Major Classes of Insurance Available

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One of our roles as your insurance broker and risk advisor is to help you identify and understand the risks you face, and then to secure the right policies (at the right price) for those risks you wish to cover.

The following is a summary of common classes of insurance that are available to provide protection for business and domestic risks. This does not include all types of policies available in the various insurance markets and availability of some classes are subject to market conditions at the time.

As most business’ activities are subject to continual change these areas should be reviewed regularly to ensure you are not unnecessarily exposed in any area where you are not prepared to carry the risk yourself.

Below are the major categories of insurance that are available. Please contact your EBM Account Manager about your insurance needs, including any special requirements or questions you may have.

Asset Risks / Business Interruption

Accounts Receivable
Cover for uncollected debts as a result of physical loss or damage to accounting and similar records.

Aviation Hull
Loss of or damage to aircraft and related equipment.

Boiler or Pressure Vessel Explosion
Damage to registered boilers or pressure vessels by explosion, overheating, or collapse.

Burglary and/or Theft
Covers loss or damage to insured property as a result of burglary or theft.

Business Interruption/ Consequential Loss
Covers loss of income, fixed operating costs of the business and increased working costs incurred to avoid or diminish a reduction in income, following loss or damage to insured property.

Business/ Commercial Package
This insurance package is typically designed for small business enterprises and provides coverage for both Assets and Liabilities within the framework of one policy.

Computer/ Electronic Breakdown
Breakdown, loss or damage to computers and associated equipment. Can include cover for loss of data, additional expenses incurred to maintain normal operations and consequential loss of income.

Contract Works – Material Damage
Loss or damage to the project works during construction.

Contract Works – Advanced Consequential Loss
Loss of future earnings and increased expenses following delayed completion of a project caused by damage.

Contractors’ Plant & Machinery
Loss or damage to unregistered mobile plant, drilling rigs and the like.

Control of Well
Covers expenses incurred in bringing under control an oil/gas well. Can include expenses such as seepage and pollution clean-up costs, re-drilling expenses, etc.

Damage to growing crops as a result of defined events (primarily Fire, Hail and if available Frost).

Extended Warranty
Policies are available to provide protection for breakdowns and defects that arise after the expiry of a manufacturer’s warranty period.

Fire and Perils
Damage to property caused by a range of nominated risks.

General Property / Special Contingencies
Loss or damage to property such as tools, equipment, laptops and other portable property while away from the premises.

Can cover either specified items of glass or more typically all glass (internal/external) on a premises. Cover can be extended to include such items as signwriting and framework.

Industrial Special Risks
Covers the cost of repairing or replacing physical assets following loss or damage by an insured risk and typically includes cover for resultant business interruption.

Jewellers Block
Loss or damage to stock of precious metals and gems.

Livestock or Bloodstock
The insurance of animals against death by accident, sickness or disease.

Machinery Breakdown
Loss of income and increased expenses following breakdown of key plant and equipment.

Machinery Breakdown Business Interruption
Covers loss of revenue or profit when the business is interrupted as a result of breakdown or damage to plant and machinery.

Covers loss of money and negotiable instruments.

Motor Vehicle and Motor Fleet
Covers loss or damage to motor vehicles and motor fleet.

Income & Other Financial Exposures

Accounts Receivable
Loss due to irrecoverable debts following destruction or theft of debtor’s records.

Audit and Investigation
Expenses due to unexpected audits required by a statutory body, including the Australian Tax Office.

Bonds and Guarantees
Insurance bonding is available to accommodate a wide variety of situations e.g. performance guarantee and may be a viable alternative to bank guarantees.

Builders Warranty
Builders Warranty is the builder’s responsibility and covers the owner of the property for loss or damage resulting from non-completion of work, loss of deposit, and defective work on a completed job.

Cancellation, Abandonment and Non-Appearance
Covers loss of income and additional expenses incurred due to occurrences such as adverse weather conditions or non-appearance of performers.

Commercial Legal Expenses
The policy provides advice and cover for the legal costs of pursuing or defending certain classes of legal action.

Contract Penalties/ Liquidated Damages
Covers penalties under contract for the delay in completion of a contract on schedule.

Crime & Dishonesty of Employees
A range of policies are available to cover theft, vandalism, social engineering or employee fraud.

Protection against a range of first party losses (including reputational risks) and third-party liability cyber exposures that arise when the Insured’s and/or their customers’ information is breached, stolen or otherwise misused. Cyber cover can also help with the costs associated with remediation, including payment for the legal assistance, investigators, crisis communicators, and customer credits or refunds.

Economic Loss
Covers liability to third parties for financial loss arising from personal injury or property damage. Limited cover can be purchased in various forms including product guarantee and professional indemnity insurance. In general cover is difficult to obtain.

