Q: What is Professional Indemnity Cover?
A: If you are in a business or profession where you advise others you may find yourself exposed to claims for breach of your professional duty of care.
If you, in the course of your work of advising clients,make a mistake or do / fail to do something that could cause financial loss to another person then you need Professional Indemnity Insurance. Professional Indemnity Insurance covers you for the legal costs in defending actions brought against you and the costs of the award associated with the action.
Q: What is Employers Liability Cover?
A: Employers Liability covers the Insured’s’ legal liability for bodily injury, illness or disease sustained by any employee which arises out of and in the course of his/her employment in connection with the Insured’ business.
Q: What is Public Liability Cover?
A: This provides you with the legal cover and protection against claims for which you would be legally liable for and brought to you by anyone other than your employees for bodily injury or loss or damage to property arising in the course of your business.
Q: What is Products Liability Cover?
A: Products Liability covers the insured's legal liability for bodily injury, illness or disease sustained by persons, or loss of or damage to property caused by defects in goods (including containers) sold, supplied, erected, installed, repaired, treated, manufactured, and/or tested by the insured.
Q: What is Business Interruption Insurance?
A: This covers your business against unforeseen risks that causes the business to lose money due to a loss of capacity or inability to continue business for a period of time.
Q: What is Property Insurance?
A: Property insurance protects your buildings and equipment, stock, furniture and fixtures. Some policies include equipment breakdown and business income coverage. Basic property insurance will generally cover your business for losses in the event of a fire or lightning strike and will pay the cost of removing property to protect it from further loss.
Q: What is Directors & Officers Liability insurance?
A: Directors & Officers Liability (D&O) Insurance provides coverage resulting from any claim made during the Period of Insurance for any Wrongful Act in the Insured persons capacity as Director, Officer or Employee of the Company. D & O Liability Insurance is designed to help protect both the assets of the company and the personal assets of these individuals. D & O Liability Insurance helps protect the Directors and Officers of the Company against claims alleging -employee discrimination or unfair employment practices, wrongful termination etc.
Q: What is an Owners Controlled Programme (OCP)?
A: Owner Controlled Programmes are a form of wrap up cover, an increasingly popular insurance option that allows coverage’s for multiple insured’s to be bundled into one consolidated programme. OCP’s are typically used on very large construction projects involving many contractors and sub contractors. This insurance gives the developer the ability to establish the insurance costs of the project(s) at the start, as the policy is effective for the period of the works rather than an annual contract. A single package will embrace both the property damage on the contract works, and fit
out if required, also the ability to factor in provision for inflation, and additional expenses ; and also the potential consequential loss of profits or rent arising from delay due to material damage to the works.
Q: What is employment practices liability insurance?
A: Employment practices liability insurance (EPL) is designed to protect employers against claims of employee sexual harassment, discrimination, wrongful termination and other employment-related litigation. Many insurance companies offer employment practices liability insurance as part of their business owners' policy or as a stand-alone policy.
Q: What do I do if I have Contractors carrying out work on site at my premises?
A: When Contractors are undertaking work of any sort at your premises, their liability insurances should be reviewed to ensure they have adequate cover in place, prior to going on site. We can arrange for the review of any contractors insurance by submitting our tailor made questionnaire form to the contractor or their broker if known, for completion. These details shall then be checked upon return of this form to our office.
Q: How do I make a claim?
A: It is important that you notify your insurers with regard to every incident of loss, damage or injury concerning your business. All losses must be reported whether you intend on making a claim or not. This can be done by contacting our office where we will take the necessary details, report the incident to insurers and forward relevant claim form for completion to you. We shall advise and guide you through the claims process with a view to ensuring prompt settlement of your claim.
Q: What classes of insurance do I need?
A: Each business is very different and exposed to diverse risks and hazards. These need to be evaluated in order to ensure a comprehensive policy and risk management solution is put in place, to meet the requirements of each business. We can discuss the complete range of policy covers which we provide with a view to tailoring a policy which suits your specific needs. Please contact our office to speak with a member of our staff in this regard.
Q: How do I go about getting a quotation?
A: To provide a quotation we will require various details in connection with the Insurance cover you require. Please complete the details within the quotation box and we shall contact you by return. Alternatively, should you wish to discuss your requirements with someone in detail, please call our office on 01 2801057.
Q: What is an excess?
A: An excess is the first part of any claim you might make which you have to pay yourself. The excess will vary depending on the type of insurance you hold and the insurer.
Q: What is a Warranty?
A: A warranty is a condition of a policy which must be complied with in order for cover to operate. A breach of warranty may result in a claim not being settled by insurers and/or policy cancellation.
Q: What is an Underinsurance Clause?
A: This is a clause in an insurance policy which provides that where, at the time of a loss, the sum insured is less than the correct cost/value of rebuilding or replacing property insured. Then the policyholder will be regarded as his/her own insurer for the difference i.e. the settlement is scaled down in proportion to the under insurance by applying the following calculation: Sum insured / Value at risk * Agreed value of claim
Q: What is the definition of an Employee?
A: An Employee is any person employed by the Insured under a Contract of Service or Apprenticeship.
Q: What is a Custodian Warranty?
A: A custodian warranty applies within the Money Section of a policy. It states that money in transit is accompanied by one or more custodians depending on the particular scale under the policy - for example:
| Amount of Money at Risk | No. of Custodians |
|---|---|
| Up to not exceeding €4,000 | One |
| Exceeding €4000 but not exceeding €10,000 | Two |
Q: What is Day One Cover?
