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Many Insurances which are
not predominantly fire, motor, engineering or marine, are termed
“accident” insurances. There
are many risks involving losses through theft, legal liability for
negligence, errors and omissions, accidental injury to the human body, and
the like. Such potential
losses can be crippling to those who suffer the consequences and hence the
need for insurance protection in this area.
The usual insurance policies we off are as follows:
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THEFT
/ BURGLARY INSURANCE |
MONEY
INSURANCE |
This policy is
designed to cover loss or damage to the property contained in
buildings of standard construction, following forcible and
violent entry or exit. It
is most useful to owners of shops, groceries, warehouses and
other business premises where goods of any description are kept.
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Theft of money
by robbery continues to increase.
The Corporation’ money policy is designed to cover loss
of money by “any means whatsoever” whilst on the premises,
in transit, in safes, at sites, in residences of partners and
directors and in the hands of collectors and salesmen.
The policy also extends to cover damage to safes, cash
boxes and strongrooms as a result of theft or attempted theft of
money. Money in
this sense includes bank notes or cash, cheques, postal orders
and money orders.
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| PLATE
GLASS INSURANCE |
FIDELITY
GUARANTEE INSURANCE |
This
covers breakage of window or door glass, mirrors, show cases,
etc. it can be
extended, on payment of extra premium, to include accidental
damage to window frames, fixtures, fittings and goods displayed
in windows, and the cost of boarding-up after breakage.
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The Corporation
issues policies to employers guaranteeing the fidelity of
managers, secretaries, clerks, cashiers, travelers, collectors
and other employees holding positions of trust. Defalcations or embezzlements by even trusted employees are
on the increase. The
aim of this policy is to reimburse the employers against theft
of their money or stock by specified employees or any employee
if the policy is issued to cover all employees.
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| Public
Liability Insurance |
Employers
Liability Insurance |
Every person in
bussiness and every owner or occupier of premises may be called
upon to pay heavy sums as compenation for accidents. Every
trader has this constant liability to the public and the
advisability of obtaining protection against this class of risk
by means of insurance is obvious. The standard policy
provides coverin very wide terms, and can be extended to cover
products liability-i.e. legal liability to third parties for
death, or damage to their property caused by goods sold,
supplied, repaired, serviced, installed or tested by the
insured.
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An employer of
labour can either by statute or common law be held legally
liable for death or injury to his employees either by accident
or through illness. This liability exists independent of
any liability imposed under the Workers Compensation Act and can
be insured under an employers liability policy. This
policy provides wide cover including legal costs of expences.
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| Personal
Accident Insurance |
Death,
disabement orincapacity of the breadwinner can be a serious loss
indeed for his or her dependants. The Coperations Personal
Accident Policy is designed to provide cover for accidental
death, injury and disablement. Capital sums are payable in
teh event of death, loss of limbs, sight, fingers or hearing and
paralysis or other permanant injury. Weekly sums are
payable for any period (up to 104 weeks in all) during which the
insured is disabled from carrying on his annual business or
occupation.
In addition,
the Corperation will pay the cost of medical expences connected
with the accident. Ploicies can be written for groups of
people connected in a club, family, business, employment, or
similar undertaking. This is known as Group Personal
Accident. Cover may be arrangedon the basis of mulitiples
of annual earnings or for fixed amounts.
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