Export credit / Political Risk
Covers losses caused by contract repudiation, export license cancellation, or currency inconvertibility preventing the transfer of payments made under a contract.

Film/Film Producers Guarantee
A range of policies are available to protect producers and investors against loss involving assets, liabilities, people, production costs and profit.

Infringement of Copyright
Provides cover for legal expenses incurred by the insured in pursuing breaches of their patent or copyright by others.

Intellectual Property
Legal expenses incurred to defend patent, trademark, copyright, etc.

Kidnap, Ransom and/or Extortion
Monies paid following kidnap of staff or family or threats of damage to assets.

Loss of Hire/Standby Charges
Covers loss of anticipated freight earnings / income as a result of a vessel being out of service.

Pluvius (weather)
Insurance to provide an agreed sum in the event that a nominated quantity of rain should fall during a specified time period, on a specified date and location. Cover is often required by promoters of sporting and outdoor events who would expect to incur financial loss should rain affect attendance at an event.

Political Risks
Expropriation of overseas assets by Governments or local authorities.

Product Performance Guarantee
Covers the legal obligation to replace or repair products which fail to perform their intended function, or financial loss sustained by a customer or third party arising therefrom.

Product Tamper/Contamination
Can cover recall expenses, loss of net profit and other expenses incurred following product tampering.

Additional expenses incurred following labour disturbances.

Takeover Defense
Expenses to defend an unwelcome takeover of a public company.

Trade Credit
Protects cash-flow by covering losses if a debtor defaults on a payment or becomes insolvent.

People Exposures

Corporate Travel
Annual program designed to protect personnel while on business travel. Main sections of cover include Medical, Cancellation/ Curtailment, Personal Accident/Income and Baggage.

Financial loss due to bad debts incurred following the insolvency of a customer.

Employers Liability Accident Make-Up Pay
Pays “Gap” between Workers’ Compensation Act benefits and actual weekly pay.

Employment Practices Liability
Covers damages and defense costs in the event of actions taken by employees relating to alleged breaches of employment law (e.g., wrongful dismissal, discrimination, sexual harassment).

Fidelity Guarantee
Loss of funds or property resulting from fraudulent or dishonest acts by employees.

Group Personal Accident
Covers a nominated group of individuals for specified benefits arising from an accident and resultant loss of income.

Inpatriate and Expatriate Cover
Medical and repatriation expenses following injury or illness while travelling or working overseas.

Journey Cover (to and from work)
Covers injury to employees occurring while in direct travel to and from work. (Important cover in States where there is no journey cover under Workers’ Compensation eg. WA).

Loss of License
Insures a person who is dependent upon a form of license in order to earn a livelihood e.g. pilot. The insurance covers specified benefits in the event of accident or disability which results in discontinuance of the license.

Personal Accident/Illness
Provides a lump sum benefit due to death or permanent disability arising from an injury and weekly benefits for temporary total disablement arising from injury or sickness.

Voluntary Group Accident
Provides a lump sum benefit due to death or permanent disability arising from an injury sustained by a Volunteer and weekly benefits for temporary total disablement arising from injury.

Workers’ Compensation
A compulsory insurance which must be effected in all states and territories of Australia in which the insured engages employees; provides coverage of workers’ compensation benefits as designated by the Government Act prevailing in each state or territory (including cover for common law actions where applicable).

Liability Risks

Airport Operators
Bodily injury and property damage arising from the operation of a licensed airport, airfield and related operations.

Association Liability
Combined policy specifically designed for associations and non-profit organisations. The policy provides protection to the individual office bearers and the association against wrongful acts in the management of the association, employment practices liability and fidelity. In addition, the policy can also provide coverage to the association against claims for financial loss arising out of a breach of professional duty by the association.

Aviation Liability
Bodily injury and property damage arising from the operation of an aircraft.

Construction Risk/Liability
Covers loss, destruction of or damage to contract works and all materials ascribed to the contract while in transit or on or adjacent to the Insured Site. Cover can extend to include cover for legal liabilities for injury to any person(s) and/or damage to any property of third parties arising out of the construction or maintenance operations.

Directors & Officers Supplementary Legal Expenses
Indemnifies the directors and officers and the organisation for legal fees, expenses, and disbursements in relation to attendance at any prosecution, inquiry, investigation, examination or other proceedings before a court or tribunal. (There is no requirement in this policy for any allegation of a wrongful act).

Directors’ and Officers’ Liability
Covers legal expenses and damages following a wrongful act committed by the directors or officers of a company.

Employers Liability Accident Make-up Pay
Covers the shortfall between workers’ compensation payments and the amount the employee would have received if they had performed their normal duties.

Employment Practices Liability
Covers damages and defense costs in the event of actions taken by employees relating to alleged breaches of employment law (e.g., wrongful dismissal, discrimination, sexual harassment).

