While Corporation oversees to the need of insurance services for our economy, it also considers the scope of which it is able to run and exercise its operable options to suit the basic needs currently.
Basically, while it has major classes as in Fire, Motor, Aviation and Marine, all other classes of insurance, being minor, are thus classified under the General Accidents and Liability Insurance policies and yet still providing these as and when required depending on the trend of need from the public.
With the above in mind, the Corporation provides various policy covers in this class as follows:
1. All Risks Policy
3. Contractor’s All Risks
4. Cash in Transit
5. Deterioration Frozen Foods
6. Personal Accidents and Illness
7. Plate Glass
8. Traveler’s Insurance
9. Machinery Breakdown
10. Electronic Equipment Insurance
11. Bond Insurance
12. Professional Indemnity
13. Directors & Officers Liability
14. Public Liability
15. Erections All Risks
16. Business Interruptions
The above provide a wide range of insurance services in vast different fields.
The more commonly taken out policies in this class are those relevant for the basic needs:
1. General Accidents – Property Insurance (excluding vehicles, houses and marine outboards/engines/yachts and aircrafts)
a. All Risks
This is designed to cater for damages and losses sustained to properties (excluding the above mentioned). This is a general cover as the name itself implies “an all risks” policy.
Burglary covers ensures that the policy holder is covered for the insured properties from the acts of theft. Burglary policies will ensure to have the following visible at the time of claims:
· Actual break-in signs
· Actual loss of the insured item
· Report made to the Police Authority to allow for investigations of the act to have taken place.
c. Contractor’s All Risks
This Policy sees to the basic construction needs of any contractor. The cover provides to indemnify the Insured from losses/damages sustained from the point of construction to the completion of the contract works involved. To a certain extent, this policy also covers liability implication that may arise out of or as caused as a consequence to the damages to the construction site.
d. Cash in Transit
To all cash (and in kind) whilst being in transit from one point to another or kept in the business premises, depending on the wording on the terms and conditions of the policy, any loss incurred in these routes are covered under the policy. Any willful act is not covered under the policy.
e. Electronic Equipment Insurance
This is a common policy taken out for mainly computers and generally, this is an “All Risks” policy for all electronic equipment.
f. Traveler’s Policy
This is an attractive short term policy which offers insurance cover to any traveler within the Kiribati Islands and outside Kiribati.
This policy is designed to meet losses/damages incurred during the travel period:
· Loss of baggage
· Loss of personal money
· Medical Expenses
· Legal Liability
· Accidental Death (optional)
There are, of course, certain limitations and further exclusions to the above cover as defined in detail under our Terms and Conditions of this Policy.
g. Personal Illness and Accidents
This is a very ideal insurance cover for individuals covering them from all sorts of accidental injuries incurred during their lifetime in whatever hobbies they may be engaged in, in any activity as in their defined duties in their respective workplaces and basically any related medical needs arising during the existence of this policy.
However, it is important to note that:
· Sicknesses befalling the Insured in the first 28 days after effecting this policy will not be covered.
· No pre existing illnesses will be covered.
· In the case of injuries and or incapacitation cases, where the workman compensation will compensate the Insured, this policy will not apply and likewise, the vice versa effect will apply if this policy will apply compensation, the workman’s compensation policy will not.
h. Business Interruption
This is not a “Stand Alone” policy, meaning this policy is always bought with another policy. For example: “ A business owner who insures under the Fire policy can also buy a BI policy covering the business owner from loss of profits that might befall the Insured should a fire break out thus damaging the Insured’s property”
Likewise, a bus owner can also buy BI cover for the loss that he might incur inflicting loss on daily earnings due to the damages sustained to his bus(es).
Without cover to the interest of source of income, this policy cannot be given alone to any person interested.
2. General Liability
1. Public Liability
This is designed more to face your liability you might incur in course or running your own business or simply liability that might you might face in your daily activity. Should any liability incurred owing to the latter above, and further to the Corporation’s terms and conditions of this said policy, the party in question shall be indemnified to up the limit on the Policy.
Overall, this general insurance provide the miscellaneous cover aimed at different situations and different circumstance depending on the nature of the need required, whether individually or as an entrepreneur or as head of any Ministerial organization.