Other

Our Client Managers are available to explain these specialised classes of insurance.

ACCOUNTS RECEIVABLE / BOOK DEBTS

Uncollected debts as a result of physical loss or damage to accounting and similar records.

ADVANCE BUSINESS INTERRUPTION:

Consequential loss resulting from loss or damage to property whilst undergoing construction, installation etc. continuance of overheads, extended interest charges etc.

AIRPORT OPERATOR’S LIABILITY:

Covers third party liability which arises out of the ownership, maintenance or operation of registered aircraft landing areas.

AVIATION HULL AND 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.

BANKERS' BLANKET BOND:

This is a package product incorporating various insurances relevant to the banking and finance industries.

BLOODSTOCK OR LIVESTOCK:

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

BOILER AND 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.

BONDS:

A surety bond is a contract of guarantee which has three parties:

  1. The surety or guarantee, ie the Insurance Company.
  2. The person who is to perform the subject matter of the bond, ie the Contractor.
  3. The person in whose favour the bond is issued, ie the Owner or Obligee.

Under a bond, the surety undertakes to hold itself responsible up to the specified amount for the non performance or malperformance of an expressed obligation, ie the obligation of the Contractor.

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.

CANCELLATION AND ABANDONMENT:

Cover can be 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.

CHARTERER’S LEGAL LIABILITY:

Covers the Insured’s legal liability to the owner of a chartered vessel and/or to third parties arising out of the signing of a charter party agreement.

CONTAINER LIABILITY:

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

CONTRACT BONDING / CONTRACT GUARANTEE:

Covers financial loss arising from the failure of parties to a contract to fulfil their contractual obligations.

CONTRACT PENALTIES / LIQUIDATED DAMAGES:

Covers penalties under contract for delay in completion of a contract on schedule.

CONTROL OF WELL (OPERATOR’S EXTRA EXPENSE):

Covers expenses incurred in bringing under control an oil/gas well. Can include expenses such as seepage and pollution cleanup costs, re-drilling expenses etc.

CREDIT:

Designed to protect the Insured against commercial losses brought about by the insolvency of trade debtors. A policy will usually cover 90% of insured debt and is recognised by financial institutions as an asset when considering granting loans or other facilities.

CROPS (GROWING):

Covers loss destruction or damage to crops from an insured peril.

CUSTOMS AND PAYMENTS BONDS:

Covers liability under the Customs and/or Excise Act.

DIRECTORS’ AND OFFICERS’ LIABILITY

Covers Directors or Officers for their legal liability for wrongful acts committed whilst acting in their capacity as a Director or Officer.

COMPANY REIMBURSEMENT:

To reimburse the company for payments it is legally entitled or obliged to make in indemnifying Directors or Officers for claims made against them whilst acting in their capacity as Directors or Officers. It will not reimburse the company for claims made against the company.

DISABILITY:

Covers insured persons for permanent or temporary disablement as a result of accident or sickness, where such persons are unable to perform the major portion of their normal occupation – various covers such as Key Person, Salary Continuance etc are available.

ELECTRONIC COMPUTER CRIME:

Covers loss sustained by the Insured as the result of fraud perpetrated by anyone other than the Insured’s employees through the Insured’s computer or electronic communications systems.

ELECTRONIC EQUIPMENT / BREAKDOWN / BUSINESS INTERRUPTION:

Covers physical loss or damage, including mechanical or electrical breakdown, to computing equipment and loss due to interruption to the business as a result of loss, destruction or damage by a insured peril.

EMPLOYMENT PRACTICES LIABILITY:

Covers a range of liabilities that can face an employer following wrongful termination, refusal to employ, failure to promote, demotion, disciplinary action, sexual harassment, discrimination or defamation of an employee.

ENVIRONMENTAL IMPAIRMENT LIABILITY:

Covers legal liability for personal injury or property damage caused by unintended gradual or long term pollution. This policy also covers the Insured for legal costs and the costs of removing, rendering harmless or cleaning up any substance which has caused or would cause environmental damage.

EXPORT CREDIT

Covers losses caused by contract repudiation, export licence cancellation or currency inconvertibility preventing the transfer of payments made under a contract.

EXTRA TERRITORIAL WORKERS’ COMPENSATION:

Legal liability to pay compensation (including common law damages) to an employee normally domiciled in Australia who sustains injury, disease or death somewhere outside the Australian State or Territory of domicile in circumstances where the local Workers’ Compensation policy may not adequately respond.

FIDELITY GUARANTEE:

Covers loss sustained through fraudulent or dishonest acts committed by employees.

FILM / FILM PRODUCERS GUARANTEE

A range of policies are available to protect producers and investors against loss involving assets, liabilities, people, production costs and profit.

FINE ARTS:

Covers loss of or damage to fine art and curios whilst on display, exhibition or in transit.

FORGED SHARE TRANSFER

This is a legal liability policy. If company shares or stocks are transferred from one name to another, due to the production of forged documents, both the registrar and the issuing company may be jointly/severally liable for losses incurred by the real owner.

GENERAL PROPERTY:

Covers loss of or damage to specified property, normally of a portable nature, which is not covered under the policy on property at the insured’s premises.

GLASS:

Can cover either specified items of glass or more typically all glass on the premises. Cover can be extended to include such items as signwriting and framework.

GROUP PERSONAL ACCIDENT:

Covers a nominated group of individuals for a specified benefits against a range of accidental disabilities. Benefits are payable to the organisation purchasing the cover rather than to the disabled person.

