Overview
Miscellaneous insurance encompasses a wide range of coverage options including liability policies. This type of insurance is designed to provide protection for unique risks and assets that may not fit neatly into standard insurance categories.
Insurance Offerings
- Burglary Insurance
- Professional Indemnity
- Workmen’s Compensation & Employers Liability
- Public (3rd Party) liability
- Money Insurance
- Fidelity Guarantee
- Jewellers Block
- Freight Forwarders Liability
- Haulier’s Liability
- Personal Accident
- Office Package Policy
Burglary Insurance This
Burglary policy provides insurance protection against incidents of theft to your property.
This policy covers loss or damage to the insured property while it is contained within the specified business or trade premises. Such loss or damage may arise from:
- Theft following actual, forcible, and violent entry into the premises.
- Theft, or attempted theft, by a person concealed on the premises with felonious intent.
- Damage to the insured property and premises resulting from armed robbery.
- Damage to the insured property and premises as a result of theft, or attempted theft, mentioned above.
The term ‘premises’ does not include any yard, garden, outbuilding, or other appurtenances unless explicitly included in the schedule.
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Riot and Strike
This policy does not cover certain losses, including:
- The amount of the excess as specified in the policy document.
- Gold or silver articles, precious metals, and any other articles made of precious metals, such as medals, coins, sculptures, and rare books of any kind.
- Loss or damage caused by wear and tear or gradual deterioration.
- Loss or damage caused by sack, loot, pilferage, etc.
- Unexplained losses or damages due to errors or omissions.
- Theft or attempted theft from open spaces, gardens, yards, etc., unless the contents thereof are specifically mentioned in the policy document.
- Loss or damage directly or indirectly caused by or arising from any corruption, destruction, or distortion.
- Goods held in trust, cash, jewelry, title deeds, and business books unless they are specifically insured.
- Loss, damage, or expense of whatsoever nature directly or indirectly caused by any act of terrorism or war.
- Loss or damage caused to insured property due to breach of trust or misfeasance by the insured.
- Loss of money from a safe following the use of the key unless such key has been obtained by violence.
- Any loss or damage directly or indirectly happening to the premises from nuclear weapon material.
- Any loss or damage to glass, plate, or any decoration thereon.
- Consequential loss or damage or legal liability of any type.
- Loss or damage caused by loot, sack, spillage, or pilferage.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- The burglary policy offers financial assistance to mitigate losses or damages incurred to your insured property, providing peace of mind against potential theft-related risks.
- By securing burglary insurance for your business premises, you ensure protection for goods, furniture, and property located within your establishment, safeguarding your assets from potential burglary-related losses.
Professional Indemnity
Professional Liability insurance protects professionals against claims initiated by their clients resulting from the practice of their profession. It is required by professionals who have expertise in a specific area and offers protection against claims arising out of business or professional practices such as negligence, malpractice, misrepresentation, errors, or omissions.
The policy covers the monetary amounts, including defense costs, that you are liable to pay to a third party following an action brought against you for any:
- Negligent Act
- Negligent Error
- Negligent Omission
- Negligent Breach of Trust
- Negligent Breach of Professional Duty
- Negligent Misrepresentation
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Loss of documents
- Libel, Slander, Defamation
- Unfair competition
- Unintentional Breach of confidentiality
- Unintentional Breach of copyright or patent infringement
- Misstatement or misrepresentation
- Employers Practice Liability
- Dishonesty of employees
Certain significant exclusions include are:
- Any Circumstances known at inception
- Any Wrongful Act, Error, or Omission that took place prior to the Retroactive Date
- Any Dishonest, fraudulent, or malicious acts
- Contractual Liability unless attached in the absence of the contract
- Liability for bodily injury or property damage
- Fines, Penalties, Punitive, or Exemplary Damages
- Liability to shareholders
- Liability for financial risks (i.e., Depreciation in investments)
- Liability in respect of pollution
- War, sabotage, and terrorism
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Indemnified in the event of a claim.
- No impact on the company’s balance sheet.
- Demonstrates to clients that their interests have been considered.
- Protects against damage to your company’s reputation.
