Non-Life Insurance Products and Services:

By: The Solid Guaranty, Inc.  04/06/2011
Keywords: Insurance, Engineering, Health Insurance

1.       FIRE INSURANCE   

 Fire  and Allied  Lines  -    Protects  individual  homeowners, building owners,   and  tenants    against  loss  of  or damage  to  property  (building   and contents)  against  fire, lightning. Coverage  may also be extended  to provide  protection  against  the  following  perils: 


  • Earthquake
  • Flood
  • Typhoon
  • Eruption, Tidal wave   and  Tsunami
  • Riot, strike  and malicious  damage
  • Broad  water  damage
  • Sprinkler  and  related  fire  fighting  apparatus  leakage
  • Landslide & subsidence
  • Spontaneous  combustion
  • Civil  Commotion
  • Burglary &  robbery
  • Mechanical  or  electrical derangement

2.       ENGINEERING  LINES

A.      Construction   All Risks (CAR)  -  this  insures  construction  projects,   civil works    such  as buildings, roads, bridges.   It  covers  any  accident    on these projects  resulting   in loss  and  damage  of  work  in progress, materials, construction  equipment  and machinery during    the period  of construction.  This  may also cover damage  to  the  materials  in site,  liability  to third  parties   arising from  construction activities.  


B.      Erection  All  Risks   - this  covers  protection  for  electromechanical  works.  This  also  covers  material  damage, repair  or  replacement  of  the items  insured  in  case  of  physical loss  or  damage  from  any cause.  Coverage  may  further  be extended  to  include  the  following:

  • Removal  of  debris
  • Testing and  commissioning  for  equipment
  • Accidental  body  injury  to or  illness  of  the  third  party
  • Accidental  loss  or  damage  to property  belonging  to third parties  occurring  in  the  direct  connection with the  erection, construction  or  testing of  items  insured


C.      Electronic  Equipment  Insurance (EEI) – it protects  electronic  data  processing  equipment  including its  peripherals,  and  software  from any  sudden  or  unforeseen  loss  or  damage.


D.      Machinery  Breakdown Insurance   (MB)   -  this indemnifies  the assured against  breakdown   of  any  machine   (industrial/commercial)  whilst  working  at  rest  or  while  being  dismantled, moved  or  re-erected  for  the  purpose  of  cleaning, ,  repair  or  installation  in another  position.  This  also  covers  damages  arising  from: 

  • Fortuitous  working accidents  such as  vibration,  maladjustment,  loosening, metal fatigue,  excessive  speed  or  lack of  lubrication  or  local overheating
  • Careless  or  incompetent  or  negligent  acts  of  employees  of the insured  or any  third  parties
  • Structural  defects on materials, design  or  assembly
  • Storm frost  or  drifting of  ice
  • Effect  of  electric current following excessive  or  insufficient  voltage,   failure  of    insulation  circuits,  open  circuits  or  arcing  of  the  effect  of  static  electricity 


E.       Business  Interruption (BI)  - this  covers  for the  actual  loss  of  income (total  or  partial)   sustained  as a result  of   machinery/equipment  breakdown.   Protection under  this  policy  would  extend  to the  following: 

  • Alternative  trading
  • Prevention of  access
  • Provision for increase
  • Public  Utilities  extension
  • Salvage  sale 


3.       CASUALTY  INSURANCE

A.      Comprehensive  General  Liability  -    this  coverage  indemnifies  the insured  against   legal liability  to third parties  in connection with the operation  of its  business, in respect  to death  or  bodily injury   and property  damage.


B.      Money, Securities  and Payroll  -   this  protects   money, securities  and payroll  within  or  outside the premises  from  loss    as  a result  of robbery,  burglary . Coverage  may include  money  in transit.


C.      Fidelity  Guarantee – this  provides  indemnity  to  financial loss  sustained  by  the insured  due  to  dishonesty   or fraud    committed  by the  insured  employees.


D.      Property   Floater  -   this covers    moving  equipment    which include  construction  equipment,  cranes, hauler,  forklifts, etc.,  against  risk  of  loss  or damage  due  to  outside  causes    while  being used  within the  covered  location.


E.       Personal Accident   - covers  death, dismemberment, loss  of  sight, limbs, loss  of income  and  medical expenses  caused  by   an accident.


4.       MOTOR  CAR  INSURANCE

Motor  Car   Insurance  -  this  undertakes  to indemnify  the  insured    against  loss, damage  or  liability  arising  from  an  accident  of the insured  vehicle.  The  following  provides  for the  comprehensive  coverage   under  the  motor car  policy: 

  • Own  damage  - accidental  damage  to insured  vehicle
  • Compulsory  third  party liability / Excess  Bodily  Injury – bodily injury  (including  death) sustained  by third  person  as  a  result  of  accident  involving the insured  vehicle
  • Third  Party  Property  Damage  - this  answer  any damage  cause  by the insured  vehicle  to a  third party property
  • Personal  accident  insurance  to  cover  death  or  bodily injury  of  driver  and  passengers

 The  insured  has  the option to  secure  protection  against  acts  of nature  which  includes  loss  or  damage due to earthquake, typhoon,  flood and  volcanic  eruption.


5.       MARINE  INSURANCE

A.      Marine  Cargo -  this  covers   physical  loss  or  damage  on  goods, property  and  or merchandise  in transit  whether   on land, sea  or  air.   Expenses  to reduce  or  prevent loss   are  also covered    under  this  policy.


B.      Marine  Hull  -   this  policy  covers   loss  or  damage   on the   ships  or  vessels,   machinery and  equipment  and  their  hull  including  liability  arising  from collision with other  vessels.  Coverage  maybe  extended  to include  war  and strikes  risks  and  various  acts  of  civil  disturbance.


6.        AVIATION INSURANCE

This insures  commercial  transport  aircraft,  privately owned  aircraft, helicopters, satellites    including  its  group equipment. 


7.        BONDS

I.        Construction Bonds

1.     Performance    Bond  -  this  is  required  of  a  contractor  to  guarantee   the full and  timely performance  of the  contract  according  to the  approved  specification  and plan. 

2.     Bidder’s  Bond  -  this  is  required  in connection  with the  submission  of tenders/offers  for  contracts  with  public  authorities  to guarantee  that   the  bidder  if awarded  the  contract,  will enter  into  a  contract  and  comply  with the  same. 


II.      Heirs  Bond – this  is  required  in any  intestate proceeding, i.e.,  a  person  dies  without  a will  and  his  estate  will  be  distributed  to the  legal  heirs.  The  Bond   undertakes  to indemnify  the  heirs  who may  have  been deprived  of  his  lawful share  in the estate.


III.   Surety   Bond    is required  to   ensure   that the principal's obligations will be performed.  among at least three parties. The contract is formed so as to induce the obligee to contract with the principal, i.e., to demonstrate the credibility of the principal and guarantee performance and completion per the terms of the agreement

Keywords: Aviation, Casualty Insurance, Engineering, Fire Insurance, General Insurance, Health Insurance, Insurance, Insurance Carriers, Insurance Corporation, Marine Insurance, Non-Life Insurance

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