A motor insurance policy is a mandatory policy issued by an insurance company as part of prevention of public liability to protect the general public from any accident that might take place on the road. The law mandates that every owner of a motor vehicle must have one motor insurance policy. Broadly, there are two types of motor insurance – the ‘Third Party’ policy and a comprehensive policy. The scope of the ‘Third Party’ policy is to pay compensation for death or any bodily injuries and for damage to property of third parties. While the insured is treated as the first party and the insurance company as the second party, all others would be third parties. Comprehensive policy covers death or injury to third parties, damage to property belonging to third parties following an accident and also covers damage to the insured vehicle by Fire, Theft, or attempted Theft and any other cause subject to policy terms and conditions.
Fire and special perils
Fire and special perils policy is an insurance contract that safeguards the insured against unforeseen contingency caused by accidental fire, lightning, explosion/implosion, destruction or damage caused by aerial devices, manmade perils in the form of riots, strike etc., natural calamities like storm, cyclone, flood etc., damage caused by impact by a rail or a road vehicle, damage caused by landslide or subsidence, peril caused by pollution and contamination, bursting and/or overflowing of water tanks, apparatus and pipes, missile testing operations, leakage from automatic sprinkler installations and bush fire.
Glass insurance is a property insurance policy covering breakage of building glass (such as windows) regardless of cause. The policy provides you with the following benefits:
- It covers the cost of making good accidental breakage of insured glass by any reason whatever, except those that are specifically excluded
- It also provides protection for loss or damage to ornamental, embossed, lettered or stained plate or sheet glass
All Risk Insurance
All Risk Insurance policy also known as Open peril, covers risks not explicitly excluded in the policy contract. All Risk means that any risk that the contract does not specifically omit is automatically covered.
Theft Insurance generally covers all acts of stealing. There are three major types of insurance contracts for burglary, robbery, and other theft.
- Burglary is defined to mean the unlawful taking of property within premises that have been closed and in which there are visible marks evidencing forcible entry. Such narrow definition is necessary to restrict burglary coverage to a particular class of criminal act.
- Robbery is defined as that type of unlawful taking of property in which another person is threatened by either force or violence. In the robbery peril, therefore, the element of personal contact is necessary.
Engineering Insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing construction project, installation project, and machine and equipment in project operation.
- Construction enterprises
- Real estate developers
- Production & processing enterprises
- Electric power
- Gas and water production and supply enterprise
Livestock Insurance is a policy that provides coverage for losses due to the death or injury of one’s livestock. Livestock insurance generally covers accidents, acts of God, theft and so forth. It usually excludes illegal acts, confiscation, and quarantines.
Crop Insurance policy is purchased by Agricultural producers, it covers farm crops against various perils such as losses due to adverse weather conditions (floods, hailstorms, drought etc.), barn fire, uncontrollable pests, theft etc. The sum insured can be the farmers input costs, output (expected yield) or both. This policy covers all commercial field crops including wheat, maize, barley, rice, tea crop, coffee, sugar cane, tobacco, all horticultural crops, floriculture and tree crops. Also covers farm assets and equipment including green houses and irrigation facilities.
Fidelity Guarantee 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 (i.e. Accountant) in the course of employment.
Cash in Transit
Cash in Transit covers money while in premises in a locked safe, in hands of authorized employees and while in transit to and from the bank. This covers money while being moved from premises to bank and vice versa. The cover also extends to cover money within the premises in safe and strong room. It also covers money in hands of senior staff and damage to the safe. In all cases limits are provided and the estimated annual carry.
Business Interruption (also called Business Income Insurance) is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster. It differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred.
Employer’s Liability (Also called Worker’s Compensation) protects you against the cost of compensation claims arising from employee illness or injury, sustained as a result of their work for you. This policy provides wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue their employer for the tort of negligence
Public Liability policy protects you when your clients or members of the public suffer personal injury or property damage because of your business. It can pay for the costs of subsequent legal expenses or compensation claims and is an integral cover for businesses that interact regularly with customers.
Product Liability policy protects against claims of personal injury or property damage caused by products sold or supplied through your business. It is designed to help protect your business by ensuring that if this happens, you don’t have to pay any legal or court costs. Product Liability covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures, or supplies.
Machinery Breakdown (MBD)
Machinery Breakdown (MBD) policy provides effective insurance cover for plant, machinery and chemical equipment at work, at rest or during maintenance operations. It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement. MBD insurance supplements the coverage afforded by Fire insurance.
