CGIC Miscellaneous Insurance Insurance
Insurance that protect your business and customers from eventualities that may happen.
Types of Miscellaneous Insurance:
1. Money, Securities and Payroll Robbery Insurance (MSP) – protects companies from loss of money and securities by theft or robbery while in the company’s premises. May also cover the loss of money due to robbery during collection and delivery activities. Specific coverage may also be obtained for robbery of payroll money whilst being transported from the bank to the insured’s premises and until paid out to the insured’s employees.
- Coverages:
- Money securities within premise – This coverage indemnifies the Insured against loss of money and securities as a result of robbery or any attempt occurring within the premises.
- Money and securities outside premise – This coverage indemnifies the Insured against loss of money and securities as a result of robbery or any attempt occurring within the premises
- Payroll within and outside premise – This coverage indemnifies the Insured against loss of cheques in a payroll exposure or payroll money:
- Occurring outside the premises by robbery from or brigandage against a messenger whilst in transit on a payroll route from bank to Assured’s premises.
- Occurring within the specified premises or as result of theft following upon a violent and forcible entry of or followed by violent and forcible exit from said premises or any attempt within such premises until the said payroll money is paid out of the Insured’s employees.
- Inclusive Extra Coverages – This coverage indemnifies the insured against:
- Damage to premises or to locked safe, strong room, cash register, cash drawer or cash box
- Loss of container
2. Fidelity Guarantee Insurance (FG) – insures companies against financial loss due to employee’s acts of larceny or embezzlement, or fraudulent misappropriation of monies belonging to the company and entrusted to the employee.
- Coverages:
- Fidelity Guarantee Insurance covers loss caused by any acts of forgery, embezzlement, larceny or fraudulent conversion of money, stocks or other property belonging to the insured, and entrusted to his employees.
Liability Insurance – provides protection for the insured for any sums (‘damages”) he may be legally obligated to pay as a result of bodily injury or damage to property of third parties that the insured may have caused to his fault or negligence.
General Liability-
Comprehensive General Liability (CGL) – is the liability insurance protection suited for businesses – office, commercial or industrial establishments. It provides protection against liabilities due to bodily injury or damage to property of third parties arising from activities in connection with business operations.
Coverages:
a. Premises – Operations – covers liabilities to third parties arising from accidents in connection with ownership, maintenance or use of business premises. Can also include activities incidental to the insured’s business, such as pick-up and deliver operations.
b. Elevator – covers liabilities arising from the ownership, maintenance and use, for the purpose stated in the policy declarations, of any elevator.
c. Independent Contractors – covers liabilities, which may be incurred due to acts or omissions in the supervision of its independent contractors.
d. Contractual – insures against liabilities which may arise as a result of a particular contract and which would not have been incurred if not for the said contract.
e. Products – protects against liabilities you may incur due to the handling or use of or existence of any conditions in goods or products you manufacture, sell, handle or distribute.