What Is Special Risk Insurance?
Special Risk Insurance is an insurance product that caters to unusual risks that the insured is exposed to. These non-traditional risks generally result from the unique nature of the insured’s line of work. For instance, a construction worker is more likely to encounter more mishaps than an office employee. Thus, he will require more insurance coverage. Also, in construction, more equipment and machinery are involved. These items too require financial shielding against damage, theft and Third-Party Liability. Special Risk Insurance is a one-stop solution for all these needs.
Who Needs Special Risk Insurance?
If you identify with one of the groups listed below, Special Risk Insurance is probably applicable to you.
- Businesses with Unique Risks: Companies in specialized industries, like aviation, oil and gas may require Special Risk Insurance to protect against industry-specific risks that are not covered by standard policies.
- Event Organizers: Organizers of large-scale events, concerts, or festivals may need Special Risk Insurance to mitigate risks associated with weather-related issues or unexpected incidents.
What Is the Importance of Special Risk Policy?
The importance of a Special Risk Policy lies in its provision of financial protection against unusual financial liabilities that are generally not covered under standard insurance policies. You also have the option to tailor-make coverage according to your unique requirements. What’s more, you can also benefit from industry-specific coverage. So, irrespective of your type of need, you can be assured that you are financially covered by us.
Types Of Special Risk Insurance
Equipment Floater Insurance
This type of insurance applies to equipment that is mobile and can be transferred from one place to another. It includes coverage for loaders, bulldozers, track hoes, etc. Standard policies cover liabilities only to personal property located in one place. Therefore, movable equipment and machinery may not be covered in such policies.
Why Choose SGI Philippines Special Risk Policy?
Comprehensive Coverage
Benefit from our 360° financial protection against unforeseen risks.
Affordable Cost
We provide budget-friendly policies without compromising on coverage.
Convenient Purchase /Renewal
Get insured in no time with our user-friendly purchase/renewal process.
Claim Assistance
Receive dedicated claim support from our team for all your claim-related inquiries.
Tailored Plans
Receive customized coverage as per your unique insurance needs.
Factors Affecting Special Risk Policy Premiums
Location of Risk
The location of the risk plays a significant role in determining the premiums for special risk policies. Areas prone to natural disasters, political instability, or high crime rates are typically associated with higher premiums due to the increased likelihood of claims. Conversely, low-risk locations with stable environments and strong infrastructure may result in lower premiums for special risk policies.
Specifications of the Insured’s Equipment and Its Usage
The insured equipment’s details and usage significantly impact special risk policy premiums. Factors such as equipment value, condition, nature, and utilisation intensity determine the risk level. Modern, well-maintained equipment used in low-risk activities may lower premiums, while older or specialized equipment in high-risk operations can increase premiums due to a higher risk of damage or loss.
How To Buy or Renew Special Risk Policy?
Upon purchase of the Special Risk Insurance with SGI Philippines, after receipt of your payment via bank transfer or direct deposit to the bank under the account of SGI Phils.,a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Benefits of Customised Risk Policies by SGI Philippines
The following are the benefits of buying Customized Risk Policies from SGI Philippines.
Customized Coverage
With our Special Risk Policies you can get specialized coverage according to the specific needs and risks applicable to your business. So, you need not worry about whether insurance is available or not for your unique requirements.
Cost Efficiency
By receiving tailored coverage you can avoid paying for unnecessary coverage, thus costs. Basically, what you pay is what you get!
Enhanced Flexibility
We provide you with the ability to alter your insurance coverage as per the changes in your business and the resulting risk involved.
Competitive Advantage
Tailored Risk Policies give your business a competitive edge by allowing you to focus on other challenges without having to worry about financial liabilities.
Documents Required for Filing a Special Risk Insurance Claim
The following documents need to be submitted while claiming Special Risk Insurance.
- Incident/ Accident/ Police Report
- Repair and Replacement Quotation
- Proof of repair and or replace (eg. sales invoice, delivery receipt, purchase order and official receipt)
- Photograph showing the damages to the property
How to File a Special Risk Policy Claim at SGI Philippines?
To file a Special Risk Policy Claim at SGI Philippines, start by contacting SGI Phils.’ Claims Team, who will readily assist you. They will guide you on the necessary steps and inform you about the required claim documents. This proactive approach ensures a smooth and efficient claims process, providing clarity and support to policyholders during what can be a stressful time.
How to Download Your Special Risk Policy Document?
- Purchase Special Risk Insurance from SGI Philippines and make the payment via bank transfer or direct deposit to SGI Phils’ bank account.
- After receiving your payment, SGI Phils. will send a PDF File of the policy to your designated email address.
- Check your email for the policy document and download or print it based on your preference.
Benefits of Customised Risk Policies by SGI Philippines
The following are the benefits of buying Customized Risk Policies from SGI Philippines.
Customized Coverage
With our Special Risk Policies you can get specialized coverage according to the specific needs and risks applicable to your business. So, you need not worry about whether insurance is available or not for your unique requirements.
Cost Efficiency
By receiving tailored coverage you can avoid paying for unnecessary coverage, thus costs. Basically, what you pay is what you get!
Enhanced Flexibility
We provide you with the ability to alter your insurance coverage as per the changes in your business and the resulting risk involved.
Competitive Advantage
Tailored Risk Policies give your business a competitive edge by allowing you to focus on other challenges without having to worry about financial liabilities.
How To Buy or Renew Special Risk Policy?
Upon purchase of the Special Risk Insurance with SGI Philippines, after receipt of your payment via bank transfer or direct deposit to the bank under the account of SGI Phils.,a PDF File of the policy will be sent to your designated email address, and you can already download or print your policy, according to your preference.
Documents Required for Filing a Special Risk Insurance Claim
The following documents need to be submitted while claiming Special Risk Insurance.
- Incident/ Accident/ Police Report
- Repair and Replacement Quotation
- Proof of repair and or replace (eg. sales invoice, delivery receipt, purchase order and official receipt)
- Photograph showing the damages to the property
Factors Affecting Special Risk Policy Premiums
Location of Risk
The location of the risk plays a significant role in determining the premiums for special risk policies. Areas prone to natural disasters, political instability, or high crime rates are typically associated with higher premiums due to the increased likelihood of claims. Conversely, low-risk locations with stable environments and strong infrastructure may result in lower premiums for special risk policies.
Specifications of the Insured’s Equipment and Its Usage
The insured equipment’s details and usage significantly impact special risk policy premiums. Factors such as equipment value, condition, nature, and utilisation intensity determine the risk level. Modern, well-maintained equipment used in low-risk activities may lower premiums, while older or specialized equipment in high-risk operations can increase premiums due to a higher risk of damage or loss.
Frequently Asked Questions
A Fidelity Guarantee Insurance Policy covers loss of money and other property resulting from fraudulent or dishonest act committed by a regular employee.
Generally, it is not covered but may be accommodated subject to acceptance and approval of the Insurer.