Corporate Insurance
Contractor’s/Erection All
The policy covers, subject to certain exclusions, any unforeseen physical loss of or damage to the contract works/erection works.
Medical Insurance
Medical Insurance will provide reimbursement of medical expenses incurred as an inpatient and/or in some instances as an outpatient in hospitals and/or nursing homes in Sri Lanka.
Public Liability Insurance
The insurance cover provides an indemnity to the Insured in respect of all sums which the Insured becomes legally liable to pay as damages in consequence of bodily injury to or death of a third party using the premises and/or loss of or damage to the property of a third party.
Travel Insurance
The Travel Insurance cover is a comprehensive ‘all-in-one’ insurance policy that protects the traveler against many common eventualities such as accidental death, bodily injury, emergency medical treatment, travel delays etc.
Cyber Security Insurance
The insurance cover provided by a Cyber Security Insurance is designed to mitigate losses from a variety of cyber incidents, including data breaches, business interruption, and network damage.
Directors & Officers Liability
A D & O liability policy indemnifies the insured for any wrongful act committed by a director, officer, or an employee of the company in their respective capacities.
Product’s Liability Insurance
The insurance cover provides indemnity to the Insured in respect of all sums which the Insured becomes legally liable to pay as damages in consequence of bodily injury to or death of a person using the product and/or loss of or damage to the property of a third party.
Professional Indemnity
The insurance cover provides an indemnity to the Insured in respect of all sums which the Insured becomes legally liable to pay as damages to third parties in consequence of professional negligence . If the insured happens to be a medicare facility, the policy can be extended to cover medical malpractice.
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Group Life Term Assurance
The policy covers natural and accidental death and could be extended to include Critical Illness as well. The critical illness cover triggers a payment on diagnosis, irrespective of death.
Personal Accident
The insurance covers death or permanent total disability and permanent partial disability caused by accidental, external, and visible means. The policy could be extended to cover weekly benefits due to temporary total or temporary partial disability. The persons covered must be named in the policy.
Neon Sign Insurance
The insurance cover can be tagged to a fire policy but the best form of cover would be a neon Sign Insurance which provides, in addition to loss or damage caused by Fire/Lightning and Explosion, indemnity against theft, or any accidental external damages as well.
Workmen’s Compensation
This insurance whilst protecting the Insured against unlimited legal liability under Common Law, also provides as an alternative compensation as per the Workmen’s Compensation Act for accidents and illnesses arising out of and in the course of employment up to a maximum of Rs. 550,000- for death.
Plate Glass Insurance
A fire policy covers loss or damage to plate/sheet glass due to a peril covered under the policy. Similarly, a burglary policy too would indemnify damage to the building occurring in this course of such an event, whereas, plate glass insurance provides additional coverage against accidental damages.
Fidelity Guarantee Insurance
The insurance policy reimburses the direct pecuniary losses which the Insured suffers by all acts of fraud or dishonesty committed by any or named staff during the period of insurance and during the uninterrupted continuance of employment of such staff.
Machinery All Risks Loss of Profits Insurance
Loss of gross profit due to any unforeseen event (subject to policy conditions) occurring to the subject matter insured could be covered over a pre-determined indemnity period.
Business Interruption Insurance
A Business Interruption (BI) insurance provides an indemnity to the Insured for loss of gross profit over a stipulated indemnity period due to a peril named in the corresponding fire policy.
Boiler Insurance
This insurance is a combined insurance package for a commercial boiler, against loss of or damage to the boiler itself by its explosion as well as damage to surrounding property belonging to the Insured together with legal liability for death or bodily injury to third parties and /or damage to third party property.
Marine Import/Export Insurance
The insurance can be designed to cover all types of INCO Terms with universally accepted international insurance clauses. Whilst Cargo Clause ‘A’ covers comprehensively, Clause ‘B’ has a limited form of cover and Clause ‘C’ is a more or less total loss only. The insurance provides storage cover after discharge up to 30 days for sea cargo and 15 days for air cargo. An extended period of storage cover could be negotiated with the insurers. The insurance could be extended to cover War, Strike, Riot & Civil Commotion.
Money in Transit Insurance
The insurance covers for loss of cash/money by any cause as per the insurance policy, either whilst on the premises insured during and after business hours or whilst in transit. The policy could be extended to cover personal assault of the persons carrying cash as well as a limited form of infidelity cover.
Goods in Transit Insurance
A goods in Transit insurance covers loss, damage, or destruction caused to the goods whilst in transit by road, rail, or inland waterway by any cause unless specifically excluded.
Machinery Breakdown All Risks
The benefit of a MAR policy is to cover all types of loss or damage (without leaving any gaps) that could otherwise be encountered. Machinery that is less than 15 years old from the date of manufacture or date of purchase as brand new could be covered. The MAR policy could be extended to cover Riot & Strike and if required Terrorism with island-wide geographical limits.
All Risks Insurance
Although the name ‘All Risks’ is a misnomer, the insurance covers valuables such as jewelry, mobile phones, cameras etc., against any unforeseen physical loss or damage. The common exclusions would be wear & tear, willful damage, loss when unattended or from an unattended vehicle, gross negligence, radioactive contamination, nuclear exclusion, damage to software, etc. The policy could be extended to cover worldwide geographical limits and Riot & Strike and, if required, Terrorism (limited to Sri Lanka) cover as well.
Burglary Insurance
The insurance covers loss of or damage to movable assets caused by actual forcible and violent entry into or exit from the insured premises or following assault or violence or threat thereof to the Insured or to his employees caused by burglars. The insurance also covers loss of or damage to the premises caused by the burglary or attempted threat.
Property/Industrial All Risks
The PAR/IAR policy covers any accidental unforeseen physical loss of or damage to the property insured by any cause unless specifically excluded. The list of exclusions depicts the causes which the insurer does not wish to cover and the rest of the events are covered by the policy. The insurance could be extended to cover Riot & Strike and terrorism together with a host of other additional risks.