Long Term Insurance

Life Cover: is a means of ensuring that your family or dependants are financially secure in the event of a death or disability

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Funeral Cover: type of life insurance that is used to pay for funeral expenses and merchandise costs, Applicants do not have to go through a health exam in order to obtain it

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Pure endowment: this product requires only a single premium payment which will be used for investment. The investment will be in various asset classes such as equities and bonds based both locally and offshore, thus giving policy owners access to new investment markets even with small amounts of money to invest. The value of the units purchased will be paid to the policy owner at maturity of the policy

Retirement Annuity: A retirement investment vehicle that is structured similarly to a individual retirement account (IRA), except that in this instance, an annuity contract must be purchased, subject to a number of conditions which must be met

Mortgage Protector: is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage

Hospital cover: health insurance plan providing coverage for hospital confinement due to illness, accidents, intensive care etc

Critical Illness: product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy.

Physical impairment: defined as a disabling condition or other health impairment that requires adaptation. Persons with physical impairment disabilities often use assertive devices or mobility aids such as crutches, canes, wheelchairs and artificial limbs to obtain mobility.

Permanent Disability: is any lasting disability from your work, that is injury or illness that affects your ability to earn a living. If your injury or illness results in PD you are entitled to PD benefits, even if you are able to go back to work.

Temporary Disability: Short term disability insurance pays a percentage of your salary if you become temporarily disabled, which means that you are not able to work for a short period of time due to sickness or injury not related to your job.

Short Term Insurance

Business Insurance: Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.

Householder’s insurance: this is a policy to cover your household contents and includes coverage for fatal injury to you as the insured.You should decide on the basis of compensation of your householder policy, whether it is on reinstatement or replacement value. You will be compensated with the value of a brand new item under reinstatement basis but on the depreciated value of item lost under replacement basis.You must specifically declare each item to be insured under the policy to ensure that you get the full compensation in the event of loss/damage. It is advisable to also keep receipts of items insured, if available.

Houseowner’s insurance: this policy provides additional coverage compared to the basic fire policy. It includes loss or damage due to flood, burst pipes, etc. House owner policy does not cover loss or damage due to subsidence, landslip, riot, strike and malicious damage. However, you can cover these exclusions with payment of additional premiums. Extensions are also available to cover loss of rent and liability to third parties for accidents in your house.The sum insured should cover the cost of rebuilding your property in the event of loss/damage. If your property is under financing, you should make sure that your financier has taken adequate coverage. Usually, the coverage arranged by the financier will be for the amount of loan taken. You may, therefore,want to take up a separate insurance cover to extend the coverage taken by your financier.

Fire & Allied Perils: Fire Insurance is coverage against loss by fire and/or lightning. It may include coverage against loss by windstorm or earthquake and other allied risks, when such risks are covered by extension to fire insurance policies or under separate policies.

Fidelity Guarantee: insurance is an insurance policy designed to indemnify the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.

All Risks (business / individual): Property insurance covering loss arising from any fortuitous cause except those that are specifically excluded. This is in contrast to named perils coverage, which applies only to loss arising out of causes that are listed as covered.

Contractors All Risk (CAR): also referred to as Contract Works or Construction Insurance typically provides cover for the cost of physical loss or damage to building works, advanced loss of revenue/income, public liability, installation and constructional plant/machinery including hired-in plant and tools.

Erection All Risks (EAR): EAR policies are designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury (BI) or property damage (PD) arising out of these operations. Coverage for delay in start-up (DSU) costs is typically an optional coverage. Covered parties include the general contractor, subcontractors, and in some cases suppliers and manufacturers of equipment.

Goods In Transit: covers goods against loss or damage while in your vehicle or when sent by a third party carrier. The sum insured may be a limit for each package, each vehicle or any one consignment.

Workman’s Compensation: is a form ofinsurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.

Motor Insurance: policy is a mandatory policy issued by aninsurance company as part of prevention of public liability to protect the general public from any accident that might take place on the road. The law mandates that every owner of a motor vehicle must have one motor insurance policy.

Public Liability: protects you if clients or members of the public suffer personal injury or property damage because of your business. It covers the costs of subsequent legal expenses or compensation claims and is an integral cover for businesses that interact regularly with customers.

Professional Indemnity: commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending.

Office Contents: Office Contents Insurance protects your business equipment such as computers, office furniture and documents whether you work in a separate office premises or from your home office. The insurance policy covers against risks such as theft, fire and water damage.