General Questions

Who can take the Contractor's All Risk Policy ?
The policy can be taken by the principal, contractor, or sub-contractor, jointly or separately.


When can my cover begin?
You can apply for cover up to 30 days before you would like your policy to start (the inception date).
Once your application has been received, we will process the information you have provided us. If you have answered 'no' to all the medical questions, it can be processed immediately and a policy issued within 48 hours. If you have declared a medical history, your application will be assessed by our underwriting team, which usually takes up to 5 working days.
Once a policy has been issued and your first premium collected, you are covered as per the benefits of the plan that you have selected.


What does Motor Package Policy Cover?
This type of policy covers all the risks covered under Motor Liability policy plus loss or damage caused to the vehicle due to:
Accident, Fire, Explosion, Self Ignition, Lighting, Burglary, House Breaking, Theft, Riots & Strikes, Earthquakes, Flood, Typhoon, Hurricane, Storm, Cyclones, Malicious Acts, Transit by rail/road, air and waterways and also include Windshield Damage &towing charges.


What is Marine (Cargo) Insurance?
The insurance of goods in transit from one place to another by any single mode or combined modes of sea, rail, road, air and inland waterways.


Types of reinsurance1. Treaty and 2. Facultative
The two basic types of reinsurance arrangements are Treaty and Facultative reinsurance.
In Treaty reinsurance, the ceding company has a contractual obligation to cede, and the reinsurer to accept, a specified portion of a type or category of risks insured by the ceding company. Reinsurers producing treaties, do not separately evaluate each of the individual risks assumed under the treaty. Rather, after reviewing the ceding company’s underwriting practices, they base their decision on the coverage decisions made originally by the the ceding company's policy writers.
Such dependence subjects reinsurers in general to the possibility that the ceding companies have not adequately evaluated the risks to be reinsured and, therefore, that the premiums ceded in connection therewith may not adequately compensate the reinsurer for the risk assumed. Therefore the reinsurer’s evaluation of the ceding company’s risk management and underwriting practices, as well as its claims settlement practices and procedures, will usually impact the pricing of the treaty.
In Facultative reinsurance, the ceding company cedes and the reinsurer assumes all or part of the risk covered by a single specific insurance policy. Facultative reinsurance is negotiated separately for each insurance contract reinsured. Facultative reinsurance is normally purchased by ceding companies for individual risks not covered by their reinsurance treaties, for amounts in excess of the monetary limits of their reinsurance treaties and for unusual risks. Underwriting expenses and, in particular, personnel costs, are higher than premiums written on facultative business, because each risk is individually underwritten and administered. The ability to separately evaluate each risk reinsured, however, means that the underwriter is more likely to price the contract to accurately reflect the risks involved.