Business Insurance

1. Surety Bonds

In surety bonds, the insurance company promises to answer financially to the obligee for the debt, default, or misconduct of the principal.

2. Contractors’ Bonds

Required of contractors in connection with contracts for construction or for the supply of labor or such other service. Examples of contractor’s bonds are the bidder’s bond and performance bond.

Bidder’s Bond:

A contract to supply material and equipment for construction work is placed for public bidding. The participants to such bidding are required to post a bidder’s bond, which guarantees that if the principal is successful in his bid, he will enter into a contract with the obligee.

Performance Bond:

When a contract is awarded to a contractor to undertake construction work for the obligee, the contractor is required to post a bond which will guarantee that the principal (the contractor) will perform the job according to the terms and condition of the contract and within the period specified.

3. Judicial Bonds

Filed in a court of law in accordance with a statutory requirement. Examples of judicial bonds are court bonds and fiduciary bonds.

Court Bonds:

Filed by a party who is either a plaintiff or defendant in a litigation case that guarantees that he will honor or pursue the legal remedies of the courts.

• Attachment Bonds: When a complainant (plaintiff) in a legal case has attached the property of the defendant, the complainant is required to post this bond to guarantee that the surety will pay the defendant all his financial losses resulting from the attachment of his property should the plaintiff lose the case.
• Replevin Bond: Replevin is an action to regain possession of personal property. Before the supposed rightful owner-complainant can regain possession of the property, he must first post a replevin bond that answers for the return of the property or for the payment of damages to the defendant should it turn out that the complainant was not the real owner.

4. Fidelity Bonds

A fidelity bond promises to reimburse the employer (the obligee) for any loss of money or property that the employer might sustain due to the dishonest acts of the employee (the principal) named in the bond.

1. Casualty Insurance Solutions

Add protection and security to your business. We have insurance that protects your business from losses of Money, Securities and Payroll Money due to theft and burglary, for loss of Money or other property caused by any dishonest or fraudulent act by any employee and liability insurance for your business operations. We also have insurance for Heavy Equipment.

2. Money, Securities and Payroll Robbery Insurance for Business

Business Insurance for Money, Securities and Payroll Robbery

Business insurance that pays back the storeowner or enterepreneur and his business for actual financial loss casued by robbery, housebreaking, or any attempt by a third party. This insurance solution covers, losses that occur due to robbery within the premises, outside the premises and whilst the money, securities or payroll is in transit from the store to the bank and vice versa.

3. Fidelity Guarantee Insurance

Business Insurance for Fraudulent Acts By Employees

Business insurance that protects the storeowner or entrepreneur and his business from loss of money, stocks, and other properties belonging to the business or under its care, custody and control, resulting from an act of dishonesty of fraud committed by an employee.

4. Compehensive General Liability

General Liability Insurance for Premises Operations

Business insurance that indemnifies the storeowner in the event he is held financially and legally liable for bodily injury, including death and property damage to third parties arising from his negligent acts or his employees in connection with the operations of the business. It also pays for costs and expenses of litigation recovered by any claimant against the storeowner or incurred with the consent of the Company in the defense or settlement of any liability claim.

Coverage may also be extended to include Food and Drink Poisoning Liability, Car Park Liability, Valet Parking Liability, Garage Keeper’s Liability, Fire and Explosion Liability, Tenants Liability, Elevator Hazard Liability, Premises Medical Payment, Water Damage Liability, Innkeeper’s Liability.

• Liability Insurance for Contractors

  Business insurance that indemnifies a contractor in the event he is held financially and legally liable for bodily injury, including death and property damage to third parties arising from his negligent acts or his employees arising out or in connection with the contractor’s project. It also pays for costs and expenses of litigation recovered by any claimant against the storeowner or incurred with the consent of the Company in the defense or settlement of any liability claim.

• Liability Insurance for Security/Manpower Agencies

  Business insurance that indemnifies a manpower/security agency in the event he is held financially and legally liable for bodily injury, including death and property damage to client’s employees and guests accidentally caused by the Insured’s assigned security guards/personnel to his client/s. It also pays for costs and expenses of litigation recovered by any claimant against the storeowner or incurred with the consent of the Company in the defense or settlement of any liability claim

• Liability Insurance for Event Organizers

  Business insurance that indemnifies an event organizer in the event he is held financially and legally liable for bodily injury, including death and property damage to third parties arising out or in connection with his hosting or sponsorship of an event. It also pays for costs and expenses of litigation recovered by any claimant against the storeowner or incurred with the consent of the Company in the defense or settlement of any liability claim.

5. Equipment Floater

Insurance for Heavy Equipment

Business insurance that covers Heavy Equipment for agricultural, construction, port, office, hospital, manufacturing and industrial other than vehicles licensed for use on public highways against risks of direct physical loss or damage due to external causes. Coverage includes whilst equipment is being operated, during inland transit and storage.