Insurance Products We Specialize In

Commercial Fire Insurance covers buildings, plants, machinery and equipment, stock of raw materials and finished goods. This is a Fire Policy which pays for loss of or damage to insured property both immovable and movable items as a result of Fire, Lightning and Explosion. It is usually extended to cover floods, windstorms, earthquakes, burglary, burst pipes, etc. in a form of an ‘all risk’ policy unless specifically excluded.

Fire covers granted to huge Industrial or Commercial concerns can be extended to cover consequential loss or Loss of Profits consequent upon an outbreak of fire. The cover is in respect of the actual loss of earnings of the business as a result of material damage. It also covers operating expenses, temporary re-location, if necessary, payroll, taxes and loan payments.

In law, we owe a duty of care to each other to ensure that our actions do not injure others or damage their property. In breach of this duty of care, a party can be legally liable to pay damages (compensation) to another who suffers loss or damage arising from lack of care. Upon this premise that the General Liability Insurance which comprises Third-Party Liability (Public Liability), Product Liability and Pollution Liability can be put together for your company.

Third-Party Liability.

This policy will cover the company’s legal liability in relation to third-party property damage and injury or death including claimants’ costs and expenses arising out of the Corporation’s operations during the period of insurance. It must be emphasized that there must be a legal liability and therefore, there must be negligence (breach of statutory duty) before the policy can be triggered. Examples of such incidence can be accidents, injury to persons, physical damage to property, and consequential loss. Usually, a limit per occurrence is set at the onset of the policy.

Exclusions (The policy excludes the following):

• Injury to employees.
• Property damage belonging to the insured.
• Products liability.
• Contractual liability.
• Professional negligence.
• Deliberate acts.
• Vessels and craft, motor.
• Lifts, elevators, and boiler.
• War risk.
• Radioactive contamination.

Products Liability.

This policy is usually sold along with the Public Liability as a combined cover. The policy covers legal liability for bodily injury or property damage which arises out of goods or products manufactured, constructed, altered, serviced, treated, sold, supplied, or distributed by the insured. Cover for this policy is for consequential loss following actual injury or damage.

Exclusion (the policy has the following exclusions):

• Financial loss is not covered unless accompanied by bodily injury or loss or damage to property.
• Contractual liability.
• Damage to the actual products or goods.
• Faulty design or formula.

Pollution Liability.

This policy provides indemnity to the insured in respect of pollution or contamination caused by sudden identifiable, unintended, and unexpected incident which takes place in entirety at a specific moment in time and place during the period of insurance. All pollution contamination arising out of one incident is treated as one claim. This is regardless of how many separate parties are affected or whether the damage spans more than one policy period.

Group Life.

Group Life Insurance assures employees that in the unlikely event of death, disability, or critical illness, their annual salary (sometimes in multiple of annual salary) will be provided to their beneficiaries as a replacement income. The Workmen’s Compensation Act 1987 makes it obligatory for all employers to make available funds to compensate any employee who becomes injured at the workplace. When a group life policy is in place the employer can fall on this to provide such compensation to the injured employee.

Scope of Cover

• Death (Natural & Accidental)
• Accidental Total Permanent Disability
• Critical Illness Cover – stroke, heart attack, cancers etc.
• Temporary & Total Disability benefits
• Occupational Disease
• Medical Expenses
• Workmen’s Compensation
• Hospital Cash

Importance of Group Life Policy for your staff.

• There are readily available funds to take care of employees when accidents or deaths occur.
• A group life policy helps employees plan financially as it takes care of unforeseen life events.
• It improves employee commitment and loyalty as employees know their employers have their best interest at heart.
• It also serves to attract and keep the best employees in the organization.
• The employees are given comfort by knowing their family will be assisted financially when they are no more.
• The group life policy gives cover to staff 24/7 with no geographical limitation.

Workmen’s Compensation.