HOME AND CONTENTS:

Covers domestic dwellings and contents against fire and other perils including theft and personal liability.

INDUSTRIAL SPECIAL RISKS:

This embracive 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.

INFRINGEMENT OF COPYRIGHT:

A specialist market exists to cover claims against authors for infringement of copyright in a variety of areas.

KIDNAP, RANSOM AND/OR EXTORTION:

Covers ransom monies and negotiation expenses in the event of kidnap of an employee or members of their family or resulting from threats against property.

LANDLORDS:

Protects residential property owners in the event of damage to their property by tenants.

LEGAL EXPENSES:

Covers expenses in either pursuing or defending an action arising from disputes with customers or suppliers for the sale, purchase, hire or supply of goods or services or in defending employment contract actions brought against a company by employees or in defending any criminal prosecution made against the company, its directors or employees.

LIBEL AND SLANDER / DEFAMATION:

Legal liability for injury to the reputation, goodwill, profession, trade, business or credit of third parties in consequence of defamation, libel and slander.

LOSS OF HIRE / STANDBY CHARGES:

Covers loss of anticipated freight earnings/income as a result of a vessel being out of service.

MACHINERY BREAKDOWN (MATERIAL DAMAGE / BUSINESS INTERRUPTION):

Covers sudden and unforeseen mechanical or electrical breakdown of plant and machinery. The policy can be extended to cover consequential loss from interruption to the business following such breakdown.

MANUFACTURERS OUTPUT / SELLERS CONTINGENCY:

Covers loss of and/or damage to stock from purchase as raw materials through manufacture and transit / shipment to final destination. This cover is often termed as “Cradle to Grave”. Sellers Contingency protects exporters when goods are destroyed or damaged as a result of the buyer not paying for the goods.

MARINE:

Marine insurance covers the risk of loss to ships and vessels – Marine Hull, and the risk of loss to property and goods in transit – Marine Cargo. 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.

MONEY:

This can cover money at designated premises, in safes and strongrooms and whilst in transit.

NON-OWNED AVIATION LIABILITY:

Covers legal liability to third parties (including passengers) for accidental death, bodily injury or damage to third party property caused by an aircraft or by any person or object falling from an aircraft not owned by the Insured but which they charter, hire or use with the permission of the owner, only whilst such aircraft is in the care custody or control of the Insured.

PERSONAL ACCIDENT / ILLNESS:

Can provide weekly and lump sum benefits for accidental death or injury to a specified person or persons. Protection is also available to cover sickness.

PLEASURECRAFT:

This policy can cover the craft itself, accessories and also Third Party Liability (including to and by water skiers).

PLUVIUS (WEATHER):

Insurance to provide an agreed sum in the event that a nominated quantity of rain should fall during a specified time period, on a specified date and location. Cover is often required by promoters of sporting and outdoor events who would expect to incur financial loss should rain affect attendance at an event.

POLITICAL RISK:

Covers loss by confiscation, expropriation, nationalisation, requisition, destruction or deprivation by actions of governments or local authorities of countries in which the Insured may trade.

PRODUCT PERFORMANCE GUARANTEE:

Covers legal liability either at law or under contract to repair or replace defective products made, sold or distributed by the Insured.

PRODUCT TAMPER / CONTAMINATION:

Covers the costs and loss of net profit where products are withdrawn or destroyed due to actual or alleged contamination or malicious tamper so as to render the product unfit or dangerous for use.

PRODUCT RECALL:

Covers legal liability for all costs, expenses and damages for withdrawal or recall of goods or products because of any known or suspected defect or deficiency therein.

PROFESSIONAL INDEMNITY / ERRORS AND OMISSIONS:

Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the Insured in the conduct of their business.

PROTECTION AND INDEMNITY:

Covers liability to third parties arising out of the ownership of watercraft/vessels.

SEISMIC STREAMER:

Covers seismic survey equipment offshore against loss or damage by insured perils.

SEISMIC TAPE:

Covers loss or damage to seismic tapes during transit, processing or storage.

TAKEOVER:

Covering expenses arising from a successful defence against an unwelcome bid to take over or acquire control of the insured company.

TAXATION AUDIT:

Covers professional fees charged by an accountant in connection with a Taxation Office audit, including costs in obtaining expert advice.

TECHNOLOGY NETWORK SECURITY PROTECTION

Covers computer systems fraud, telecommunications fraud, computer virus, loss of data due to hacking, business interruption and extra expense.

TECHNOLOGY LIABILITY

Covers technology errors or omissions, technology media liability and technology broadform public and products liability.

TRUSTEE LIABILITY:

Covers trustees and trust managers of superannuation funds. Covers fiduciary legal liability to compensate third parties (including legal costs incurred) arising out of the negligent administration of the trust or fund.

UMBRELLA LIABILITY

A legal liability insurance which provides cover: in the same circumstances as other liability policies such as Public & Products Liability, Motor Vehicle etc but provides additional sums insured above those insurances (known as "Excess Liability"). of a wider scope than the underlying liability policies, eg covers Advertising Liability.

VALUABLES:

Personal valuables can be either insured only whilst in the home or anywhere in Australia or whilst travelling abroad.

VOLUNTARY GROUP ACCIDENT SCHEMES:

Covers employees by way of a payroll deduction scheme, for death or disablement as a result of an accident. Cover also provided for an in-hospital cash benefit.