Workmen’s Compensation & Employers Liability
Worker’s compensation covers any occupational sickness or accidents arising during the course of employment, including medical expenses and loss of wages for either bodily injury or the death of an employee as per relevant Labor Laws. Employer’s liability pays additional compensation over and above the workers’ compensation benefits upon a court judgment of negligence on the part of the employer.
The policy can be taken out in the joint names of the contractor and the employer. This policy enables the contractor or employer to comply with the insurance requirements of the contract.
Any work-related accident causing:
- Death
- Physical injury
- Disability
- Loss of earning
- Medical expenses towards complete recovery
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Expenses for Repatriation: Covers repatriation expenses for transporting the deceased body following a work accident.
- Employer’s Liability: Provides civil liability coverage if the work-related accident is caused due to the negligence of the employer.
- Coverage for Non-work Related Accidents: Offers coverage for accidents unrelated to work.
Certain significant exclusions include are:
- Non work related accidents
- War, sabotage and terrorism
Annual wages are considered as the sum insured.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
Employer’s liability pays additional compensation above the workers’ compensation benefits upon a court judgment of negligence on the part of the employer.
Public (3rd Party) Liability
This policy covers the amount for which the insured becomes legally liable to pay as damages to third parties due to accidental death, bodily injury, or loss or damage to the property belonging to a third party. It also covers the legal costs and expenses incurred in defending the case, subject to certain terms and conditions. Public Liability insurance is suitable for businesses engaged in premises-based activities such as offices, showrooms, and warehouses.
- Damages to third parties due to a negligent act.
- Compensation for accidental death or bodily injury.
- Damage to or loss of property.
- Legal costs associated with the above claims.
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Natural calamities like flood, earthquake, etc.
- Transportation risk.
- Working away from the business premises.
- Sudden and accidental pollution.
- Liability for plant and equipment while in use as tools of trade.
Certain significant exclusions include are:
- Use of plant and equipment.
- Motor vehicle liability.
- Offshore works.
- Product liability.
- Professional Indemnity.
- Directors and Officers Liability.
- Pure financial loss.
- Employers’ liability.
- Gradual pollution.
- War, sabotage, and terrorism.
In a public liability policy, the sum insured is referred to as the Limit of Indemnity. This limit is fixed per accident and per policy period, known as Any One Accident (AOA) limit and Any One Year (AOY) limit, respectively. The ratio of AOA limit to AOY limit can be chosen from the following:
- 1:1
- 1:2
- 1:3
- 1:4
The AOA limit, which is the maximum amount payable for each accident, should be fixed considering the nature of the insured’s activity, the maximum number of people who could be affected, and the maximum property damage that could occur in the worst possible accident on the insured’s premises.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Comprehensive Coverage: Protects against legal liabilities for bodily injury, property damage, and third-party losses.
- Flexible Extensions: Tailorable options include coverage for natural disasters, transportation risks, and pollution incidents.
- Legal Compliance and Reputation Protection: Ensures legal obligations are met while safeguarding financial stability and reputation in case of accidents.
Money Insurance
The Money Insurance covers the loss of your money while in transit and while on the premises. It includes cash, coins, bank drafts, currency notes, treasury or promissory notes, cheques (signed and blank cheques whether crossed or not), bonds, bills of exchange, postal orders, money orders, and current postage stamps held in connection with business (excluding foreign currency unless specified otherwise in the Schedule).
- Money in premises.
- Transit of earnings, wages, and petty cash.
- Direct transit of collections.
- Transit of collections with a stopover.
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Cover for Foreign Currency: Specific declaration and coverage of foreign currency under the Policy.
- Assault Coverage: If the money-carrying employee is assaulted during burglary or holdup resulting in death, bodily injury, physical separation of a limb, loss of an eye, or prevention from engaging in usual employment, the Company shall pay such employee.
Certain significant exclusions include are: Shortage due to error or omission.
- Riot, strike, civil commotion unless specifically agreed for Terrorism.
- Unexplained losses and mysterious disappearances.
- Loss or damage due to flood, cyclone, earthquake, and other convulsions of nature, war, and war-like operations.
- Loss or damage arising out of the use of keys to safes or strong rooms unless such keys are obtained by force or threat.