A: Day One Cover is an inflation provision property cover. A percentage is added to the current reinstatement value in place – for example 115%. This provides for inflation between the date of damage and the date of actual reinstatement.
Q: What is the definition of Money?
A: The definition of Money under an insurance policy is as follows:- Cash Bank & Currency Notes, Cheques, Giro Cheques, Postal Orders, Crossed Bankers’ Drafts, Crossed Giro Drafts, Current Postage Stamps, Unexpired Units in Franking Machines, National Lottery Tickets for their nominal value, National Savings Stamps and Certificates, Prize Bonds, Luncheon Vouchers, Credit Card Sales Vouchers, Trading Stamps, Gift Tokens, Consumer Redemption Vouchers, VAT Purchase Invoices and Phone Cards all belonging to the Insured or for which the Insured has accepted responsibility.
Q: What does the condition of ‘Average’ mean?
A: Average comes into effect under an insurance policy when there is underinsurance in place. It states that ‘if at the time of the damage the sum insured is less than the full rebuilding cost, Insurers will pay only for the proportion of the damage which the sum insured bears to such cost’. Please also refer to definition of ‘Underinsurance Clause’. With this in mind, it is of utmost importance that the declared values in place under a policy are correct, otherwise you may be penalised financially in the event of a claim should the sums insured be inadequate.
Q: What is the definition of Gross Revenue?
A: Calculated as sales minus all costs directly related to those sales. These costs can include manufacturing expenses, raw materials, labour, selling, marketing and other expenses.
Q: What is Increased Cost of Working (ICOW)?
A: This is the amount payable in respect of the additional expenditure necessarily and reasonably incurred during the indemnity period for the fitting up of temporary premises, removal costs and expenses including increased rent, lighting and heating charges and other similar expenses.
Q: What is Fidelity Guarantee Cover?
A: This cover is in respect of loss of money and/or contents pertaining to the business by any act of fraud or dishonesty committed by any employee during the period of insurance.
Q: What is an indemnity period?
A: The period beginning with the occurrence of the damage and ending not later than the maximum indemnity period thereafter during which the results of the business shall be affected in consequence of the damage.
Q: What is the definition of Turnover?
A: Turnover is the money paid or payable to the Insured for goods sold and delivered and for services rendered in the course of business at the premises.
Q: What is a material fact?
A: A material fact is any information which may alter the judgement of an Insurer in assessing a risk
Q: What is a material change?
A: A material change is any information which may alter the judgement of an Insurer or their perception of risk and exposure that has not been previously been disclosed as a material fact.
Q: What is Index-Linking?
A: The sums insured are increased by a percentage to fall in line with the rate of inflation
Q: What is the definition of Outstanding Debit Balances?
A: Outstanding Debit Balances means the amount owed and unpaid to the Insured by their customers for goods sold and delivered and for services rendered in the course of the business at the premises.
Q: What exactly does the term "bodily injury" in a liability insurance policy mean?
A: This refers to the injury, sickness, disease, or even death, of any person that occurs during the policy period.
Q: What is the definition of contract works?
A: The permanent and temporary works executed in the performance of the contract and materials for the use in connection therewith.
Q: What is the definition of owned plant?
A: Contractors’ plant the property of the Insured comprising all types of contractors’ constructional plant, scaffolding, tools and constructional equipment.
Q: What is the definition of temporary buildings and contents?
A: Temporary buildings including fixtures and fittings and contents therein for use in connection with the contract.
Q: What is the definition of employees personal tools and effects?
A: Personal tools and effects the property of the Insured’s employees other than motor vehicles, precious metals, precious stones or articles made therefrom , or money.
Q: What is the definition of hired in plant?
A: Contractors’ plant hired in by the insured but not on hire purchase or free loan to the Insured comprising all types of contractors’ constructional plant or equipment.
Q: Who are the Health & Safety Authority?
A: The Health and Safety Authority is the national body in Ireland with responsibility for securing health and safety at work. It is a state-sponsored body, operating under the Safety, Health and Welfare at Work Act, 2005 and it reports to the Minister for Enterprise, Trade and Employment.
The principal functions of the Authority are as follows:
Q: What is a Safety Statement?
A: Under Section 20 of the Safety, Health and Welfare at Work Act 2005 it is required that every organisation produce a written programme known as a Safety Statement.A Safety Statement is an Employers programme, in writing, for safeguarding the health and safety of all employees whilst they work. It represents the employers’ commitment to health and safety within the workplace and should state how they will ensure employees health and safety and the resources necessary for maintaining and reviewing health and safety laws and standards.The safety statement must be made available to staff and show that hazards have been identified and the risks assessed and eliminated or controlled.
Q: What types of accidents must be reported to the HSA?
A: The death of any employed or self-employed person, which was caused by an accident during the course of their work. An injury sustained in the course of their employment, which prevents any employed or self-employed person from performing the normal duties of their work for more than three calendar days, not including the date of the accident. Please note calendar days include Saturdays and Sundays. An injury that requires treatment by a registered medical practitioner, which does not occur while a person is at work, but is related to either a work activity or a place of work. Deaths or injuries caused by normal medical treatment (e.g. surgery or medication) do not need to be reported.
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