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Furness Anchorage General Insurance Limited Catalog
A household policy covers a comprehensive or wide range of perils. The typical insured perils met in household policies are fire, lighting, explosion, hurricane, earthquake, volcanic eruption, flood, theft, riot, strike and malicious damage, bursting and overflowing of water tanks, apparatus or pipes, impact by vehicles or aircraft or aerial devices, damage by breakage or collapse of television or radio antennae.
Cover is provided in respect of loss or damage to the insured’s household goods and personal effects caused by an insured peril. Insurers normally require details pertaining to electronic equipment and for jewellery a valuation is required. Property used in connection with a trade, profession or business is not covered.
1. The fire commercial policy is issued to business concerns and covers commercial property such as buildings, stock in trade, furniture, fixtures and fittings and plant and machinery. Where an insured chooses a 'fire only' policy, such a policy covers the property against the perils of fire, lightning and explosion of gas used for illuminating or domestic purposes.
2. Special Perils, where the insured wants to cover the property against more perils than that given under a 'fire only' policy he may choose from a wide range of perils such as flood, hurricane, tornado, windstorm, earthquake and volcanic eruption, riot and strike, malicious damage, explosion, spontaneous combustion, subterranean fire, impact, burst pipes, bush fire, smoke damage.
Material Damage Section – The insured items (contracts works including materials to be used in performing the contract, construction plant and equipment) are covered against any unforeseen and sudden physical loss or damage from any cause not excluded.
Public Liability Section – The insured is indemnified against all sums for which he is legally liable to pay as damages for accidental death of or bodily injury to third parties or accidental damage to third party property arising out of performance of the contract.
Maintenance Period – Many building contracts include a maintenance period during which the contractor has a duty to correct faults and defects that come to light. Loss, damage or liability arising in the course of any operation carried out by the insured for the purpose of complying with obligations under the maintenance conditions is covered.
Material Damage (Hardware) – The equipment is covered against any unforeseen and sudden physical loss or damage from any cause not excluded. Typical exclusions include loss or damage due to or related to faults or defects existing at commencement of insurance and known by the insured, failure or interruption of electricity service or supply, wear and tear or gradual deterioration, replacement of expendables parts, aesthetic defects, elimination of functional failures, maintenance costs and items for which the manufacturer or supplier is responsible under contract or by law.
A machinery and plant policy provides insurance against any unforeseen and sudden physical loss or damage from any cause not excluded. Fixed and/or movable plant, equipment and machinery may be covered under this type of policy. Many factory owners insure their equipment under a fire and extra policy perils policy but insuring them under a machinery and plant policy would provide wider cover.
If at any time during the period of insurance any employee in the insured’s immediate service shall sustain personal injury by accident or disease arising out of and in the course of his employment. As described in the schedule at common law the insurers will indemnify the insured against all sums for which the insured shall be so liable.
The insured is indemnified against all sums for which he is legally liable to pay as damages for accidental death of or bodily injury to third parties or accidental damage to third party property arising out of and in the course of business.
Products liability insurance indemnifies the insured against sums for which the insured shall become legally liable to pay in respect of accidental injury to third parties or damage to third party property happening during the period of insurance and caused by goods sold or supplied in the course of the business.
The person awarding a building contract requires protection against the failure of the contractor to carry out his obligation to perform the work in the terms of the contract. A performance bond is an undertaking that the contractor will properly carry out the work according to the terms of the contract and the surety (the insurer) is responsible for delays, non-performance and specified penalties.
A tender bond makes the insurer liable to pay a specified penalty if the contractor fails to take up the contract.
With a fidelity guarantee policy the employer (the insured) is covered against direct loss (usually of money or goods) caused by any act of fraud or dishonesty of any employee named or described in the schedule and acting in the capacity mentioned in the schedule.
An Advance Payment Bond is a business arrangement between a Principal and a Contractor whereby any advance payments for given services will be returned if that Contractor does not fulfil his or her obligations to the Principal. The exact amount of the bond of guarantee will vary, based on the total amount that is provided to the Contractor on the front end before any services are undertaken. This type of guarantee on the advance payment protects the Principal from losing the investment in the Contractor should unforeseen factors prevent the Contractor from completing the agreed-upon tasks. This bond can be done by Insurance Companies or Banks (surety) which guarantees that the amount advanced will be repaid by them.
A marine cargo policy would cover perils or contingencies such as fire or explosion, the vessel being stranded, grounded, sunk or capsized, collision or contact of vessel, craft or conveyance with any external object, overturning or derailment of land conveyance, hurricane, earthquake, volcanic eruption, washing overboard, entry of sea, lake or river water into vessel, conveyance or place of storage and piracy.
A goods in transit policy covers the property insured against loss or damage by any cause not excepted while in transit by any vehicle specified or described in the schedule including loading or unloading.
Third Party is in accordance with the Motor Vehicles Insurance (Third Party Risk) amendment Act 1996. Indemnity is provided in the event of death of or bodily injury to a third party or damage to third party property in connection with the use of the insured vehicle by the insured or any authorised driver.
In addition to the Third Party Insurance cover, indemnity is provided against loss or damage to the vehicle by accidental collision or overturning, fire or theft, malicious act or whilst in transit.
In addition to the Third Party and Third Party Fire & Theft cover, a comprehensive private motor policy provides additional benefits without any additional premium which includes damage to garage by fire, medical expenses incurred in respect of occupants in the vehicle following accident, personal accident cover to insured/spouse and clothing and personal effects.
OTHER COMMERCIAL INSURANCES
This policy covers loss of or damage to the property insured by theft involving entry to or exit from the premises by forcible and violent means and damage to the premises due to theft or attempted theft.
The insured is covered against loss of money used for the purpose of the business from any cause not excepted. The policy is ‘all risks’ in nature and while the main concern is burglary and hold-up such incidents as fire, flood, hurricane and earthquake are all covered.