- Money entrusted to any person other than the Insured or an authorized employee.
- Legal liability, consequential loss, theft from an unsecured vehicle, and consequential loss.
- Money entrusted to a carrier.
- Loss due to any act in which the Insured, his/her family member/employee is involved as principal or party except dishonesty of cash-carrying employee where specifically covered.Such dishonest activity of cash-carrying employee shall be discovered within 48 hours.
- Money carried under a contract of affreightment.
Sum insured is based on Estimated annual carrying maximum limit for any one carrying maximum limit for safe-keeping at any given time.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
Fidelity Guarantee
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.
The cover provided includes reimbursement for loss resulting from:
- Dishonesty, fraud, loss of property, loss from loans, or trading committed by an employee for improper personal financial gain.
- Theft of property by computer fraud and the theft of funds from the insured’s transfer account at a financial institution are also indemnified. In addition, defense costs, judgments, and settlements are accommodated by the terms of the contract.
Certain significant exclusions include are:
- Shortage due to error or omission.
- Suppression of facts at the time of taking the policy.
- Loss due to non-observance or relaxation of the system of checks and precautions.
- Losses discovered after more than 12 months after the termination of the service of the employee concerned.
- Inventory losses.
- Any loss resulting directly or indirectly from trading in securities.
- Consequential losses of any kind.
- Legal Liability arising out of the act of the employee.
Sum insured can be opted on an individual names or positions basis or on a blanket unnamed basis.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Automatic cover extension for losses discovered within twelve months after the insured employee ceases to be employed or the termination of the policy, whichever occurs first.
- Single insurance policy can be issued for several groups of employees for your company.
- Cover includes temporary employees who are named or included in the classes set out in the schedule.
- Cover for auditor’s fees incurred in any special audit required to substantiate the amount of any claim available.
Jewellers Block
Jeweller’s block insurance is an all-risk policy tailored to various business needs, from traditional jewellery shops and pawnbrokers to bureau de change. It provides comprehensive coverage against loss or damage to stock, merchandise, bank notes, and other business assets. Coverage extends to theft, burglary, and transit of high-value items, ensuring protection for retailers, manufacturers, distributors, and pawnbrokers.
This policy covers stock, merchandise, bank notes, as well as trade and office furniture, fixtures, fittings, machinery, plant, safe, alarm systems, tenants’ decoration, and all other improvements and contents of the assured’s property.
The sum insured is based on the new replacement or reinstatement value of the stock or other items required under the cover.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Essential for retailers, manufacturers, or distributors handling high-value items like jewellery or fine art (including gold, diamond), safeguarding against potential devastating losses.
- Provides peace of mind to businesses dealing with high-value goods, ensuring effective operations and full protection from potential disasters like fire or robbery.
Freight Forwarders Liability
Freight Liability Insurance is crucial protection for businesses involved in overseas transportation and warehousing of goods. It covers legal liability for loss or damage to goods carried or stored, including third-party logistics, freight forwarders, and supply chain management companies, as defined by contract conditions or applicable International Conventions.
- Loss or damage to cargo, containers, vessels, or vehicles belonging to other parties.
- Coverage for transporting equipment belonging to other parties.
- Liability against third parties.
- Errors and Omissions.
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Errors and Omissions due to any negligent act of the policyholder, agent, or subcontractor.
- Third-party Legal Liability for bodily injury or physical loss or damage caused.
- Warehouseman’s Legal Liability.
- Loss or damage to goods carried on their own or leased vehicles, including coverage for loss or damage arising due to loading and unloading of the cargo.
Certain significant exclusions include are:
- Loss resulting from any award against or any other person for whose conduct you are liable for punitive, exemplary, or multiple damages.
- Loss resulting from insolvency or financial default.
- Loss resulting from involvement in the operation or management of a ship or aircraft.
- Loss resulting from involvement in dredging operations or the dumping of spoil therefrom.
- Loss resulting from the operation or use of a dump site, landfill operation, or from the disposing of waste.
- Loss resulting from waiving your rights of recourse against any other party, unless agreed to by the insurer in writing.
