Group Personal Accident

An accident can happen at any time or anywhere, so if an employee is injured or in worst case passes away while on duty, then the results can be very devastating. The employee or his/her family may also be under financial strain because of the accident, and the business can also incur the costs associated with the event.

Group Personal Accident Insurance is designed to help businesses to keep their financial losses to a minimal after such events. There are many different benefits and entitlements offered including:

• Accidental Death - Death of the insured resulting from an accident
• Accidental Death and Dismemberment Coverage - In the event of an accident resulting in loss of life, limb, or eyesight, the beneficiary receives up to the policy limit, and if necessary coverage could be increased for highly-compensated employees. This comprehensive coverage also extends to permanent total dismemberment or disability, which prevents the insured from obtaining any gainful employment after 12 months.
• Temporary Disablement - Accidental injury that temporarily prevents the insured from working. Amounts are available up to 100% of the employee’s weekly salary.
• Medical/Hospitalisation Expenses - Necessary hospitalisation and recovery expenses incurred by an insured as a result of an accident.
• Medical Evacuation - If adequate medical assistance is not immediately available, the insured will be evacuated to a suitable facility to receive appropriate medical treatment. In some cases, travel expenses will also be paid for repatriation to the employee’s home country.
• 24/7 Coverage - Provides around-the-clock protection to the insured while they are on the job, on vacation, or at any other time abroad. Typical workers’ compensation coverage is applicable only during working hours, potentially leaving gaps in coverage throughout the duration of an assignment.
• Flexible Policy Terms - Provides coverage options for both individuals and groups at competitive rates. Benefit types and amounts can be easily modified as circumstances may require.
• War and Terrorism Coverage - Protects organizations with the right coverage against the risks of civil unrest, war, and acts of terrorism.

Electronic Equipment Policy

Every company has some sort of electronic equipment that is an essential part of running the business. If this very important item of electronic equipment should be lost or damaged the consequences can have a huge impact and disrupt day to day operations. This is why an electronic equipment policy is very important to a business where it requires systems which generally require very low voltage and power.

An Electronic Equipment policy is designed to meet the needs of both owners and hirers of equipment. The benefits of this policy incudes:

•     Television and broadcasting equipment.
•     Radio equipment.
•     Measurement process equipment for engineering and research.
•     Medical equipment.
•     Office equipment.
•     Telecommunications equipment (other than computers).
•     Electrical breakdown, malicious damage, subsidence or collapse, lack of skill and theft.
•     World-wide protection available for portable equipment.
•     Completion of a proposal form is not required.

Scope of Cover – the policy is divided into three sections:

1. This Section covers the accidental damage to the insured equipment against “All Risks,” namely: Fire, Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damage, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Land slide, Rock slide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire (Fire & Allied Perils)
•  Electrical & Mechanical Breakdowns
•  Burglary & Theft
• Negligence, Lack of Skill, Carelessness
2. This Section covers Loss/Damage to external Data Media i.e. Tapes, Discs, magnetic drives etc. caused by any peril as mentioned earlier in Section-I. The cost of restoration of the stored data can also be covered (provided backup system is available).
3. Increased cost of working (ICOW) for use of substituted electronic equipment for continued data processing following indemnifiable damage to insured electronic equipment can be covered under this Section.

Oil and Gas Insurance

Due to its potentially hazardous nature of work, oil and gasinsurance is a specialist area of cover. Being in the oil and gas industry both onshore and offshore is very risky as production can often be situated in war, terrorist and areas of civil unrest. Executives can be vulnerable to kidnap and ransom demands.

• There are different types of oil and gas insurance packages offered by insurance companies including:
• Hold harmless agreement - this is an agreement that states an individual or organization is not liable for any injuries or damages caused to the individual signing the contract.
• Waiver of subrogation - this clause instructs an insurer to give up their right to pursue another party - your client, for example - for repayment of any damages resulting from a claim.
• Corporate manslaughter - this cover pays for your legal provision in the event you are charged under the Corporate Manslaughter Act.

International cover - an international cover is perfect for oil and gas engineers working abroad. A standard international cover doesn't include the US or Canada, however, if you are going to be working in the US or Canada increased cover levels are available, as well as cover for specific activities or job roles.

The oil and gas industry is associated with a huge variety of technological processes involving a variety of functional units including pipelines, tank farms, pumping stations, processing plants and much more. The main features of such facilities is increased fire load, the presence of equipment that operates at high temperatures or pressures, equipment with high-speed moving parts. The basic element of an oil and gas insurance should include three main components:

1. Insurance of property against named risks, when only events listed in the contract are insured, or All Risk, when all risks not expressly excluded by the insurance contract are covered. This part of the policy is designed to protect against such risks as fire, explosion, action of water, natural disasters, etc.
2. Insurance of machinery and equipment from damage. This includes errors in equipment design or installation, overheating, power supply disruptions, human error, etc.
3. Insurance against business interruption. This means financial loss caused by partial or full stoppage of the enterprise as a result of events insured under the previous two sections

Marine Insurance

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.

Marine insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.

Having Marine insurance means that a business is covered both internationally and domestically, while goods in transit, whether by road, rail, sea or air. Marine insurance also covers:

•     Fire and explosion
•     Accidental damage
•     Loss of goods
•     Theft
•     Sinking, grounding and stranding
•     Heavy weather
•     General average & salvage charges
•     Piracy
•     War and strikes (including terrorism)
•     Road traffic accident

There are two main types of marine insurance:

• Marine Cargo - covers losses arising from physical damage to cargo and related liabilities whilst it is in transit by sea and for up to 60 days whilst in storage. The risk location is usually the territory in which the insured is resident or its business establishment is situated.
• Marine Hull - covers losses arising from physical damage to the hull. Yacht liability insurance covers owners and operators of yachts for third party liability. The risk location can be determined by any one of the following Physical location of the vessel (place of operation), Jurisdiction in which the vessel is registered and Location of the insured’s residence or business establishment Please see the territory specific guidance on Crystal for specific risk location rules.

To ensure your business gets rapid and full compensation in the event of a loss event, it is suggested you take out a marine policy that is tailored to your business needs. The liability of the various cargo service providers is very limited and may, in some cases, be wholly absent. It is also often the case that loss or damage sustained cannot be attributed to the person who actually caused it in the transport chain.