Miscellaneous insurance covers risk other than those of Life, Motor, Fire, Engineering, Marine and Personal Accident Insurance. There are various other types of insurance policies for different financial risks. SGI Philippines provides diverse products in the miscellaneous category like the Special Risk Policy, Comprehensive General Liability, Fidelity Guarantee, Money Securities, and Payroll Robbery.
Special Risk Policy: Special risk refers to the insurance policy that is unusual in nature because the policyholder is more susceptible to certain risk. These unusual risks arise because of the perilous nature of insured profession. This policy provides coverage to big, heavy and fixed machinery used in construction like tractors, bulldozers, cranes, road rollers, graders and many other similar. The cover is against all risk which basically includes own damage, theft, malicious damage, and many others. Also, it has two main types:
- Equipment Floater Insurance: It is a type of property insurance that includes loss or damage to the equipment that is transferred from one place to another. It is not the standard property insurance which includes real or personal property that is located at one place. The objects involved in equipment floaters are loaders, bulldozers, trackhoes and many other alike. These can be easily shifted from one location to another.
Comprehensive General Liability (CGL): It is a type of liability insurance that safeguards business from liability exposures, but not limited to liability claims that are linked to products, completed operations, elevators and independent contractors. This policy is a mixture of product and premises. It covers all sums which the policyholder is responsible to pay as damages caused by accidental death or injury to the third party. These losses to third party arising out of accidents in the insured office premises or any defect in the manufactured product after such have left the insured’s site. Examples are motor electric shops, machine repair shops, hotel and restaurants, resorts, spas and many other alike. The covers include bodily injury in the premises, other party property and advertising damages, product liability, and personal damage. Whereas it excludes vehicle liability, pollution claims, contract arguments, and professional liability.
Fidelity Guarantee Policy: Fidelity Guarantee is insurance policies which mainly designed for individuals, firms and corporate structures that perform commercial actions and are more prone to financial losses caused by the fraudulent or any dishonest employees of the insured. It provides financial assistance against loss to business caused by the deceitful act of any employee. The policy covers the financial loss suffered by insured. The company will pay the insured actual loss sustained because of the fraudulent act of the employee on or after the date of starting of the policy. The policy will be extended to cover losses which are discovered by insured in the policy period.
Types of Policy:
- Named Basis: Specific guarantee amount for each employee status
- Designation basis: The policy contains position rather than the names of employees.
- Floater basis: It is representative of the policyholder’s liability and only one amount is revealed in the policy. This is liable to one person and the total liabilities of the whole groupof guaranteed employees. The lowest number of guaranteed personal necessary to avail the policy is five.
- Blanket Policy: Sometimes business purchases policy not by the individuals name to be assured, but in groups or teams. It may be accounts team, administration team, cleaning staff, secretarial team, and many others.
Money, Securities & Payroll Robbery (MSPR): This insurance policy protects the policyholder from loss of money, payroll and securities due to robbery, hold-up, and burglary within the policyholder’s site which is kept in lockers. While travelling outside the insured premises, the personal charge of your official employee within the stated routes. This policy excludes mysterious disappearance or unexplained losses and shortage due to error and omission.