Workmen’s Compensation Act 1987 makes it compulsory for any Employer of labour to set aside funds to compensate any worker who may be injured at the workplace whether the Employer is guilty or not. It indemnifies the employer against his legal liability for injuries to his employees resulting from accidents occurring in the course of their employment.

It covers:

• Accidental death and illness related to work.
• Medical expenses related to accidental injury.
• Legal cost awarded by the court to the injured employee.

Group Health Insurance Scheme.

The scheme offers comprehensive and cost-effective medical services to members or staff through a network of dependable healthcare service providers such as hospitals, clinics, laboratories, pharmacies, and optical and dental centres across the length and breadth of Ghana 24/7. Group members will enjoy the following services: Medical Consultations, Diagnostic Investigations, Prescribed Medication, Hospital Accommodation, Maternity Care, Surgical Procedures, Dental Care, Optical Treatment, Neo-Natal Care, Pediatrics and more.

There are three types of Motor insurance covers namely, Third Party Only Cover, Third Party Fire & Theft Cover and Comprehensive Cover.

Third-Party. This is the minimum motor insurance cover and indemnifies you or any other qualified person driving with your consent against:

• Death or bodily injury to any third parties, and/or Damage to property belonging to third parties. Damage to your vehicle is, however, NOT covered under this policy.
• The minimum limit for third-party property damage at present is GH¢5,000, However, this can be increased at your request. Bodily injury is unlimited.

Third Party Fire and Theft Cover.

This is an extension of the Third-Party Cover and provides indemnity for loss of or damage to your vehicle occasioned by Fire or Theft. It however does not cover other accidental damage to your vehicle caused by collision, overturning, etc.

Comprehensive Cover.

The comprehensive motor cover cushions you against all of the risks described above, in addition to accidental damage to your vehicle arising from:

• Accidental collision or over-turning
• Fire, external explosion, self-ignition or lightning
• Theft, burglary, housebreaking, Malicious act
• Flood, Storm, Hurricane, Volcanic Eruption or Earthquake

This policy covers the company’s directors and key officers if they are sued. It covers losses associated with lawsuits, including legal and defence fees. Generally, the policy excludes legal expenses from fraud and criminal offences. However, coverage can be extended to criminal and regulatory investigations or trial defence costs. It will cover also both the corporate and personal liabilities of the directors and officers named.

Bid Bond.

This is a bond given to people (clients) who want to tender for projects. The Bond guarantees the owner of the project (Principal) that the Bidder will remain in the bidding process until the project (Contract) is awarded.

When the contract is awarded and the guaranteed person does not win the contract, the bid bond becomes void. In the event that the bidder wins the contract, the guarantor ensures that the bidder signs the contract to perform.

Failure by the bidder to sign the contract, the guarantor is called upon to pay the bond value guaranteed.

Advance Mobilization

This guarantee is given out to contractors only when the principal wishes to advance an amount of money to the contractor to mobilize resources to work on the project.

The bond is an undertaking to the owner of the project to refund monies advanced to the contractor to mobilize resources to work on the project should the contractor after collecting the mobilization fund default on the performance of the project.

If, however, the contractor utilizes the money in the performance of the project successfully then the bond becomes void

Performance Bond.

This bond is granted to persons who have been awarded contracts to execute. It is a guarantee to the principal on behalf of the contractor up to the bond value that the contractor will perform the project awarded to him according to specifications and within the given time.

Should the contractor default in the performance of the said contract, the penalty on the bond will be due for payment.

Contractors All Risks Policy.

The above insurance policy cover material damage to contract works against unforeseen and sudden physical loss or damage from any cause other than those excluded under the policy. There is also a third-party liability cover up to and not exceeding the amount specified for which the insured shall be legally liable consequent on:

• Accidental bodily injury or illness to third parties
• Damage to property belonging to third parties.
• Legal costs and expenses of third parties and all expenses and costs incurred with the written consent of the insurer.

Cover can also be extended for the loss of or damage to Contractor’s plant and machinery used for the construction.