PLURAL AGENCIES LTD INSURANCE BROKERS FOR THE ASSOCIATION OF PROFESSIONAL ENGINEERS OF SAINT LUCIA.
-
Upload
jack-barber -
Category
Documents
-
view
214 -
download
0
Transcript of PLURAL AGENCIES LTD INSURANCE BROKERS FOR THE ASSOCIATION OF PROFESSIONAL ENGINEERS OF SAINT LUCIA.
PLURAL AGENCIES LTD
WHO WE ARE Established in 1988, we are an independent insurance broker, not an
agent of any insurance companyOUR FUNCTIONS OF A BROKER
We offer professional and impartial advice often advantageous for businesses, especially those that require a tailored
package with several types of business insurance They can save you time and often prove less expensive than negotiating
with insurers yourself As an independent broker, our first priority is the client, and not the
insurer Our services are free. We do not charge the client. The only fee received
is a commission from the insurer A good broker should inform you which aspects of different insurance
policies suit your business and which aspects are less relevant, and ultimately give you time and space to make the final decision yourself.
INSURANCE COMPANIES IN
SAINT LUCIA
SAGICOR LIFE INCSAGICOR GENERAL INSURANCE
M & C GENERAL
INSURANCE
BEACON INSURANCE
ISLAND HERITAGE
NEW INDIA ASSURANCE
GTM INSURANCE
NAGICO
ST. LUCIA INSURANCES
GULF INSURANCE
EASTERN CARIBBEAN INSURANCE
UNITED INSURANCES
EC GLOBAL INSURANCE
GUARDIAN GENERAL
PLURAL AGENCIES LTD
PLURAL AGENCIES LTDCONTRACTORS ALL RISK POLICY
CONTRACT WORKSCovers physical loss or damage to the WorksContractor’s plant, machinery and equipment
owned or hired whilst on location of contractProfessional fees- Architects, Surveyors,
Consulting Engineers, Legal and other Professional fees
Debris Removal
PLURAL AGENCIES LTD
CATASTROPHE PERILS
Hurricane Cyclone Tornado Storm Tempest Windstorms Sea-waves or overflow of
the sea, or flood caused thereby
Earthquake or seaquake or tidal wave
Volcanic eruption
OTHER PERILS
FireAircraft and impact
damageBurglary and theftRiot and strike Labor disturbancesMalicious damageExplosion
PERILS COVERED
PLURAL AGENCIES LTDCLAUSES AND EXTENSIONS
Indemnity to Principal ClauseAutomatic ReinstatementAccidental Damage to UNDERGROUND Cables,
Water mains/ Pipes and Sewer LinesVibration, Removal or Weakening Support can be
covered with a thorough report of site and the surrounding property
Maintenance Cover – 6 months to 1 year(depends on type of contract)
Transit Risks- excludes sea or air transit, employees tools and effects and road vehicles
Off Site Cover – materials and goods stored offsite
• Deductibles for Catastrophe Perils (Earthquakes, Volcanic eruptions)
• Loss/ Damage due to faulty design• Consequential loss of any kind, that is, loss in trade/
revenue because of damage on site, delays in the contract which would increase the contractors expenditure
• Loss/ Damage to Plant/ Machinery/ Equipment due to explosion/ mechanical/ electrical breakdown
• War invasion, Nuclear Reaction, Nuclear Radiation, Terrorism
PLURAL AGENCIES LTDWhat is Not covered (Exclusions)
PLURAL AGENCIES LTDLIABILITY INSURANCES
PUBLIC LIABILITY INSURANCE This insures against accidental bodily injury or illness
to third parties as well as accidental loss of, or damage to property belonging to third parties, caused by an accident at the construction site.
The policy also indemnifies for legal costs and expenses recovered by a claimant from the insured
Consequential loss is covered once it is resulting directly from such injury or damage
N.B Damage to third party Property caused by vibration or subsidence from nearby buildings due to piling works-not a negligent act-a calculated risk-accidental
PLURAL AGENCIES LTD
LIABILITY INSURANCES
EMPLOYER’S LIABILITY INSURANCE injury to employees because of negligence on
the part of the employer, e.g. lack of safety equipment
PLURAL AGENCIES LTDLIABILITY INSURANCES
PROFESSIONAL INDEMNITY INSURANCE applies to professionals such as contractors,
engineers, architects and others Insured is indemnified against claims for breach
of professional duty made against him/her in the conduct of his business
These breaches can be due to any negligent act, error or omission
Offered on a claims made basis. Insurers who offer PI cover: United Insurance and
Lloyds Brokers Issues of Jurisdiction: St. Lucia and worldwide
except USA
PLURAL AGENCIES LTD
BONDSPerformance Bond- can be issued by
insurance companies or banksBid or Tender Bond-export contract-issued
by a bank or other financial institutionAdvance Payment Bond- monies advanced
will not be lost due to poor performance or default by the contractor
Retention Bond- type of performance bond withheld after completion to remedy defects
PLURAL AGENCIES LTD
M &C GENERAL
SAGICOR GENERAL
GUARDIAN GENERAL
NAGICO
THE BOND MARKET
EC GLOBAL
ST. LUCIA INSURANCE
PLURAL AGENCIES LTDCOST OF
INSURANCE?!Premium= Risk= Value of contract
works X Time on Risk X Expertise/ Perception of Contractor X Nature of the Contract X Claims Experience
EX: 4 Projects in last year>11 million:
CAR+ EL=0.95& to 1.25% of Total Value of the Contract Works