General Insurance

Engineering insurance refers to the insurance that provides economic safeguard to the risks faced by the ongoing:

• Construction project,
• Installation project, and machines and equipment in project operation.

Product categories: Depending on the project, it can be divided into construction project all risks insurance and installation project all risks insurance; depending on the attribute of the object, it can be divided into project all risks insurance, and machinery breakdown insurance.

Machinery Breakdown

Cover provided is on an “all risks” basis relating to “unforeseen and sudden” physical loss or damage to the insured items. It is thus property insurance.

What is covered?

• Power plants failures
• Electrical machines faults
• Equipment’s
• General Machines
• Manufacturing units
• Boiler explosions and pressure plants explosions
• Electronic equipment’s fault

Exclusions / limitations

Standard exclusions, such as war and associated risks, nuclear, etc.

Consequential loss, arising because of the breakdown

Policy deductible, which may be of fairly significant amount.

Contractor All Risk

Contractors’ All Risks is designed to provide an all risks cover during the construction period for contract works against loss or damage to property and third party liability for accidental bodily injury or property damage in connection with the performance of the contract, other than by an excluded cause.

What is covered?

• Buildings :residential, offices, hotels, hospitals ranging from 15-40 stores
• Auditoriums , movies theaters, multipurpose halls
• Roads
• General Machines
• Culverts and Bridges
• Water Supply Schemes, Sewage Disposal, Overhead Tanks
• Railway lines lying.

Exclusions / limitations

Faulty design and losses only discovered on taking an inventory.

Erection All Risk

This insurance also closely follows the basic format and wordings of contractor’s all risk with the latter however the work involves the actual construction (making) of buildings, etc. with erection all risks the basic components are normally not constructed on site, but are assembled and installed (e.g. bridge construction, powerful transmitters, large storage installations etc.)

What is covered?

• General risks
• Power generation/ distribution risks

Other large risks maybe rated as special risks in consultation with re-insurers.

Whether it’s your home or your business, you have probably invested a considerable amount of time, effort and money in your property. Fire insurance will protect your property and investments against loss or damage from perils such as fire, lightning and flooding.

What is covered?

Fire & Allied Perils

• Fire,
• Lightning
• Explosion
• Many additional perils such as:
• Earthquake
• Riot and Strike,
• Malicious Damage,
• Flooding,
• Impact Damage,
• Aircraft,
• Burst Pipes etc.
Additional Clauses
• Claims preparations costs
• Escalation clause

Property found within the geographical limits (thus within the United Republic of Tanzania)

The policy is designed for buildings with glass doors, windows, glass panels and showcases.

Scope Of Cover

The policy provides indemnity to the insured against loss and/or destruction/damage to glass by accident or misfortune of a fortuitous character. There are options either to replace the broken glass according to description or to pay the sum equivalent to the value of the broken glass at the time of loss, destruction or breakage up to the insurance value. Cover can be arranged for cabinet glass, display signs, fixed glass and glass partitions on premises.

This Insurance Policy provides cover against loss of money in transit while being carried by the Insured or Insured’s authorized employee(s) occasioned by:

• Robbery
• theft or any other fortuitous cause

This Insurance Policy also covers loss by burglary or housebreaking whilst money is retained at Insured’s premises, in safe(s) or strong room.

This policy covers loss or damage to money by robbery or theft whilst:

• In transit from your premises to the bank and vice versa
• In your premises during business hours
• In your premises in locked safes/strong rooms outside business hours
• In the hand of senior employees/authorized personnel of the company
• Damage to safes and /or strong rooms

Business Interruption insurance provides compensation for loss of income (following fire damage or machinery breakdown) that a business or the insured would have earned had the accident (damage or breakdown) not occurred. The loss of income covered is that resulting from reduction in turnover and/or increased in working expenses (cost)

Cover

• Loss of Gross Profit as defined in the policy.
• Additional expenses incurred as a result of necessary relocation of the business premises, rental fees, additional transport charges to the new location. an insured peril (e.g. hiring alternative premises)
• Wages (sometimes included with (i) above) paid during an interruption period.

Fidelity Guarantee insurance is an insurance policy designed to indemnify the Insured (the employer) for the loss of money or property sustained as a direct result of acts of fraud, theft or dishonesty by an employee in the course of employment.

Why do you need Fidelity Guarantee Insurance?

Companies are exposed to significant financial losses annually, due to crime committed by employees and it is reported that Fraud is on the increase. Combined with the growth in the use of electronic data and asset transfers, the fidelity losses faced by employers are increasing substantially.

