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Commercial Lines Insurance - Coggle Diagram
Commercial Lines Insurance
Deals with some form of activity which generates a profit/return from which you earn money.
Sometimes the government may need insurance from the insurance market as they might enter a contract which states that they need insurance.
Main Categories
It includes everything that can go wrong.
Damage
- the object can be seen, it has been damaged but will repaired.
Destruction
- the object can be seen, it has been damaged but will be repaired.
Loss
- the object cannot be found but will be paid for or replaced.
Property Related
Fire Special Perils and Theft or Industrial All Risk
Glass
Goods in Transit
Marine Cargo
Computer Equipment
Contractors and Engineering
Pecuniary Related
Money
Fidelity
Legal Expenses
Business Interruption
Caters for those risks that involve direct financial losses
Liability Related
Public
Products
Employers
Directors and Officers and Professionals
Commercial Property Insurance
Standard Fire Policy
Fire, except:
Explosion resulting from fire.
Earthquake or subterranean fire.
Its own spontaneous fermentation.
Its own heating.
Commercial Explosion
Lightning
Domestic Explosion
Special Perils
If any of the following are the cause of the loss than the individual is covered.
Explosion
Aircraft or Aerial Devices
Riot and Civil Commotion
Malicious Damage
Earthquake
Subterranean Fire
Spontaneous Fermentation or Heating
Storm
Flood
Escape of Water
Impact
Sprinkler Leakage
Subsidence, Ground Heave and Landslip
Theft
Requirement of forcible and violent entry/exit.
There must be a defect which is physically seen.
Theft or attempted theft which is included only if there is a defect that can be physically seen.
Standard Exclusions
Riot and Civil Commotion
War
Radioactive Contamination/Nuclear
NI Risks
Pollution or Contamination
Marine Policies
More Specifically Insured Clauses
Consequential Loss
All Risks
Accidental loss or destruction of or damage to the property insured.
Fire and Special Perils vs All Risks
Limitations
Absolute Exclusion
Included with care
Property or risks which are more appropriately insured by a specific policy.
Pecuniary
Pecuniary Insurance
Insurance of intangibles.
Related to income, revenue or value.
Money
All risks basis.
Extensions
Personal Accident/Assault.
Credit Cards
Limitations
Error or Omission
Dishonesty of Employees.
Losses outside geographical area
Loss due to key left on premises.
In transit.
On premises in/out of safe during/beyond office hours.
In private residence
Includes damage t safes and strongrooms.
Fidelity Guarantee
This is for the protection of theft by insiders.
Based on a blanket policy or individuals or departments.
Legal Expenses
Indemnity for costs to sue or defend.
Costs Include
Lawyers Fees
Technical Reports.
Admin Costs
Documentations
Court Registration Fees
Witnesses Reports
Types
Group Legal Benefits
Commercial Legal Protection Policies
Business Interruption
Consequential loss following an insured material loss.
Indemnity period.
Following fire and special perils/all risks and engineering insurance
Liability Insurance
What is liability?
What one owes.
Owes a duty of care.
Breach of this duty may result from negligence.
Types
Employers' Liability
Public Liability
Products Liability
Professional Liability
Employers' Liability Insurance
Certificate of insurance to be displayed.
Act requires limit to be no less than €5 million.
Insurers to provide €10 million
Cover
Provides indemnity to the insured against legal liability.
Iron death, bodily injury and disease.
for employees under a contract of service.
Arising out of and during the course of employment in connection with trade or business within certain limits.
Includes claimant's costs and expenses.
Public Liability
Open policy that cover is limited by exclusions only.
Provides indemnity to the insured from claims made by members of the public or companies.
Legal liability to third parties for damage including claimants' costs and expenses in respect of death bodily injury, disease or illness and property damages.
Product Liability
Legal liability for bodily injury or property damage.
Arising out of goods or products
Manufactured
Constructed
Altered
Repaired
Services
Treated
Sold
Supplied
Distributed
Exclusions
Contractual Liability
The cost of repairing, replacing, renovating or recalling goods
Faulty design or formula
Directors' and Officers' Insurance
Negligent advice or misstatement.
Acting outside the company's remit.
Errors of judegemnt
Negligent supervision
Imprudent Investments
Professional Indemnity
Protects Professional Person in his professional capacity.
For injury, damage or financial loss arising out of a breach of professional duty or negligent acts or advice, errors or omission.