Environmental Impairment Liability
A limited insurance market is available to cover costs incurred due to gradual accidental pollution. However, insurance is only provided subject to a satisfactory environmental survey.

Extra Territorial Workers’ Compensation
Legal liability to pay compensation (including common law damages) to an employee domiciled in Australia who sustains injury, disease or death anywhere in the world outside their Australian State or Territory of domicile, in circumstances where a Workers’ Compensation policy may not adequately respond.

Forged Share Transfer
Damages and expenses following negligence in share registry. If company’s shares or stocks are transferred from one name to another, due to the production of forged documents, both the registrar and the issuing company may be liable for losses incurred by the “real” owner.

Libel and Slander/Defamation
Legal liability for injury to the reputation, goodwill, profession, trade, business or credit of third parties in consequence of defamation, libel or slander.

Management Liability
Covers directors and officers for their personal legal liability arising out of their management of a corporation, and the corporation for certain types of events. It is usually offered to proprietary companies whose directors and officers are also shareholders in order to protect their asset. Generally covers claims brought by shareholders, employees, regulators, competitors, and the company itself.

Medical Malpractice
Medical Malpractice insurance is a professional indemnity insurance policy specifically designed for healthcare professionals. It protects an Insured against claims for compensation arising from the provision of healthcare services.

Motor-Compulsory Third Party (CTP)
Bodily injury arising from registered vehicles (only applicable to NSW, QLD and SA).

Non-owned Aviation Liability
Covers legal liability to third parties (including passengers) for accidental death, bodily injury or damage to third party property caused by an aircraft or by any person or object falling from an aircraft not owned by the Insured but which they charter, hire or use with the permission of the owner, only while such aircraft is in the care custody or control of the Insured.

Product Recall
Expenses incurred in the recall of defective products.

Professional Liability Insurance
Protects businesses that provide advice or services for a fee. It covers claims made for alleged negligence or breach of duty arising from an act, error or omission in the performance of the professional advice or service.

Protection and Indemnity
Covers liability to third parties as a result of ownership of a commercial vessel.

Public and Products Liability
Legal liability to pay compensation (including legal expenses) to third parties in the event of the insured causing or being alleged to have caused injury, death or loss of or damage to property arising out of business operations or products.

Statutory Liability
Protects companies and individuals against liability for Statutory Fines and Penalties which result from unintentional or accidental breaches of Legislation, including associated legal costs.

Technology Liability
Covers technology errors or omissions, technology media library and technology broad form and products liability.

Trustees Liability
Covers trustees, trust managers, sponsors of superannuation funds in respect of legal liability to compensate third parties (including legal costs incurred) arising out of the negligent administration of the trust or fund.

Umbrella Liability
Provides cover in excess of standard liability policies, (including Public/Products/Motor Third Party Property Damage) but can also provide a wider scope of cover depending upon terms and conditions secured.

Marine Risks

Charterers Legal Liability
Insures the legal obligations that a vessel charterer has to the vessel owner and others.

Container Liability
Covers contractual liability for loss of and/or damage to hired or leased containers and additional costs incurred.

Land Transit / Marine Cargo
Damage to goods while in transit.

Manufacturers Output/Sellers Contingency
Covers loss of and/or damage to stock from purchase as raw materials through to manufacture and transit / shipment and final destination. Sellers Contingency protects exporters when you are not responsible for insuring the goods but the buyer defaults on payment, rejects the goods or you suspend the contract to protect your interest.

Marine Builders Risk
Loss or damage to vessels during construction, testing and commissioning and delivery.

Marine Hull Commercial
Damage to commercial vessels and related equipment.

Marine Liability
Bodily injury and property damage arising from: operation of vessels; carriers liability; ship-repair activities; charterers liability; container liability; stevedore liability.

Marine Loss of Profits
Loss of income and increased expenses following marine transit material damage claims.

Domestic Risks

Collectibles/Fine Art
Covers loss of or damage to fine art and curios while on display, exhibition, or in transit.

Domestic Workers’ Compensation
Cover for people who work regularly at your home, i.e., cleaner, gardener, nanny, as they may be entitled to make a claim for compensation if they are injured.

Home and Contents
Covers domestic dwellings and contents against fire and other perils including theft and personal liability.

Landlord’s Protection
Covers loss of rent or damage to residential property caused by tenants or other accidents.

Leisure Travel
Provides cover for many unforeseen circumstances, and the resulting expenses, that occur when travelling.

Motor Vehicle, Caravan, Trailer
Loss or damage to motor vehicles and trailers.

Personal Valuables
Loss or damage to jewellery, works of art and other valuables.

Covers private watercraft, accessories, and Third-Party Liability (including to and by water skiers).

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