Commercial Insurance

What is insured?

• Buildings, landlords fixtures and fitting or tenants improvements
• Loss of rental,
• Plant & Machinery and contents
• Stock including work in progress and materials in Trade
• Miscellaneous assets (to be specified, if cover required)

When is it insured?

• Following loss by Insured perils as follows:
• Fire, lightning or thunderbolt, explosion, storm, wind, water, hail or snow, aircraft and other aerial devices or articles dropped therefrom, impact by animals, trees, aerials, satellite dishes or vehicles)
• Subsidence and landslip – if requested
• Leakage – if requested

What is insured?

• Property
• Buildings, sporting and recreational structures, landlord’s fixtures and fittings therein and thereon, walls; gates, posts, fences, and tarred or paved roads, driveways, paths or parking areas.
• Public Supply Connections
• Rent
• Liability

When is it insured?

• Property

Following loss by Fire, lightning, thunderbolt, subterranean fire, explosion, Storm, wind, water, hail or snow, earthquake, aircraft and other aerial devices or articles dropped there from, impact by animals, trees, aerials, satellite dishes or vehicles, theft accompanied by forcible and violent entry into or exit from such building and accidental damage to sanitary-ware.

• Public Supply Connections

Accidental damage to water, sewerage, gas, electricity and telecommunication connections the property of the insured or for which they are legally responsible, between the property insured and the public supply or mains.

• Rent

When the insured property becomes untenantable following damage caused by perils insured under the Property section above

• Liability

Damages for which the insured shall become legally liable to pay consequent upon accidental death of or bodily injury to or illness of any person or accidental loss of or physical damage to property

• Cover is extended to include Malicious Damage

What is insured?

• Contents of the office (excluding electronic data processing equipment – this must be specified under the electronic equipment section)
• Rent
• Documents
• Legal Liability Documents
• Increase in Cost of Working

When is it insured?

• Contents

Following loss by fire, lightning, thunderbolt, subterranean fire, explosion, storm, wind, water, hail or snow, earthquake, aircraft and other aerial devices or articles dropped there from, impact by animals, trees, aerials, satellite dishes or vehicles, accidental breakage of mirror glass, plate glass tops to furniture or fixed glass forming part of any article of furniture.

Cover can be extended to insure theft. Limited to 25% of the Contents sum insured.

• Rent

When the premises becomes uninhabitable for loss by an insured peril, listed above. Limited to 25% of the Contents sum insured

• Documents

Loss of or damage to documents normally kept at the office by any peril not excluded

• Legal Liability Documents

Legal liability as a direct consequence of loss of or damage to documents

• Increase in cost of working

For any additional expenditure incurred by the insured for the purposes of maintaining the normal business continuity following an insured loss. Limited to 25% of the Contents sum insured.

 What is insured?

• Loss or Gross Profit
• Loss of Gross Rentals
• Loss of Revenue
• Additional Increase in Cost of Working
• Wages

For the duration of the Indemnity Period

When is it insured?

Loss or interruption with the business following an insured loss under the:

• Fire Insurance
• Buildings Combined Insurance
• Office Contents Insurance
• Or any other material damage insurance covering the interest of the insured but only in respect of perils under the fire section
• Cover can be extended, if requested, to include Business Interruption following:
  • Damage at Suppliers premises
  • Damage at Customers premises
  • Prevention of Access
  • Public Telecommunications
  • Public Utilities

 Definitions

• Indemnity period

The period beginning with the commencement of the Damage and ending not later than the number of months thereafter stated in the schedule during which the results of the business shall be affected in consequence of the Damage.

• Turnover

The money paid or payable to the insured for goods sold and delivered and for services rendered in the course of the business at the premises.

• Revenue

The money paid or payable to the insured for goods sold and for services rendered in the course of the business at the premises.

• Gross rentals

The money paid or payable to the insured by tenants in respect of rental of the premises and for services rendered.

• Gross profit (difference basis)

The amount by which:

the sum of the turnover and the amount of the closing stock shall exceed

the sum of the amount of the opening stock and the amount of the uninsured costs.

The amount of the opening and closing stocks shall be arrived at in accordance with the insured’s normal accountancy methods, due provision being made for depreciation.

• Uninsured costs

As specified in the schedule (the words and expressions used shall have the meaning usually attached to them in the books and accounts of the insured).

