Corporate Insurance Products
We are here to protect you when you need the most
Corporate Insurance
We offer you a wide range of Corporate insurance products that suits evert stage of your business, with unique benefits tailor-made to match your business needs as you grow.
Contractor’s / Erection All
The types of losses that could occur at construction sites and to machinery during installation are numerous. EAR policies are designed to cover the risks of losses in construction projects arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury (BI) or property damage (PD) arising out of these operations.
Covered parties include the general contractor, subcontractors, and in some cases suppliers and manufacturers of equipment.
Public Liability Insurance
Public liability insurance (PLI) protects the interests of a business owner in the event of an injury, property damage or other loss a third party would suffer while on the business premises, or as a result of your business activities. The Public Liability Insurance (PLI) is essential for any business which grants public access to their premises.
Public liability insurance (PLI) could be the most important cover you have. Not only does it pay out for claims that could otherwise topple a successful business but in many cases, not having it would put customers and partners off using your services.
Cyber Security Insurance
Unfortunately, data breaches and other cybercrimes are becoming way too common. Cybersecurity insurance is designed to mitigate losses from a variety of cyber incidents, including data breaches, business interruption network damage and a broad range of cyber risk losses that may unexpectedly arise from cyberattacks. Plans can be personalized depending on your current business security posture.
Medical Insurance
Medical Insurance is recommended for employees of an organisation which will provide reimbursement of medical expenses incurred as an inpatient and/or as an outpatient in hospitals in Sri Lanka. This is an important insurance scheme to provide your staff with peace of mind against sudden ailments, sicknesses and surgeries which could be very costly in this day and age.
The insurance could be tailor-made to suit each client’s requirements and can include, in addition to the staff member, his/her spouse and children in one group insurance policy. The insurance could be fully subsidised by the company or it could be a contributory scheme. At an additional cost, medical insurance can be extended to cover any medical emergencies overseas. This is essential staff insurance which promotes high motivation and morale amongst members of your staff.
Directors & Officers Liability
While business insurance policies by definition provide coverage for the business itself, individual company officers may still be personally exposed to financial losses resulting from a lawsuit.
Directors and officers (D&O) liability insurance protect corporate directors and officers in the event that they’re personally sued for actual or alleged wrongdoing when managing a company. The insurance helps cover defense costs and damages (awards and settlements) arising out of wrongful act allegations and lawsuits.
Travel Insurance
There are many expenses and unfortunate events that a person could encounter when travelling overseas for business. The Travel Insurance is a comprehensive ‘all-in-one’ insurance policy that protects the traveller against many common eventualities such as accidental death and bodily injury, emergency medical treatment and medical & hospitalization expenses, repatriation in the case of illness or accident, repatriation of mortal remains, loss of passport and personal belongings, travel delays and delays in the arrival of luggage, delayed departure and many other exigencies.
Products Liability Insurance
Product liability insurance is an essential cover for any business that sells or manufactures products. Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies.
Aviation Insurance
Our comprehensive suite of Aviation insurance options offers multi lines within Aviation for individual clients. We offer tailored cover for everything from hull damage and third party liability including war and terarisom.
Group Life Term Assurance
The Personal Accident Insurance covers accidental death and injuries 24×7 and is worldwide. However, the policy does not cover death due to natural causes or sicknesses. The insurance afforded by a group life is to cover against natural and accidental death. The group term assurance policy can be bought as an additional fringe benefit to the staff. Such policy creates contentment amongst staff giving them peace of mind that their dependents are looked after due to an untimely death caused by natural causes, sickness or due to accidental nature.
Professional Indemnity or Medical Malpractice Insurance
As a company that provides clients with financial advice, there could be instances where a client could sue the company for negligence and or professional advice provided not in good faith, thereby suffering financial loss. The current customers are becoming very litigious and could involve several million as compensation.
Professional Indemnity insurance cover provides indemnity to the Insured in respect of all sums which the Insured becomes legally liable to pay as damages to third parties in consequence of professional negligence. The insurer will also pay legal costs and expenses in connection with the defence.
Professional Indemnity insurance cover provides indemnity to the Insured in respect of all sums which the Insured becomes legally liable to pay as damages to third parties in consequence of professional negligence. The insurer will also pay legal costs and expenses in connection with the defence.