Scope of cover:
- Defect in casting or material
- Faulty design
- Faults at workshop or in erection
- Bad workmanship, lack of skill, carelessness
- Shortage of water in boilers
- Physical explosion
- Tearing apart or account of centrifugal force
- Electric cause such as short circuits
Contractors All Risk insurance
Contractors All Risk insurance provides comprehensive and adequate protection against loss or damage in respect to the contract works, construction plant and equipment and or construction machinery as well as against third party claims in respect to property damage or bodily injury arising in connection with the execution of the contract.
Erection All Risk
Erection All Risk policy protects insured against all risks involved in erection of machinery, plant and steel structures of any kind as well as property damage or bodily injuries to third parties arising in connection with the erection works.
Electronic Equipment policy covers any loss/damage to contractor’s plant and machinery from any cause occurring at work, rest or during maintenance operations and is not for specific construction site. The risks include fire, lighting & allied perils, riot, strike, malicious damage, transit risks, theft, burglary, collision, impact, collapse
Plant All Risks Insurance Policy
Plant All Risk policy (otherwise referred to as Machinery All Risks Insurance but excluding breakdown risks) cover for plants and machinery against unforeseen physical loss or damage that may arise from the occurrence of perils that are not specifically excluded from the cover.
Building Combined policy is a product suitable mainly for Real Estates particularly apartment owners. It covers them against Fire & Allied Perils, theft against content in these apartments, accidental damages to different equipment, and also has a liability extension.
Professional Indemnity (also called Error & Omissions) insurance is designed for professionals who provide advice or services to their customers. It protects your business against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty in the course of your business. Common users of this policy include:
- Medical Professions
- Insurance agents, consultants, brokers
- Financial Services
- Charites, NGO’s / Non-Profit
Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.
Hull Insurance is a sub-branch of marine insurance, which protect against Risks connected with navigation to which a ship or other insurable interest in water born movable property may be exposed during a certain voyage or for a fixed period of time.
Cargo Insurance is a sub-branch of marine insurance. It covers loss or damage to goods and/or merchandise in transit from one place to another by sea, air, rail, road or registered post. The cover provided is in respect of marine perils, war and strike, riot and civil commotion perils.
Aviation Insurance policy provides coverage for hull loses as well as liability for passenger injuries, environmental and third party damage caused by aircraft accidents. Its geared specifically to the operation of aircraft and the risks involved in aviation
Goods in Transit
Goods in Transit policy provides cover against loss or damage to property arising from accidents or misfortunes while being loaded, unloaded, during conveyance and when temporarily housed in the course of transit.
Travel Insurance (also called Travelers Insurance) is an insurance product designed to cover the costs and losses, and reduce the risk associated with, unexpected events you might incur while travelling, either internationally or domestically. Those events include:
- Trip Cancellation / Interruption insurance reimburses you for prepaid, non-refundable travel expenses if you have to cancel the trip due to an illness, death in the family or another mishap listed in the policy, or you or one of your immediate family, traveling companion is forced to return home earlier than planned.
- Baggage Insurance / Personal Effects provides coverage if your belongings are lost, stolen, or damaged during your trip, including while you travel to and from your destination.
- Medical and Major medical helps you cover medical expenses and locate doctors, healthcare facilities and foreign language services. It covers you if you need to be airlifted to a medical facility because of an accident or sudden illness, you are sick or injured and have to spend an extended time in a foreign hospital, or if you need to be flown home to receive proper care – something known as medical evacuation.
- Accidental Death / Flight Accident is similar to Life Insurance, in the event of an accident resulting in death, disability, or serious injury to the traveler or a family member traveling with him / her, this type of policy pays benefits to surviving beneficiaries.
Medical Insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Medical Insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.
Group Personal Accident
Group Personal Accident policy provides compensation for death or bodily injury caused by accidental, violent, external and visible means, to any principal or employee specified in the schedule.
Life Insurance policy protects you against financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured. The death benefit is paid by a life insurer in consideration for premium payments made by the insured. The goal of life insurance is to provide a measure of financial security for your family after you die.
Performance Bond is a policy that protects you against losses or damages to a principal resulting from the inability by the insured (contractor or service provider) to perform as per the terms of a signed contract.
(I) Risk Management
We help you identifying potential risks in advance, analyzing them and taking precautionary steps to reduce / curb those risks. We do so by:
- Providing recommended action in Reducing Risks
- Conducting Surveys and providing Technical assistance on Risk Transfer
- Reviewing and assisting in the development of written policies and procedures
(II) Loss Control and Claim Administration
Claims can be stressful, and Phares’ expert Claims Management & Loss Control team provides personalized service that eliminates any pain from the process. Our team members know the details of every client policy, and our service is customized to each client’s unique needs. In an effort to control and mitigate losses, our claims analysts study your actual loss data in order to target loss drivers. This analysis is then used to optimize all claims management and risk control activities.