Casualty Insurance

CASUALTY

MAAGAP provides for the following casualty lines to provide the appropriate protection to your properties and your business.

EQUIPMENT FLOATER

This insurance product line is specially designed to cover mobile vehicles or equipment which are not licensed for general road use. Some examples include forklifts, wheel loaders, agricultural tractors, excavators, bulldozers, crawlers among others.

This policy covers loss or damage to the property insured by:

  1. Accidental collision or overturning or collision or overturning consequent upon mechanical breakdown or consequent upon wear and tear.
  2. Fire external
  3. Theft
  4. Malicious Act

Exclusions:

  1. Use beyond territorial limits stated in the policy schedule
  2. Whilst being operated by any one under the influence of intoxicating liquor or drugs
  3. Whilst being driven by unauthorized operator
  4. Whilst being used for racing, pace-making, reliability trials, demonstrations or speed-testings, carriage of passengers and towing unless not for reward.
  5. Loss or damage caused by overloading or strain
  6. Flood, typhoon, hurricane or the convulsion of nature including landslide and landslip
  7. Loss of parts and accessories unless the vehicle is stolen at the same time
  8. Loss of or damage to tires unless the vehicle is stolen at the same time
  9. Consequential loss and legal liability
  10. War and nuclear risk
  11. Terrorism
  12. Information Technology Hazards
  13. Water-borne risky

FIDELITY GUARANTEE

Fidelity guarantee insurance is designed to indemnify the insured against loss as a result of dishonesty of persons holding position of trust.

This is an insurance product that indemnifies the employers against loss of monies negotiable instruments or goods belonging to the employer or for which they are responsible as a result of dishonesty of their employees.

The acts of fraud or dishonesty must be committed

1. During the period of insurance
2. During the uninterrupted continuance of employment of the said employee
3. In connection with the occupation and duties of the said employee

The acts of fraud or dishonesty must be discovered during either

1. Period of insurance, or
2. Not later than 3 months after termination of the policy or
3. Not later than 6 months after termination of employment of such employee

Whatever event shall first happen.

MONEY INSURANCE

Section 1 – Money in Vault

Provides coverage on money on the Insured’s premises during and outside normal business hours, however money on premises outside normal business hours must be secured in locked drawers or locked safes. It likewise covers monies on Insured’s premises contained in locked safes or strongrooms as well as monies in locked drawers or cabinets or cash registers.

Section 2 – Money in Side Premieres

This section covers monies in the personal custody of the Insured’s authorized employees whilst in direct transit between the premises and bank or post office principally collection money.

Exclusions

  1. Loss due to forged bank or currency notes
  2. Loss from an unattended vehicle
  3. Loss from any safe or strongroom opened by keys of which has been left on the insured premises whilst closed for business.
  4. Loss occurring outside the situation
  5. Shortage resulting from accounting errors
  6. Losses due to fraudulent misappropriation or embezzlement
  7. Any consequential loss whatsoever
  8. Riot Strike and Civil Commotion
  9. Information Technology Hazards

COMPREHENSIVE GENERAL LIABILITY

Insurance coverage to protect against legal liabilities which the insured may incur for bodily injuries and property damage to third parties in connection with its business, premises and operations.