This insurance protects the contractor and the principal against loss or damage to materials and works in progress and accidents in the course of construction and/or installation of structures, machinery, equipments, systems and processes.
The type of coverage are as follows:
1. Contractors All Risk
2. Erection All Risk(EAC)
3. Machinery Breakdown(MB)
4. Electronic Equipment Insurance(EEI)
This insurance protects the insured (1) while on voyage for a period of time during which his property is exposed to maritime hazards, and (2) while on a trip of which his aircraft and/or its engines and accessories suffered physical loss or damage.
The three types of covers are as follows:
This protects the insured against loss or damage to his goods while being transported from one location to another location whether import, export, inter-island or inland cargo movements.
This protects the insured against damage to his ships or vessels, their hull, machinery and equipment including liability arising from collision.
This protects the insured against damage to his aircraft including his liability arising from the death or injury to the passengers and/or damage to its cargoes, mails and baggage while on board.
The specific protection under this type of insurance are as follows:
This protects the insured against liabilities due to bodily injury or damage to property of Third Parties arising from activities in connection with his business operations.
This protects the insured against all risk of direct physical loss or damage to his property from any external cause.
This protects the insured against loss of money, securities, or payrolls as result of robbery and brigandage or any attempt thereat whilst inside the premises or whilst in transit.
This protects the insured against financial loss due to acts of fraud or dishonesty by the insured’s employees.
This is a contract or an agreement among three parties whereby a surety company (insurance company) guarantees the performance by an individual (Principal or Insured) of an obligation or undertaking in favor of another party (Obligee).
Examples of these bonds are:
1. Performance Bonds
2. Surety Bonds
3. Bidders Bonds
4. Judicial Bonds