indemnity: As agreed and specified in the policy. The amount varies according to scope, volume and nature of work. Usually on aggregate limit of indemnity for any one period of insurance. Appropriate limit of indemnity depend on the nature of business.

Premium Rating: Rated on the limit of indemnity selected plus the number of partners and staff, nature of insured's activities, experience, professional exposure and insured’s annual turnover


Money Insurance

(Money in Transit, In Locked Safe and /or In Premises and in locked counters)

Concept: To provide compensation against loss of money during its transit or whilst in the premises of the insured up to a specified maximum limit.

Coverage:

  • Money in the course of transit in the insured’s custody or in the custody of their authorized employee.
  • Money in any locked strong room in the insured’s premises.
  • Money in the premises during working hours duly protected.

(Money shall mean and include Cash, Bank Notes, Currency Notes, Cheques, Postal Orders, Money Orders and current postage stamps.)

Extension: Additional coverage available for loss or damage to the safe or strong room caused by burglars and thieves subject to declaration of value of safe with all other details such as make & other specification made available.

Limit of Indemnity: Actual loss suffered only is payable as compensation but not exceeding the sum insured as agreed and stated in the policy.

Premium Rating: Calculated on the total estimated carrying during the year and the amount at risk at the premises. The single carrying limit is also required to be mentioned to facilitate ratings. Rates vary according to nature, location of risk, Security, Clients past record and of course the estimated annual carrying limit.


Fidelity Guarantee Insurance

Concept: To provide indemnity against loss of insured’s Money or Goods caused by the infidelity of the employees.

Coverage: Any loss of money or goods sustained by the insured as a result of act(s) of Forgery, Embezzlement, Larceny, and/or Fraudulent conversion committed by any of the insured's employee(s) in a the course of their duties as specified in the policy.

Forgery shall mean the forging or fraudulent altering of any document or the using of any forged or fraudulently altered document by the employee(s) whereby he or they obtain possession of moneys or goods of the insured.

Limit of Indemnity: Sum insured as agreed. Compensation is payable for the actual loss suffered.

Premium Rating: Rate per thousand of the total sum insured.


Employer’s Liability Insurance

Concept: To indemnify the employers who are legally liable for claims made by employees or their dependants (in the event of the death of the employee) who suffer bodily injury, death or disease caused due to;

Negligence of Employers:

  • Employer not providing competent staff or fit and proper premises or plant along with a safe and proper system of working.
  • Negligence of employer's fellow employees.

Coverage: Full indemnity up to the limit of liability specified in the policy, in respect of injury, disease or death of any person under the employment arising out of and in the course of employee’s functions relating to the employment in the business of the employer and as per the verdict of the court of law.

Premium Rating: Generally calculated as percentage of the total annual salaries depending on the nature and duration of business, place of work, etc.


Hauler’s Liability

This policy covers subject to the Terms & Conditions of the policy, Insured legal liability under common law, rational or international convention by statue or special agreement for damage to the goods on Transit. It also covers legal liability of the assured for negligent acts, errors or commission. It extends to cover additional cost or expense necessarily insured by the insurer to prevent or minimize losses. However it excludes consequential loss.


Ship Repairer's Liability Insurance

Concept: To cover the insured’s legal liability as ship repairers for loss or damage to vessels / crafts upon which they are working or in their care or custody.

 

Product Liability Insurance

Concept: To provide cover to manufactures and suppliers against legal liability towards third parties for property damage and injuries or illness or death caused by or arising from any goods manufactured, sold, supplied, delivered, installed, erected, repaired, tested, treated or altered by the insured.


Public Liability Insurance

Concept: Any business can potentially damage people or property. All businesses are bound by a duty of care for their clients, suppliers, distributors, neighbors & the environment.

Coverage:: Provides coverage against Third party property Damage / Third Party Bodily Injury Caused by accident involving the insured.


Personal Accident Insurance


Concept: To compensate an individual or his legal representative in case the insured suffers bodily injury or death due to accident.

Coverage: Worldwide including travel as a passenger of a regular airline. Age limit usually between 15 to 65 years. Policy is usually for one year but can be for shorter period. The proposer is required to give his age, annual earnings & nature of work. Depending on the age the proposer may be required to get medical examination report, if necessary.

Sum Insured: As requested by Insured and agreed by the Insurer and sum payable varies in cases of accidents causing different degrees of disablement with a maximum of fifty two weeks period of pay.

Premium Rating: is calculated as a percentage of the sum insured usually on annual basis on sum insured according to age, profession, etc. of the insured

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