Liability Insurance

Liability insurance offers protection against third party insurance claims

1.Public Liability 

SCOPE OF COVER

This policy protects the insured against third party liability incurred in insured’s business premises to visitors. Most of liabilities occur due to disrepair of premises, polishing of floors and improper maintenance of grounds. In industrial premises it can be caused by improper protection of plant and machinery and fumes or release of injurious chemicals. The premises to be covered must be specified. 

The policy can be extended to cover food and drink poisoning and first aid given in the premises. 

A claimant must prove negligence on the part of the insured or his employees.

2.Professional Indemnity 

The policy provides Indemnity in respect of compensatory damages which the Insured or other parties appointed by the Insured shall become legally liable to pay in consequence of any actual or alleged neglect, error or omission by or on behalf of the Insured or those for whom the Insured is responsible in the conduct or execution of their Professional Activities and Duties as defined. This includes Doctors, Architects, lawyers, Insurance brokers, Accountants etc.

This policy protects the insured against professional negligence

Extensions; –

  • loss of documents
  • Libel or slander
  • Dishonest, fraudulent, criminal or malicious act or omission of the employees

3.Trustee Liability

We shall pay on behalf of the Trustees and Employees all Loss which they are legally obligated to pay, or which the Sponsoring Employer Company is legally required or permitted to pay the Trustees and Employees as advancements or indemnity under applicable trusts indemnity laws or agreements, for a Claim against a Trustee or Employee for a Wrongful Act, provided the Claim is first made against a Trustee or Employee during the Policy Period, or Discovery Period if applicable

4.Carriers Liability

Carriers Liability covers is a policy that protects your Legal Liability as well as Défense cost and expenses when you transport and store the goods and merchandise in your care, custody or control.

Benefits

Carriers Liability covers the insured for legal liability for accidental loss of or damage goods in the custody or control of the insured whilst in transit by any means of transport, occurring during the period of insurance and within the territorial limits specified.

This policy is ideal for companies or business men or that transport or hold goods in trust e.g. Warehousemen and Transporter.

What it covers; Legal liability, Defence costs, Expenses for loss and damage arising from actual, physical loss and or damage to property directly caused by fire, damage.

Coverage applies whilst the goods are:

  • Temporarily stored in a warehouse you operate in
  • On a vehicle in the ordinary course of transit.

5.Product Liability 

The policy indemnifies the insured against claims made during the period of insurance which the insured shall become legally liable to pay in respect of;

  • Accidental death or bodily injury (including illness to any persons; and or
  • Accidental loss of or damage to tangible property arising from:

– Anything harmful or defective in any products manufactured, assembled,       processed, modified, repaired, serviced, altered, labelled, handled, sold or supplied by or through the insured in the course of or in connection with the insured business. 

– The defective condition of the containers of such products duct.

6.Employers Liability 

This policy covers the employees of the insured for bodily injury by an accident or disease arising out of and in the course of his employment directly related to negligence or breach of common law or a statutory duty by the employer.

The policy indemnifies the insured against legal liability under common law in respect of the following;

Damages and claimants’ costs

Expenses of litigation

All costs incurred with the consent of the insurer 

7.Directors and Officers Liability (D&O)

This policy covers directors and officers (and the Company itself where it is legally permitted to indemnify its Directors and Officers) for any wrongful acts committed in their capacity as directors and officers of the Company

The Policy is written in two sections as follows:

  • The Directors and Officers Liability Section indemnifies the Directors and Officers in respect of any “Wrongful Act” committed in their capacity as Directors and Officers of the Company, where the company is not permitted (either legally or by its articles of Association) to reimburse them.
  • The company reimbursement section covers the Company only in respect of any reimbursement that it is required, or permitted by law to make to its directors and officers against whom a legal action has been sought

8.Plate Glass Insurance:

This policy covers the breakage of glass through any cause (except the exclusions specified in the policy). It pays a sum equal to the cost of the broken glass calculated at the current price of glass on the date of accident, up to the value specified in the Policy Schedule. Details such as measurement of the glass, the location and the sum insured pertaining to each piece must be provided to the Insurers for proper assessment of the risk.

9. Cyber risk

Cyber liability insurance is designed for all businesses, Corporates, Small and Medium Enterprise entities. The cover protects your business against common cyber threats, such as ransomware, and also against new techniques used by criminals to steal or interrupt data.

Benefits:

  • Covers loss or damage to Electronic Data
  • Reputational costs caused by cyber-attack incidents
  • Protects your business against data breach or malicious cyber-attack that affects your computer systems
  • Data losses caused by damage, theft, disruption or corruption of your electronic data.

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