Motor vehicle insurance is one of the types of insurance which is undertaken to cover motor vehicle against risks. There are three categories of motor vehicle insurance policy, namely:

1. Third party policy
2. Third party, fire and theft policy

iii. Comprehensive policy

1. Third party policy:

This policy covers the third party only, It provides compensation to third party’s property damage, body injury or death caused by the insured.

1. Third party – fire and theft policy

Such a policy provides compensation for third party’s property damage, damage to insured vehicle by fire and in situations where the vehicle is stolen.

iii Comprehensive policy

Insurance covers a motor vehicle against physical damage losses arising from fire, theft, falling objects and various other perils and including third party liability for death, injury damage to property.

Our Marine Cargo Insurance Policy provides cover to protect Importers, Exporters as well as individuals against loss, theft, or damage of their goods or properties carried by vessels/ships by Sea or waterways such as Rivers, Lakes or Canals. Similarly, shipments of goods and personal effects by air are also covered under our Marine Cargo Insurance Policy. There are two main types of policies, namely Open Covers and Single Covers.
Open Covers may be taken by importers whose imports are frequent; under this arrangement the importer takes one master policy to cover his imports, and makes periodic declarations as and when he makes imports.  The single cover may be taken for each import, and is normally suited for those whose imports are not very frequent.

Marine Policy also covers Hull/Yacht risks as well.  We insure the craft, engine, passenger liability, third party liability under our Marine Hull policy. This type of insurance enables ship owners not to free portions of their capital as reserve fund for the loss of their vessel and make it possible for rapid expansion and development of the import and export trade. In another way it is a collateral security which enables the banks to accept responsibility of advancing funds against documents of title

This type of policy to which it is characterized such that the person insured pays special premium at regular intervals and the amount to which he is covered is payable on his death. When you take life insurance policy, it enables you to save money for your old age when your income earning capacity may have reduced considerably even up to zero. As such a time, you will be able to fall back on your life assurance policy by which the insurance company will take care of you at your old age. Life insurance is subdivided into three types viz:

1. Term assurance policy,
2. Whole life policy
3. Endowment policy.

Term assurance is very useful where your need for protection is for a limited period. But where the need for protection is a longer period/ and is even permanent, whole life assurance will be the appropriate policy to buy.

Endowment policy is a form of investment or saving scheme for the insured. The insured himself can receive benefit from the policy. For term assurance, the limited period may be one to five years.

In accordance with the Workmen’s Compensation Act Cap. 219 all employers in Sierra Leone are required to cover their employees against accident/sickness arising out of or in the course of their employment. Employer’s Liability Policy which also known as the Workmen’s Compensation Policy pays compensation for a bodily injury or disease arising out of and in the course of the employment of the employee and all costs and expenses incurred with the insurers consent in defending any claim for such compensation.

Workmen’s Compensation policy including common law provides compensation as follows:

1. a) Death                                      42 Months Earnings

1. b) Permanent Total Disability 56 Months Earnings 

Or a Percentage of this amount depending on the degree of disability awarded by the attending Medical Doctor. In order to provide an appropriate premium quotation for the Employer’s Liability policy, we require the following information:

1. Number of employees
2. Estimated Annual Salaries and Wages of each category of employees
3. Medical Expenses per employee (If required)

The policy, amongst other things, provides cover for loss of, or damage to property by theft followed by actual forcible and violent breaking into or out of the premises or any attempt threat. Damage to the premises liable to be borne by the insured as a result of such theft or any theft attempt is also covered by the policy.

This policy can be taken by people in business to cover their merchandises, office contents and electronic equipment etc. This is important because incidence like burglary can put on hold your growth plan because of its resulting financial burden. House owners occupying their houses can insure the contents of their houses. Also tenants can also insure their personal effects against burglary. It covers for loss to Insured property or any party they’re of belonging to them or held in trust or on commission whilst contained within the premises.

This insurance is popularly known as “Loss of Profits” or “Business Interruption Insurance”

For example, if the buildings used for production are destroyed or damaged by fire or by any of the insured perils under the relevant fire policy, the resultant interruption to business may cause a disastrous trading loss which an ordinary fire policy does not cover.

The Consequential Loss Policy is designed to provide indemnity against trading losses as follows:-

Continuing overhead expenses which have to be met out of reduced earnings.