- Loss resulting from any deliberate, reckless, or willful conduct that enhances the likelihood of increasing loss, damage, liability, or expense.
- Loss resulting from third-party property held in your care, custody, and control as a result of accounting errors or unexplained disappearances and/or shortages revealed only after taking inventory or other methods.
- Loss, liability, damage, or expenses caused by or contributed to by nuclear or radioactive weapons, terrorism, war, confiscation, and strikes.
The sum insured is referred to as the Limit of Indemnity, fixed per accident and per policy period, known as Any One Accident (AOA) limit and Any One Year (AOY) limit respectively.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Allows businesses to recover the price of goods damaged in transit, regardless of the means of transport.
- Enables compensation for the price of goods damaged as part of road carrier’s business, providing essential financial protection.
Haulier’s Liability
Hauliers’ insurance covers damage to cargo caused by fire, explosion, or accidents to the carrying vehicle due to the negligence of the insured and/or their servants. The owner of the vehicle (Insured) is legally liable for such loss/damage. It specifically covers the hauliers’ liability specified in the trade contract, not the actual goods they transport.
Loss and damage to goods in the care, custody, and control of the haulier in accordance with standard trading conditions or under International Conventions such as CMR (Convention on the Contract for the International Carriage of Goods by Road) and also under Common Law.
- Loss or damage to cargo, containers, vessels or vehicles belonging to other party
- Coverage to transport equipment belonging to other party
- Liability against third parties
- Error and Omission
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Legal costs
- Hauliers’ property
- Debris removal
- Containers
- Legal liability for consequential loss
- Drivers’ personal effects
- Commercial considerations
- Frozen food
- Trailers
Certain significant exclusions include are:
- Inner limits are applied to most goods deemed very attractive to thieves.
- Theft restrictions designate when a haulier is liable for damage or loss of goods due to theft.
- Claims conditions specify that the haulier must not make any admission, offer, promise, or payment without the insurer’s prior consent.
- Loss or damage while someone other than the haulier is driving the haulier’s vehicle will not be covered.
- Radiation, terrorism, war, riots.
Depending on exposure, the proposer has to fix two limits of indemnity under the policy: Any One Accident (AOA) and Any One Year (AOY).
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Provides coverage against liability for loss or damage to cargo during transportation.
- Covers loss or damage to containers, vehicles, or transport equipment of third parties.
Personal Accident
Personal Accident Insurance operates 24/7 and worldwide, providing specified capital benefits for accidental death, bodily injury, permanent total disablement, permanent partial disablement, temporary total disablement, and temporary partial disablement caused by an accident.
Personal Accident Insurance Policy has ‘Accidental Death’ as compulsory cover and ‘PTD, PPD and TTD as optional covers. Insured may opt for any of the following coverage options:
- Accidental death
- Accidental death + Permanent Total Disability (PTD)
- Accidental death + Permanent Total Disability (PTD) + Permanent Partial Disability (PPD)
- Accidental death + Permanent Total Disability (PTD) + Permanent Partial Disability (PPD) + Temporary Total Disability (TTD)
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Hospital Confinement Allowance
- Ambulance Charges including air ambulance
- Child Education
- Accidental Medical Expenses
- Weekly Compensation
Certain significant exclusions include are:
- Dispersal or application of pathogenic or poisonous biological or chemical materials.
- Participation in hazardous or potentially dangerous sports or activities.
- Loss resulting from childbirth, pregnancy,
- Breach of law with criminal intent.
- Loss caused by infections or diseases.
Minimum and Maximum Sum Insured limits are based on income.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Offers coverage for the insured and their family in case of accident-related injury, death, total or partial disability caused by violent, visible, and external means.
- Covers events such as rail, road, and air accidents, collisions, falls, burns, drownings, etc.
Office Package Policy
Office insurance provides comprehensive protection against property damage, workmen compensation, third-party liability, and medical insurance, ensuring holistic coverage for your office premises.
- Property All Risks (PAR): Covers fire, burglary, and accidental damage to the building (if owned), office equipment, and all contents.
- Workmen Compensation: Covers liability under the Workmen’s Compensation Act of UAE to compensate employees for bodily injury or death due to accidents/occupational diseases arising during employment.