Personal Accident
The Personal Accident insurance covers death or permanent total disability and permanent partial disability caused by accidental, external and visible means. The policy could be extended to cover weekly benefits due to temporary total or temporary partial disability. The cover is operative 24-hours a day and could be extended to include Riot & Strike and if necessary, Terrorism.
Neon Sign Insurance
Neon Sign insurance policy specially designed for neon signs and electronic signboards. It could be assumed that based on client’s trade and business, such signboards are erected. The insurance cover can be tagged to a fire policy, but the best form of cover would be a neon Sign Insurance which provides, in addition to loss or damage caused by Fire/Lightning and Explosion, indemnity against theft, or any accidental external damages as well.
Workmen’s Compensation
Workmen’s Compensation Insurance is designed to protect the employer against their liabilities to Employees in respect of death or injuries faced by them in the course of their employment. as per Labour Law/Workmen’s Compensation Ordinance of 1934 and subsequent amendments prior to the date of issue of the Policy. The policy can also be extended to cover the legal liability under Common Law and losses caused by Riot & Strike and Terrorism.
Plate Glass Insurance
The fire policy covers loss or damage to such plate/sheet glass due to a peril covered under the policy. Similarly, the burglary policy too would indemnify damage to the building as part of the basic cover. Plate Glass insurance provides additional coverage against accidental damages. The Insured should consider obtaining a separate plate glass insurance in respect of the sheet glasses installed in the office, cubicles, and school or auditorium buildings. The annual premium would be around Rs. 2,500- per Rs. 100,000- sum insured excluding taxes and fees.
Fidelity Guarantee Insurance
The insurance policy reimburses the Insured of direct pecuniary losses which the Insured suffers by all acts of fraud or dishonesty committed by any or named staff during the period of insurance and the uninterrupted continuance of employment of such staff or discovered within 6 months of the expiry of the insurance policy or within 6 months of termination of the employment.
The policy could be on named/designation basis with a limit of indemnity per person. The insurance could also be arranged on a floater basis covering all employees or groups of employees with a limit of indemnity for all the staff or group, which is more prudent.
Machinery All Risks Loss and Profit Insurance
Your machinery is of high value with many months lead time for replacement should a major component or a total loss of a machine were to occur. Fire BI will provide indemnity due to perils named on the policy whereas MAR policies are on all risks basis. Therefore, loss of gross profit due to any unforeseen events (subject to policy conditions and exclusions) could be obtained by a MAR-LOP insurance. The indemnity period could reflect the maximum period the company would have to wait for a replacement of a machine which, includes manufacture of the machine, sea voyage and commissioning & testing. A 3-to-6-month indemnity could be considered adequate.
Machinery Breakdown Consequential Loss Insurance
The MB-LOP is similar to a fire BI and indemnifies the Insured until the turnover returns to normal due to a breakdown in the plant covered under the MB policy. The period of indemnity could be much less than 12 months unless there is justification to have a longer period. The sum insured must be the annual gross profit. The rate of the premium would be similar to an MB policy but discounted as the indemnity period would be less than 12 months.
Business Interruption Insurance
The Business Interruption (BI) insurance provides indemnity to the Insured for loss of gross profits due to a peril named in the fire policy and included under the BI policy or an event covered by the PAR/IAR policy. The gross profit is defined as follows and the Insured could use any of the two methods to arrive at the sum insured. The BI indemnifies the Insured until the turnover returns to normal due to a peril insured under the policy during the period of indemnity selected by the Insured. The period of indemnity could be 12 months or more based on the nature of the property. The sum insured must be the annual gross profit and suitably adjusted if the period of indemnity is more than 12 months.
Boiler Insurance
Boilers can be covered under a Fire Insurance policy against the perils mentioned in the policy. However, there are other causes of losses that a boiler could be exposed to which requires special insurance, such as a boiler explosion insurance. This insurance is a combined insurance package for the commercial boiler for loss of or damage to the boiler itself as well as damage to surrounding property belonging to the Insured as well as to third parties and third-party bodily injury or death caused by a boiler explosion. This is comprehensive insurance for boilers in operation.
Marine Import/Export Insurance
Importers and exporters rely on Marine Insurance to protect their goods whilst in transit between countries either by sea, air, rail, road, personal carrying or by post or courier. Besides, there could be loss or damage whilst goods are loaded and unloaded and whilst at the port premises.
