Frequently Asked Questions

What does Travel Insurance cover?

Travel Insurance covers a host of insurable incidents. The exact roster of instances varies from one plan to the next. But broadly speaking, here’s what you can expect a Travel Insurance plan to cover:

  • Personal accident cover
  • Hospitalisation expenses
  • Trip delays, cancellations or interruptions
  • Loss or damage to baggage checked-in
  • Loss of passport 

It’s best to read the terms and conditions to know exactly what incidents your Travel Insurance plan includes.

What is "No Claim Bonus”?

No Claim Bonus (NCB) is your bonus for driving or riding carefully and not making a claim. You get a discount on your premium. Starting from 10% going all the way to 50%. So be careful on the road. If any claim is made, however small, the no claim bonus is lost.

Can I transfer my vehicle insurance?

No, the insurance cannot be transferred if ownership has changed for whatever reason the insurance policy automatically lapses. The new owner of the vehicle which is the subject of insurance will need to buy their own policy.

What are the documents that are required to be submitted for a Motor Insurance claim?

Different claims will require unique set of documents. Here are a few things you will need: Filled claim form, copy of whitebook of the vehicle, estimates of the loss, police report. For theft claims, vehicle keys, police report and whitebook.

Should I insure my building’s structure for the market value or rebuilding cost?

You should always insure your home for the cost of rebuilding it. The rebuilding cost will be different to the market value. The rebuilding cost does not allow for the value of the site the property is built on, because this is not insured. However, it does need to allow for rebuilding your home in its current form, including the cost of clearing the site and professional fees.

How can I work out the rebuilding cost of my home?

You can ask a qualified surveyor to work out the cost of rebuilding your home.

How do insurers define ‘storm’ and how do they decide if a storm has caused the damage to my home?

A storm is not just a period of bad weather, it is a period of violent weather, involving rain, hail, wind, snow, lightning or any combination of these. It can last for a short or a long time, and can affect a large or a small area, but in all cases it refers to a period of violent weather that is likely to cause damage to property. A period of bad weather which would not be expected to cause damage to a well-maintained property is not a storm. Insurers will take account of a number of factors when considering whether or not damage has been caused by a storm (for example, whether or not the wind speed in that particular area at the time was strong enough to cause damage to property).

What is an "Open" marine cargo policy?

An “Open” marine cargo policy is designed for clients who have a regular turnover of Goods in Transit. The contract will cover all transits that come within the scope of the insurance. Premiums are debited monthly, quarterly or annually. The chief advantage of this type of policy is that the client does not need to report each shipment individually to ensure cover is in place. Instead, they declare shipments as required, or in bulk for a set period, on a set date. The policy is generally written on a wide basis to cover all goods and merchandise usual to the operation of the Insured. The Insured must present the Insurer with all the specific details of their business, including the type of goods involved, limits, and destinations. Shipments outside of the norm, or in excess of limits or geographic allowances, etc. must be reported in advance

Why do I need to have public liability insurance?

It’s essential to have sufficient public liability insurance cover to protect yourself and your business against claims of negligence resulting in injury to a member of public or damage to property. Failure to do so could result in a legal claim being brought against you and your business for damages in the event of a claim

What is salvage?

Salvage simply means that once a claim for a damaged item has been paid, the insurer takes ownership of the item.  The insurer usually offers the damaged item for commercial sale to reduce its loss (ie the amount it paid to the claimant).

Will insurance cover damage that is caused when things wear out?

Wear and tear is not covered.

What is motor third party liability?

Provides coverage if you are legally responsible for an automobile accident that causes bodily injury or death to another person or damages to property.

What is deductible or excess?

The deductible is the amount you agree to pay toward the cost of any claim you make and the deductible, if any, is shown on the policy clauses. The deductible applies each time a claim is made.

Do I need to cover temporary site structures in Contract All Risks policy?

Sometimes temporary site buildings are automatically included in a CAR policy as long as these are the insured works originally stipulated when buying the policy.

They may be covered under the general definition of the contract works indemnified by the definition of contract works within the policy.

If not, then it will be down to the policyholder to amend said policy to include any temporary buildings as required.

What are exclusions in insurance?

A provision of an insurance policy or bond referring to hazards, perils, circumstances, or property not covered by the policy. Exclusions are usually contained in the policy wording.

What is the Principle of Contribution in Insurance?

The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies.

Is D&O insurance the same as professional liability?

No, D&O and professional liability are different. Professional liability policy (like professional indemnity insurance and Errors and Omissions insurance) protects a business that provides professional services or advice. On the other hand, D&O comes into play at the management level when the directors and officers in the company are mentioned in the litigation. This is the broad but key distinction between the two. D&O Insurance is a type of professional liability insurance for errors and omissions to protect its directors and officers if they are sued. It is D&O Insurance that responds when directors and officers are accused of acting in a way that violates their duties to the stakeholders.

What is transit insurance cover?

Transit insurance covers good and/merchandise while in ordinary transit from one location to another.

If my transit carrier provides Insurance, why do I need to buy separate insurance?

Your own insurance policy can be designed to meet your specific needs. It can be tailored to ensure sufficient limits of liability, relevant types of coverage and also provides consolidated claims handling. It may also be a less expensive alternative to insurance provided by the transit carrier.