1. Net profit lost due to a reduction in the volume of trading.
2. Wages of key employees although not gainfully employed during the interruption period, but whose services have to be retained until business returns to normal; also wages in lieu of notice or redundancy payment to employees whose services are no longer required.
3. Additional working expense reasonably incurred in order to overcome or minimize the effect of the damage upon the premises.
4. Standing charges (such as rent, taxes and interest on loans) which continue to be payable by your business to the extent they are no longer earned by the residual trading.

This policy could be taken by companies for death or injury to their employees. It can also be taken by organisations for their members as well as by individuals for themselves. This policy is designed to provide compensation to the insured or his legal representative for Death, Permanent Total Disablement, Temporary Total Disablement or Medical Expenses arising from accident caused by external violent and visible means whereby such bodily injury shall directly and independently of any other cause result in death, loss or disablement.

Disablement is generally inferred when a person is so injured to the point that he cannot engage in any business of any kind or attend to his normal occupation. Such disability could be permanent or a short duration. The policy can be extended cover Weekly Benefit up to a period 52 weeks if the person covered under the policy is suffering from Temporary Total Disability as a result of an accident and cannot perform his usual occupation. By extension of the policy, Medical Expenses incurred as a result of an accident could be covered. Unlike the Workmen’s Compensation / Employer’s Liability cover which covers the employee whilst in the course of employment, this policy provides 24 hours coverage. Compensation level may be annual salary, multiples of annual salary or a fixed amount.

 This policy provides cover against loss or damage to goods or in transit caused by an insured peril following an accident to the carrying vehicle. The geographical limit of the policy is Sierra Leone.

2.6.10.   Cash-In-Transit Policy

 It covers loss of money in all forms. e.g. cash, bank and currency notes, cheques, postal and money orders belonging to the insured whilst in transit from the insured’s premises to the Bank and vice-versa

The policy also covers such money on the insured’s premises during business hours (Counter Risk) and money in locked safe or strong room (Safe Risk).

2.6.11.  Public Liability Policy

This policy provides cover for the following occurring in connection with the insured’s business:

1. Accidental bodily injury to third parties whether fatal or not
2. Accidental loss of or damage to property to third parties

The policy in addition covers the following:

1. Legal costs recoverable by any claimant from the insured
2. Costs and expenses incurred with the written consent of the company.

The insurance company will indemnify the Insured against all sums which the insured shall become legally liable to pay as damages.

2.6.12.   Contractors All Risk Policy

Contractor’s All Risks (CAR) policy is a package policy which seeks to cover all risks that construction firms are exposed to. It provides cover for contract works, materials or any part thereof that shall suffer any unforeseen and sudden physical loss or damage from any cause, other than those specially excluded; in a manner necessitating repairs or replacement.

       Third Party Liability Cover:

It indemnifies the insured against all such sums which the insured shall become legally liable to pay as damages arising out of: 

1. accidental bodily injury to or illness of third parties whether fatal or not and accidental loss of or damage to property belonging to third parties occurring in direct connection of the contract and happening on or in the immediate vicinity of the site.

In addition to paying compensation in respect of the above losses, the company will indemnify the insured against:

1. all costs and expenses of litigation recovered by any claimant from the insured.
2. All costs and expenses incurred with the written consent of the insurers.

Construction projects are diverse in nature and some may need to be customised. We can customise our policies to meet special needs or requirements.

2.6.13 All Risks Policy:

This policy provides cover against loss or damage to property belonging to the insured resulting from wide range of fortuitous or unforeseen circumstances. It is usually taken by corporate organisations that will prefer an insurance package that will cover a wide range of risks.

In addition to Fire, Lightning, limited explosion and theft, it could be extended to cover malicious damage, earthquake, riots and strikes, burst pipe, impact, and many others.

2.6.14.   Fidelity Guarantee Policy

The Fidelity Guarantee insurance covers losses sustained by the employer in respect of actual money but not other property by reason of fraud or dishonesty on the part of the employee in connection with his employment. The insurance company will make good and reimburse the Employer in respect of the above losses.

2.6.15. ELECTRONIC EQUIPMENT INSURANCE POLICY

This Policy offers you financial protection in case your electronic or electrical equipment suffers accidental mechanical and electrical physical loss or damage requiring repairs and/or replacement. The policy covers all types of computers, telecommunication instruments, machine for medical use etc. The policy covers all risks except those specifically excluded in the policy.

2.6.16 ERECTION ALL RISKS

The Erection policy offers all risks cover for Plant, Machinery, and equipment or Steel Structures during installation including commissioning and testing period. Like the Contractor’s All Risks, Third Party bodily injury or property damages are also covered.