• Gross profit (additions basis)

The sum produced by adding to the net profit the amount of the insured standing charge or, if there is no net profit, the amount of the insured standing charges less such proportion of any net trading loss as the amount of the insured standing charges bears to all the standing charges of the business.

• Net profit

The net trading profit (exclusive of all capital receipts and accretions and all outlay properly chargeable to capital) resulting from the business of the insured at the premises after due provision has been made for all standing and other charges including depreciation, but before the deduction of any taxation chargeable account of on profits.

• Insured standing Charges

As specified in the schedule (the words and expressions used shall have the meaning usually given to them in the books of the insured).

• Standard turnover / Standard revenue / Standard gross rentals

The turnover (revenue) (gross rentals) during that period in the twelve months immediately before the date of the Damage which corresponds with the indemnity period.

• Accidental physical loss of or damage to the insured property at or about the premises not otherwise insured or excluded
• Cover can be extended (by request) to include accidental physical loss of or damage to the insured property caused by discharge or leakage from tanks, pipes or apparatus of chemicals, oils, liquids, fluids, gases or fumes

 What is insured?

• Electronic Equipment
• Reinstatement of Data
• Increase in Cost of Working

When is it insured?

• Electronic Equipment

Sudden and unforeseen physical loss or damage whilst at the insured premises or temporarily elsewhere for the purpose of repair, servicing and/or maintenance

• Reinstatement of data

Loss or damage to data whilst stored at external backup storage facilities or whilst in transit by a sudden and unforeseen event not excluded.

• Increased cost of working

If, following loss or damage to the property Insured by the Electronic Equipment Section or is, as the result of the Insured being denied access to the property Insured due to damage to property in the immediate vicinity of the Premises by an event insured under the Electronic Equipment Section

Loss or damage as a result of accident or misfortune to the books of account or other business books or records following which the insured is unable to trace or establish the outstanding debit balances due to them

Loss or damage to property while anywhere in the world by any accident or misfortune not otherwise excluded

Loss of or damage to insured property from any insured building at the insured premises as a result of theft accompanied by forcible and violent entry into or exit from such building or any attempt thereat or as a result of theft, or any attempt thereat, following violence or threat of violence

Loss of or damage to money

Loss of or damage to internal and external glass (including mirrors), signwriting at the insured premises

Loss of Money and/or property resulting from fraudulent or dishonest acts committed by an employee acting alone or in collusion with others which results in the insured suffering a financial loss and the employee benefiting from such dishonest or fraudulent act

Loss of or damage to property owned by the insured or for which they are responsible, in the course of transit caused by an accident or misfortune not otherwise excluded

• Damages which the insured shall become legally liable to pay consequent upon death of or injury or damage herein defined occurring in the course of or in connection with the business.
• Cover can be extended to cover for injury or damage caused by the nature or condition of any goods or products manufactured, constructed, altered, repaired, serviced, handled, treated, sold or supplied by the Insured in connection with the business.

Damages which the insured shall become legally liable to pay consequent upon death of or injury or damage herein defined occurring in the course of or in connection with the business.

Note in terms of COIDA, an employee cannot sue an employer for injury/illness sustained in the course and scope of their employment. However, this has not been tested in a court of law therefore Employer Liability cover is offered by insurer as contingent cover

• Cover for sudden and unforeseen physical damage to the insured property.
• Cover can also be arrange for Business Interruption / Loss of Profit following loss insured by the Machinery Breakdown policy

• Compensation following an accident that occurs during that results in a bodily injury or death

• Loss Or Damage
  • Loss of or damage to any insured vehicle and its accessories and spare parts whilst on the vehicle.
  • Liability to Third Parties
  • Any accident caused by or in connection with any insured vehicle or in connection with the loading and/or unloading of such vehicle, in respect of which accident the insured and/or a passenger becomes legally liable following :
    • death of or bodily injury to a third party, but excluding death of or bodily injury to any person in the employ of the insured or being a member of the same household as the insured

– damage to property, other than

– property belonging to the insured

– or held in trust by or in the custody or control of the insured

– or being conveyed by, loaded onto or unloaded from such vehicle.

• Liability to Third Parties
  • Medical expenses cover for occupants of the insured vehicle involved in an accident.

• Cover for costs incurred in cleaning up the environment following an accident of the insured vehicles caused by the goods carried by such vehicle. This cover is usually for heavy commercial vehicles that carry goods that can impair / cause damage to the environment

• Construction and Performance guarantees for the performance of work undertaken by the insured, required by their principals