BOOK DEBTS INSURANCE:

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

ADVANCE BUSINESS INTERRUPTION INSURANCE:

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 AND AVIATION LIABILITY INSURANCE:

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 INSURANCE:

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

BOILER AND PRESSURE VESSEL EXPLOSION INSURANCE:

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 tothe specified amount for the non performance or malperformance of anexpressed obligation, ie the obligation of the Contractor.

BURGLARY AND/OR THEFT INSURANCE:

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 INSURANCE:
(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 INSURANCE:

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.

COMMERCIAL PACKAGE INSURANCE:

This insurance package is typically designed for small business enterprises and provides coverage for both Assets and Liabilities within the framework of one policy.

COMPLETED OPERATIONS INSURANCE:

This exposure follows the construction of a project and protects various responsibilities of the Contractor after leaving the site.

CONSTRUCTION RISKS / LIABILITY & ENGINEERING RISKS / LIABILITY INSURANCE:

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.

CORPORATE TRAVEL INSURANCE:

Covers baggage, overseas medical expenses, money, personal accident benefits, loss of deposits and other contingencies appropriate for insured persons whilst travelling on the business of the Insured.  This policy is often purchased on an annual basis.

CREDIT INSURANCE:

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.

DIRECTORS’ AND OFFICERS’ LIABILITY /
COMPANY REIMBURSEMENT / MANAGEMENT LIABILITY INSURANCE:

Directors’ and Officers’
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.

Management Liability
Intended to provide protection not only for the assets of the individual directors and officers but cover is also extended to the company for defined exposures. This is done by broadening the traditional D&O coverage and then incorporating it with five other insurance covers under the one policy.

DISABILITY INSURANCE:

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 INSURANCE:

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 INSURANCE:

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 (EPL) INSURANCE:

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.

FIDELITY GUARANTEE INSURANCE:

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

FINE ARTS INSURANCE:

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

FIRE AND EXTRANEOUS PERILS INSURANCE:

This composite policy can include a selection or all of the following perils:  Fire, Lightning, Explosion, Aircraft, Earthquake, Storm & Tempest, Rainwater, Water Damage, Flood, Malicious Damage, Riots & Strikes, Impact by Vehicles or Animals.

GENERAL PROPERTY INSURANCE:

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.

GROUP PERSONAL ACCIDENT INSURANCE:

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.

INDUSTRIAL SPECIAL RISKS INSURANCE:

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.

KIDNAP, RANSOM AND/OR EXTORTION INSURANCE:

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.

LEGAL EXPENSES INSURANCE:

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 INSURANCE:

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

MACHINERY BREAKDOWN INSURANCE
(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.

MARINE TRANSIT & MARINE PLEASURECRAFT INSURANCE:

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.

MOTOR VEHICLE INSURANCE:

This can take several forms:

1 (a) Comprehensive, ie own damage and third party property damage.
   (b) Third Party Property Damage plus Fire and Theft.
   (c) Third Party Property Damage only.

2. Compulsory Third Party “Act” cover.  This is a compulsory insurance in all States of Australia and applies to Third Party Injury or Death sustained in an accident involving a registered motor vehicle.

MULTI - RISKS INSURANCE:

A Multi-Risks policy covers the Insured against a wide range of unspecified, fortuitous risks of loss or damage (subject to policy exclusions etc) to the property insured but not loss or damage caused by its inherent nature.

PERSONAL ACCIDENT / ILLNESS INSURANCE:

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.

POLITICAL RISK INSURANCE:

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 TAMPER / CONTAMINATION INSURANCE:

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 INSURANCE:

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 INSURANCE:

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.

PUBLIC AND PRODUCTS LIABILITY / BROADFORM LIABILITY INSURANCE:

Legal liability to pay compensation (including legal expenses) to third parties in the event of the Insured causing injury, death or loss of or damage to property arising out of business operations or products.

TAXATION AUDIT INSURANCE:

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

TECHNOLOGY NETWORK SECURITY PROTECTION INSURANCE:

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

TECHNOLOGY LIABILITY INSURANCE:

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

TRUSTEE LIABILITY INSURANCE:

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 INSURANCE:

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.
  
  

VOLUNTARY GROUP ACCIDENT SCHEMES INSURANCE:

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.

WORKERS’ COMPENSATION INSURANCE:

All employees injured by accident or industrial disease arising out of, or in the course of their employment are legally entitled to compensation under the various Workers’ Compensation statutes.  The Acts in each State and Territory require employers in Australia to maintain compulsory “no fault” insurance to cover their legal liability.