The following list of definitions attempts to cover the more common insurance covers which are available in the Australian market. It is not an exhaustive list, as by its nature, insurance can cater to every aspect of the human experience. The only limitation is the availability in the market place to supply the product/policy/coverage. It should also be noted that the following products are not to be construed as representing the policies available from Tokio Marine & Nichido Fire Insurance Co.,Ltd.
Protects a professional (a person who provides advice and/or services according to an established discipline) from financial loss, injury or damage arising from a mistake or failure by the professional to exercise the required level of skill. The mistake need not be due to a negligent act. Professionals may include doctors, lawyers, architects, etc.
Protects the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a ‘wrongful act’ committed by them in the course of performing their duties.
Covers parties involved in projects such as building construction, civil engineering projects and mechanical or electrical installation. The cover can contain three sections, Material Damage, Liability and Advanced Consequential.
Covers sudden and unforseen physical loss or damage to machinery. The coverage may be limited to the item actually damaged.
Covers the liability that an insured becomes legally liable to pay by way of damages for unintended personal injury or damage to property (caused by, or arising out of the nature, condition or quality of the insured’s products or arising out of advice given by the insured in connection with the instructions for use of products when no fee is chargeable for that service).
The limit of liability applies to all claims on an individual and aggregate basis. There is an accumulation limit as represented by the Limit of Liability. Cover may also provide for defence costs incurred in respect of the claim.
Covers loss or damage to your property whilst in transit by road, rail, air and sea. Cover is available for transits within Australia or worldwide if required.
Covers personal accident from violent, accidental, external and visible means or illness. Lump sum payment for specified events such as death through accident, permanent loss of specified limbs, eyes, and other parts, burns, fractures, etc.
Covers misappropriation of money, securities or goods owned by you as a direct result of acts of fraud or dishonesty committed by employees acting alone or in collusion with others.
Coverage is split into fundamentally 2 sections, Material Damage & Business Interruption. It is a contract which can cover multiple risk classes, generally used on large corporate risks, and if coverage is not excluded then it can be said to be covered. This is different to a specified coverage policy or class of insurance.
Covers loss or damage to your assets, including building and contents, from specified insured events, including fire, explosion, earthquake, malicious damage and storm/water damage. Flood coverage is generally excluded for domestic covers.
Designed to cover companies when executives or employees travel for business purposes.
Covers items such as mobile phones, laptop computers, or cameras.
Covers accidental breakage of fixed glass at the premises, both internal and external.
Covers loss of, or damage to money contained in the building during or outside business hours, while in a locked safe or strongroom, in transit, or in your personal custody while contained in your private residence.
Mandatory requirement for all business that employ staff in Australia, either on a casual, part-time or full-time basis. It provides cover for the financial costs of claims made by a staff member for work related injuries, disease, illness or death.
Covers your home and/or contents from loss or damage caused by an insured event, such as fire, earthquake, storm, theft, malicious damage, rainwater or run-off. The policy also extends to cover legal liability to third parties for incidents in and around your house.
Covers loss of income in the form of turnover/revenue or gross profit due to an interruption to your normal trading as a business by an insured event. The usual trigger for this cover to operate is a physical damage loss but not necessarily to the insured property.
Covers the loss of contents, stock, plant and machinery by theft following a forcible and violent entry into your premises.
Covers repair or replacement of your vehicle following collision, theft, fire, malicious damage and weather related damage. The policy also covers your legal liability for third party property damage.
Covers damage caused by your vehicle to someone else’s vehicles or property (third party). If damaged by fire or stolen then cover is designed to repair and/or replace the vehicle.
Covers damage caused by your vehicle to other vehicles or property, but no cover for your vehicle.
This is a mandatory requirement for all registered motor vehicles in Australia. The policy covers your legal liability arising out of an accident involving your vehicle that results in an injury to another person.