accident

Insurance which is not predominantly fire, motor, engineering or machine is termed ‘accident insurance’. Risks involving losses through theft, legal liability for negligence, errors and omissions, accidental injury and the like can be crippling, hence the need for insurance protection.The usual policies GIB offers are as follows:-

1. Theft or Burglary Insurance

This policy is designed to cover loss or damage to property contained in buildings, following forcible and violent entry or exit. It is most useful to owners of shops, groceries, warehouses and other business premises where goods of any description are kept.

Theft cover can be arranged on first loss basis, meaning the insured can request to cover less than the total value of property, because total destruction by the insured peril is very unlikely.

2. Money

GIB’s money policy is designed to cover loss of money through “any means whatsoever” whilst on the premises, in safes, at sites, and with partners and directors, or collectors and salesmen. The policy also extends to cover damage of safes, cash boxes and strong rooms as a result of theft or attempted theft. Money in this sense includes cash, bank and currency notes, cheques, postal and money orders and money in transit.

3. Fidelity Guarantee

This cover provides for all direct financial losses resulting from an insured employee(s), committing any act or acts of dishonesty or fraud against the insured employer.

responsible for death or injury to his employees either by accident or through illness. This liability exists independent of any liability imposed under the workers’ liability policy. This policy provides wide cover including legal costs and expenses.

8. Workmen Compensation Act (WCA)

WCA is compulsory. It provides employee cover against bodily injury and death arising from accidental cause while on duty. The benefits offered are restrictive by law as follows:

•Death, P200,000.00

•Permanent Total Disablement, P250,000.00

•Temporary Total Disablement, 1/3 of salary maximum 6 months

•Medical Expenses, maximum P60,000.00

9. Personal Accident

Death, disablement or incapacity of the breadwinner can be a serious loss for dependents. GIB’s personal accident policy provides cover for accidental death, injury or disablement. Capital sums are payable in the event of death, loss of limbs, sight, fingers or hearing or paralysis or other permanent injury.
Weekly sums are payable for any period up to 104 weeks during which the insured is disabled from carrying on his or her usual business or occupation. In addition GIB will pay the cost of medical expenses connected with the accident. Group Personal Accident covers groups of the same occupation. Cover can be arranged on the basis of multiples of annual earnings or fixed amounts.

The cover can be arranged on a named basis, on position basis or blanket basis, where the number of guaranteed employees is very large

4. Goods In Transit

Cover is ‘All Risks’ and arranged as follows:-

•on specified individual vehicles, with a limit of liability for all goods in each vehicle for each journey during the period of insurance.

•on declaration basis, that is all transits are insured throughout the period of policy, subject to a limit per consignment and any one loss.

5. Plate Glass Insurance

Cover provided is for breakage of window or door glass, mirrors and show cases. The premium can be extended to include accidental damage to window frames, fixtures, fittings and goods displayed in windows and the cost of boarding-up after breakage.

6. Public Liability

Every person in business and owner or occupier of premises has a liability to the public. GIB offers protection against heavy sums as compensation for accidents. The standard policy provides cover in very wide terms and can be extended to cover products liability, i.e. legal liability to third parties for death, or damage to their property caused by goods sold, supplied, repaired, serviced, installed or tested by the insured.

7. Employer’ Liability

An employer of labour can either by statute or common law be held