- Third Party Liability: Covers legal liability, including costs and expenses, arising from accidental bodily injury and/or property damage to third parties on your premises during business operations
On request, with additional premium, the policy can be extended to cover various optional extensions namely:
- Option to choose any section except Property All Risks section, which is compulsory.
Certain significant exclusions include are:
- Loss or damage due to war and nuclear perils.
- Wear and tear and gradual deterioration.
- Consequential loss of any kind.
- Loss or damage due to actions of any lawfully constituted authority.
- Excess amount as mentioned in the policy schedule.
- Mysterious disappearances or other unexplained losses.
Minimum and Maximum Sum Insured limits are based on income.
The duration of coverage is for one year, and it is necessary to renew your insurance policy annually.
- Single policy covering most risks associated with office premises.
- Provides coverage for legal liabilities to third parties, ensuring financial protection in case of accidents or damages.
Commercial General Liability (CGL) insurance
Commercial General Liability (CGL) insurance provides coverage for businesses against claims of bodily injury, property damage, and personal or advertising injury arising from business operations. Here’s a breakdown:
- Bodily Injury: Coverage for injuries to third parties, such as customers, visitors, or vendors, that occur on the business premises or as a result of business operations.
- Property Damage: Protection against damage to third-party property caused by the business’s operations, products, or services.
- Personal and Advertising Injury: Coverage for non-physical injuries, such as libel, slander, defamation, copyright infringement, or false advertising, which may result in financial losses for others.
- Legal Defense Costs: The insurance typically covers legal fees, court costs, and settlements or judgments associated with covered claims.
- Professional Errors and Omissions: CGL policies usually exclude coverage for errors or omissions in professional services, which are typically addressed through separate Professional Liability Insurance (Errors and Omissions Insurance) policies.
- Employee Injuries: Coverage for injuries sustained by employees during the course of employment is typically provided by Workers’ Compensation Insurance rather than CGL.
- Intentional Acts: Claims arising from intentional acts or deliberate misconduct by the insured or their employees are generally excluded from coverage.
- Contractual Liability: Liability assumed by the insured under contract, unless specifically covered by the policy, may not be covered.
Similar to other insurance policies, the sum insured in Commercial General Liability insurance represents the maximum amount that the insurance company will pay out for covered claims during the policy period. It’s essential for businesses to select an appropriate sum insured based on their potential liability exposure.
Add-on covers or endorsements for Commercial General Liability insurance can provide additional protection tailored to the specific needs of the business. Some common add-on covers include:
- Product Liability: Extends coverage to include claims related to injuries or damages caused by products sold or manufactured by the insured business.
Product liability insurance
Product liability insurance typically covers the costs associated with legal defense, settlements, and judgments if a product that your business manufactures, distributes, or sells causes harm to a person or property.
- Legal Costs: This includes attorney fees, court costs, and any other legal expenses incurred in defending against a claim.
- Compensation: This covers payments for bodily injury, property damage, or financial losses suffered by third parties due to a defective product.
- Settlements and Judgments: If your business is found liable for damages, the insurance can cover the costs of settlements or court-ordered judgments.
- Intentional Acts: Product liability insurance typically doesn’t cover damages resulting from intentional acts or fraud.
- Contractual Liability: Damages arising from breaches of contract are usually not covered.
- Recall Costs: While some policies may offer coverage for product recalls as an add-on, it’s not always included in standard product liability insurance.
The sum insured is the maximum amount that the insurance company will pay for covered claims within a policy period. This amount is agreed upon when purchasing the insurance and should reflect the potential risks your business faces.
- Extended Liability Coverage: This extends coverage beyond typical product liability claims to include claims for damages arising from advertising injury, defamation, or other related risks.
- Third-Party Liability: This extends coverage to include liability for damages caused by products manufactured by third-party suppliers or contractors.
- Export Liability Coverage: If your business exports products, this add-on covers liabilities arising from products sold internationally.
- Tenant liability or Landlord liability
Note: This list is not exhaustive. For detailed terms and conditions regarding coverage under this policy, please refer to the policy contract.
For more details or to buy MISCELLANEOUS INSURANCE