The insurance can be designed to cover all types of INCO Terms with universally accepted international insurance clauses. Whilst Cargo Clause ‘A’ covers comprehensively, Clause ‘B’ has a limited form of cover and Clause ‘C’ is a more or less total loss only. The insurance provides storage cover after discharge up to 30 days for sea cargo and 15 days for air cargo. The extended period of storage could be negotiated with the insurers. The insurance could be extended to cover War, Strike, Riot & Civil Commotion.
Money in Transit Insurance
The cash whilst at premises and in transit is vulnerable to hold-up and robbery. The Policy intends to cover cash whilst in transit and premises against many types of losses. The term cash includes paper money and coins, Money Orders, current Postage Stamps and Cash Cheques.
The insurance indemnifies for loss of cash/money by any cause as per the insurance policy either from the premises insured during and after business hours or whilst in transit. Besides, the insurance covers the cost of repair or replacement of the safe/strong room associated with any theft or attempted theft. The policy could be extended to cover Riot & Strike and Terrorism as well as a personal assault to the persons carrying cash and a limited form of infidelity cover if the persons carrying cash misappropriates the money whilst in transit.
Good in Transit Insurance
This insurance is recommended if there are goods such as machinery, equipment and other consumables/stocks that could be in transit from factories and/or warehouses and/or corporate office and/or seller’s factory/warehouse and Insured’s premises. Although it could be insured under the motor vehicle policy, a separate good in transit insurance provides a more comprehensive cover than under motor insurance. Further, goods could be pilfered, stolen, damaged due to accident, fire etc. causing severe financial losses to the insured.
Computer / Electronic All Insurance
Computers and Electronic Equipment could be insured under a conventional fire insurance but experience dictates that such sophisticated equipment is vulnerable to many types of losses and damages which are not covered under a fire policy. Therefore, it is recommended to insure these valuable electronic equipment against all risks insurance.
Electronic All Risks insurance is an all-inclusive insurance policy that covers all types of losses and damages to the equipment except through wear and tear, manufacturing defects, willful damage, war and allied perils etc. This insurance could be extended to cover expenses incurred in respect of Reinstatement of Data.
All Risks Insurance
There could be valuable mobile electronic items such as mobile phones, tablets/iPads, laptops, cameras and the like that are used by the staff during overseas visits on business or personal trips or within Sri Lanka for business/personal purposes. Various losses or damages could occur to these items with the resultant financial loss for repair or replacement. Such financial losses could be covered by an All Risks Insurance. Although the name ‘All Risks’ is a misnomer, the insurance covers any unforeseen physical loss of or damage to the items insured.
Burglary Insurance
In this day and age, one hears of many burglaries and holdups with resultant loss of movable assets and damage to the premises in consequence of a burglary. Burglary insurance is designed to provide the required cover and peace of mind. The insurance covers loss of or damage to movable assets caused by actual forcible and violent entry into or exit from the insured premises or following assault or violence or threat thereof to the Insured or his employees caused by burglars. The insurance also covers loss of or damage to the premises caused by the burglary or attempted threat.
Property / Industrial All Risks Insurance
The Fire Insurance policy that has been obtained by the Insured covers Fire/Lightning and other named perils as per the extensions provided under the policy. However, various kinds of losses and damages could occur to the property other than from the perils named. It is due to these uncertainties, that we recommend a Property/ Industrial All Risks Insurance. Although it is mentioned as an ‘All Risks’ insurance, the policy does not cover all the risks faced by the Insured and the policy details extensively the list of excluded causes, events and perils.
Our Values
Trust
We seek to earn trust every day through professionalism, doing what is right and telling the truth. We are accountable to provide our services with integrity.
Care
We act with compassion and empathy to provide the energy to restore the financial and emotional stability of our customers and their loved once.
Respect
We listen to and learn from each other. We support and celebrate differences, foster an inclusive culture and operate with openness and honesty. We manage our relationships, inside the company and out, with fairness, decency and
good citizenship.
Innovation
We think out of the box when providing mission-critical innovative solutions to restore your comfort.
Interest
Our interest is in providing protection, comfort and peace of mind to the customers and community we serve during the most daunting and troublesome events.