Fire & Special Perils Insurance
A solution that helps your business with protection against the loss and damage experienced through fire and other perils. With this coverage, we will provide you with protection for your buildings, machinery, equipment, furniture, permanent fixtures, fittings, leasehold improvements, stock in trade and any other physical assets owned by your business.
- Fire
- Hurricane
- Earthquake/Seaquake
- Riot & Strike
- Malicious Damage
- Explosion
- Flood (including overflow of the sea)
- Aircraft Damage
- Motor Vehicle Impact
- Burst Water Pipes
Parametric Insurance
Our strategy for providing the best (property) insurance solution is to do a complete risk assessment and restructure the way coverage is built up. Traditional insurance covers Fire & Allied Perils including Natural Disasters (Windstorms) with high deductibles, and various limitations in the way the payout takes place.
Fundamentally, parametric (or index based) solutions are a type of insurance that covers the probability of a predefined event happening instead of indemnifying actual loss incurred. It is an agreement to make a payment upon the occurrence of a triggering event, and as such is detached from an underlying physical asset or piece of infrastructure.
The insurance cover is triggered if pre-defined event parameters are met or exceeded, measured by an objective parameter or index that is related to an insured’s particular exposure.
Windstorm Parametric trigger example:
- No deductibles
- Spread risk, not all the eggs in one basket
- ‘A’ rated (re) insurers
- No loss adjusters as settlement is triggered by proximity of windstorm to Sint Maarten
- No delay in payments as settlement within 15 days is possible.
- Very cost efficient
- Covers all types of losses, like business interruption, salary payments, and many other variety of losses that may occur
- You can make reservations with unused payouts
- No underinsurance clause applicable
Parametric insurance is not designed to replace the traditional insurance solutions. Parametric Insurance can fill the protection gaps left by indemnity insurance like deductibles, excluded perils, scarce capacity or pure financial risks where the insured has no control over the underlying asset.
Contractors All Risk Insurance (CAR)
Contractors all risk is a nonstandard coverage that combines coverage for damage to your project and can include third-party liability arising out of the project into one single policy. Covered parties include you as the project owner, the general contractor, subcontractors, and in some cases suppliers of materials and equipment.
The liability component of CAR insurance addresses the legal liabilities that may arise during your construction operations. It covers third-party bodily injury and property damage claims, which are critical concerns on any construction site. This part ensures that, in the event of an accident causing injury to a third party or damage to third-party property, the policyholder is protected against potentially crippling financial liabilities.
Business Interruption Insurance (BI)
Can you cover the financial shortfall on your own? During a period of rebuilding and repair, it isn’t business as usual. Will your company survive? A Business Interruption insurance helps your business recover and safeguards your results.
Business Interruption Insurance covers net profit, ongoing expenses and even extraordinary expenses when a business is disrupted by natural disasters, Fires etc.
Some of the benefits of a BI policy includes coverage for:
- Loss of income/revenue
- Ability to pay salaries
- Ability to pay continuing expenses such as mortgage, advertising and taxes
Commercial Vehicle Insurance
Commercial Vehicle Comprehensive cover helps ensure continuity of business operations after damage to or loss of a company vehicle due to an accident. The Third Party Liability option protects your business from bodily injury and property damage claims from others.
Professional Indemnity Insurance
As a professional, you may make mistakes and create situations where you become legally liable to a client. This can be due to neglect, error or omission. A Professional Indemnity Insurance covers your business for the many acts and errors of you, your partners, directors or employees, agents and more. With this policy, you may also be covered for the dishonesty of your employees, libel and slander, lost or damaged documents and defence costs.
Liability Insurance
Liability Insurance coverage provides business owners with financial security and support for their Employees, Third-Party Contractors and Customers if the unexpected occurs.
Type of liability Insurances:
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Public Liability; If someone is injured on your premises, or their property is damaged while you’re providing a service, they may take legal action against you to recover their losses. Public Liability insurance can pay for the cost of these claims or any associated legal expenses and control the negative impact to your business.
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Workmen’s Compensation Employer’s Liability; Personal injury to the employee during his or her employment.
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Goods In Transit; Loss/Damage by accident or misfortune to goods while in any conveyance over land
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Tender, Bid, Performance and Customs Bonds; Guarantee given based on performance as set out by Principals.
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Products Liability
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Directors & Officers Liability (D&O); Directors and Officers carry significant risk due to their responsibilities. They can be held personally liable for a number of matters including, but not limited to, errors in judgment, breach of legal duty or failure to disclose conflicts of interest. The resulting claims and legal expenses are often very costly. A Directors & Officers Liability insurance allows you to attract and retain by protecting your Directors and Officers.
Burglary Insurance
Thieves will do anything to gain access to your business and, sometimes they succeed. Therefore add a Burglary Insurance to your insurance portfolio to protect your business against loss or damage as a result of forcible and violent entry to your premises. You can also insure your business contents such as furniture, fixtures, equipment and other valuables.
International Insurance
We have various international insurance solutions for our (larger) corporate customers and larger private risks. Via our international network we are also able to provide coverage to the neighbouring Islands. Please do ask for the possibilities as we have solutions for all your insurance inquiries.
Excursion Marine Hull & Liability Insurance
Excursion Marine hull and liability insurance covers damage or loss to the vessel, including its machinery and equipment, as well as legal liability to any third party due to negligence related to the vessel’s operations or the actions of masters or crew.
This coverage can be expanded to include expensive outboard engines, special equipment, dingy’s & small boats, personal effects and medical payments.
In addition you will be exposed to unique liability claims if paying passengers will be on board which is why our passenger liability add on will be a perfect fit for excursion vessels.