Fidelity guarantee insurance is most often sought by companies where employees are more likely to cause financial loss because of their constant exposure to cash, stocks or other assets. The potential losses that could arise from fidelity, especially with the increase in computer crime, make it pertinent that those employers at risk use fidelity guarantee insurance as a risk management tool.

Cover

The cover provided includes reimbursement for loss resulting from:

• Dishonesty,
• Fraud,
• Loss of property,
• loss from loans or trading committed by an employee for improper personal financial gain.
• Theft of property by computer fraud and the theft of funds from the insured’s transfer account at a financial institution are also indemnified.
• In addition, defense costs, judgments and settlements are accommodated by the terms of the contract.

Several of the products we have already considered contain policy divisions giving third party, or liability cover. Those in this section, however, are exclusively third party covers. The liability for respective covers may arise from Statue (the provisions of the Government Ordinance) and /or in Common Law (usually negligence). Liability at law can also arise under Contract, but this is effectively the voluntary assumption of liability, or liability assumed under an agreement. This is usually specifically excluded from liability covers

Under liability insurance we have the following policies:

• Workmen’s compensation and Employer’s Liability - which provides cover against damages which an employer may be called upon to pay consequent upon bodily illness or injury to an employee resulting in the course of employment.
• Public Liability – Which provide cover for damages which the insured shall become legally liable to pay consequent upon accidental death of or bodily injury to or illness of any person or for accident loss of or physical damage to tangible property occurring in the course of or in Connection with the business of the insured within the territorial limits which results in a claim
• Professional Indemnity – which provide cover against liability at law for damages and claimant’s costs and expenses in respect of claims for breach of professional duty
• Directors and Officers Liability – which provide cover for any Wrongful Act committed in the capacity of Director or Officer of the Company but only when and to the extent that the Company shall be required or permitted to indemnify the Directors or Officers pursuant to the law, common or statutory, or the Memorandum and Articles of Association.
• Medical Malpractice – which covers legal liability resulting from any negligent act, error or omission in the professional services rendered or which should have been rendered by the Insured.

Is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.

Employee:

• Report to employer immediately
• Stay safe and go for treatment from recognized medical practitioner
• Keep ALL your medical treatment records for processing the claim – receipts/prescriptions /X-Rays etc…
• Sign the claim from for compensation provided by the employer
• Follow up on your claim with employer to obtain the assessment for compensation from labour office

Employer:

• Fill in the “Notification of Accident” on prescribed form from Department of Labor
• Report to the Department of labour by submitting the form immediately after the accident has been reported by the employee
• Make sure you receive the following set of filled forms from Labour office after assessment:
• Notification of accident
• Medical Report
• Labour assessment
• Agreement form signed by the labour office and respective employee
• Attach all those mentioned forms together with the insurer’s claim form for compensation from insurance company

Briefly the policy provides the following cover to the Insured whilst traveling anywhere in the World

• Medical expenses and hospitalization abroad
• Cost of medical evacuation and repatriation in case of illness or accident
• Cost of prolongation of stay due to illness
• Cost of emergency return home following death of a family member
• Cost of returning home mortal remains of the Insured.

The intention are virtually self – explanatory , to meet unforeseen financial and other problems encountered whilst on holiday. Specifically , the cover provided is very diverse and likely to include:

i. Medical expenses: private medical treatment in Tanzania is very expensive. High limits of cover for necessary medical treatment incurred whilst on holiday are therefore given , sometimes amounting to several million of shillings.

ii. PA benefits: on a similar basis to PA covers already discussed.

iii. Luggage loss/ damage: in certain circumstances ( death / illness of the insured or close relative ) all or part of money payable for a holiday may be lost. The policy covers such losses.

iv. Loss of money: a limited amount of cover is available for money lost or stolen whilst on holiday.

v. Delays: a specified sum is payable in the event of ordinate delays of aircraft for the time in excess of the stated period.

vi. Repatriation expenses: the extra expenses involved with the returning an injured insured, or his remains in the event of death on holiday.

vii. Public liability cover: the legal responsibility of the insured towards third parties in respect of death, injury, or property damage.

viii. Miscellaneous coverage: a wide of cover and services may be found in this complete class of business, including a benefit for Hijack, Consultation and advice on an international ‘ helpline’ a daily Hospitalization benefit etc.

ix. Loss of deposit: in certain circumstances all or part of the money payable during for a holiday may be lost. The policy covers such losses.

What is Marine Cargo insurance?
Marine cargo policy protects the insured against losses incurred following loss and /or damage to the goods whilst in transit as imports or exports.

Usually cover is against all risks subject to certain exclusions depending on the description of goods and packaging.