Business Types of Cover

Property & Business Interruption

Advance Profits
Covers Loss of future income where completion of a construction project is delayed by damage

Boiler Explosion
Covers boilers and other pressure vessels against risk of explosion; commonly excluded from cover under Material Damage insurance

Book Debts
Covers loss resulting from inability to recover debts because of damage to records

Business Interruption
Covers loss of income and increased costs resulting from damage to assets; sometimes referred to as "Loss of Profits" or "Consequential Loss" insurance

Computer Crime
Covers losses resulting from dishonesty in relation to computers

Computer
Covers computers and computer media against a wider variety of risks than those covered under a Material Damage policy

Computer Consequential Loss
Covers financial losses and extra costs, including data reconstruction, following damaged covered under a computer policy

Contract Works
Covers physical loss or damage and, as an option, to cover public liability arising in connection with the contract works

Fidelity
Covers theft by employees; this risk is commonly excluded from cover under Material Damage insurance

Gross Rentals (Rents Receivable)
Available under a Business Interruption policy. Covers loss of rent money paid or payable to you in respect of the rental of your premises from damage caused by such risks as are covered under the Material Damage policies

Machinery Breakdown
Covers breakdown risks - these risks are commonly excluded from cover under Material Damage insurance

Machinery Business Interruption
Covers loss of income and increased costs resulting from damage by a peril insured under a Machinery policy. Works as a partner to the Machinery Breakdown policy.

Material Damage
A general form of policy on buildings, plant and stock

Money
Coves cash and other forms of money against loss or damage whilst it is at your premises or in transit

Stock Deterioration
Provides cover following accidental stoppage of refrigeration equipment for chilled or frozen goods; usually only available in conjunction with Machinery Breakdown insurance

Terrorism
This risk is commonly excluded from cover under Material Damage insurance

Liability Risks

Bailees Liability
Covers liability for damage to property held under bailment, or in your custody and/or control

Directors & Officers Liability
Covers Directors & Officers against liability they might incur in carrying out the duties of a common director or officer. The insurance will also reimburse the company where it has already indemnified its directors for any such liability; cover includes associated defence costs

Employers Liability
Covers the employer company's liability for injury to employees that falls outside the scope of ACC; cover includes associated defence costs

Employment Disputes Liability
Covers damages and costs arising out of certain employment related disputes such as wrongful termination, harassment and discrimination; cover includes associated defence costs

Environmental Impairment
A special form of pollution liability insurance

Exemplary Damages
(also called Punitive Damages)
Covers damages arising out of bodily injury in New Zealand where the law otherwise prevents legal action for compensatory damages

Extra Territorial Workers Compensation
Covers liabilities where employees are injured outside their normal country or state of employment and are not covered by the relevant statutory policy

Forest & Rural Fires Act
For costs imposed by statutory authorities under legislation

Legal Expenses
Covers legal expenses incurred in civil action

Liability - Consequential Loss
To partially cover loss of gross profit and increased costs arising from an event that also gives rise to a valid claim on a liability policy; this limited form of cover is only available where the liability insurance is provided by the same insurer

Libel & Slander/Defamation
Covers legal liability arising out of defamatory remarks made in either written or oral form; cover includes associated defence costs

Private Legal Aid
Covers private persons and their families for private legal aid costs for defending a variety of criminal, traffic and civil actions

Product Guarantee
Covers liability for correcting defects in products or for replacing defective products

Product Liability
Covers liability arising for damage arising out of products supplied; cover includes associated defence costs

Product Recall
Covers liability for the cost of recalling products which are defective or suspected of being defective

Professional Indemnity and/or Errors & Omissions
Covers legal liability incurred by giving negligent advice or through a breach of professional duty; cover includes associated defence costs

Prospectus Liability
Covers the Company, its directors and senior executives for liabilities arising from the issue of a prospectus, information memorandum or other sale/purchase documents. This liability is generally excluded from Directors & Officers Liability policies unless they are specifically extended to cover it. Cover includes associated defence costs.

Public Liability
Covers general liability for damage or injury happening in connection with the business; cover includes associated defence costs

Statutory Liability
Covers fines or penalties imposed for unintentional breaches of certain statues; cover includes associated costs

Trustees Indemnity
Covers Trustees for personal liability arising from a breach of their fiduciary duties and to reimburse the trust when it has provided an indemnity to the trustees; cover includes associated defence costs

Warranties & Representations Liability
Covers liability arising from specific representations or warranties made in an agreement between parties; particularly relevant in the sale and purchase of businesses

Human Resource Risks

Accident Compensation Supplementary Benefits
To supplement the limited cover available under Accident Compensation legislation

Employee Benefits
Includes a variety of special forms of insurance including life insurance, long term disability, salary continuance, medical expenses and superannuation

Key Person
To provide cash benefits to the company in the event of death or disablement of key personnel

Personal Accident
To provide cash benefits in the event of death or disablement following accident to insured person

Technology Risks

Intellectual Property Pursuit Coverage
Covers legal expenses to enforce intellectual property rights that are infringed by a Third Party

Media Liability
Covers advertising injury, defamation, breach of third party intellectual property through operating on the internet or via email; includes liability to third parties from inadvertent transmission of viruses

Network Security
Covers costs of repairing/restoring your computer systems and records damaged as a result of a virus, denial of service or hacker attack; can include resultant loss of earnings/increased cost of working

Transport Risks

Aviation Hull
Covers aircraft against physical loss or damage

Aviation Liabilities
Covers Public Liability arising out of the use of aircraft. (Public Liability insurance does not normally cover liability arising out of the use of aircraft)

Carriers Liability
Covers liability under the Carriage of Goods Act

Charterers Liability (Aviation / Marine Hull)
Protection tailored to meet the conditions of a Marine or Aviation charter agreement for hull and/or liabilities

Marine Cargo
Covers shipments of goods by land, sea or air

Marine Hulls
Covers watercraft against physical loss or damage

Marine Liabilities
Covers Public Liability arising out of the use of watercraft

Motor Vehicle
Covers direct loss or damage to vehicles and Public Liability (third party liability) in connection to the vehicles

Miscellaneous Risks

Accidental & Malicious Product Damage/Tamper
Crisis Management providing cover for Product Recall, Restoration Costs, Loss of Income and Incident Response Costs (following product tamper)

Bonds
Financial devices (rather than insurance policies) designed to avoid the need to provide a bond in cash

Credit Insurance & Trade Debtors
Covers risk of trade debtors failing to pay debts due to their insolvency or protracted default

Extortion
Includes kidnap, ransom and product tampering insurance

Forest
This risk is commonly excluded from cover under Material Damage insurance

Growing Crops
This risk is commonly excluded from cover under Material Damage insurance

Livestock
This risk is commonly excluded from cover under Material Damage insurance

Political Risk
Covers confiscation, expropriation or nationalisation of overseas assets and contracts; can also include cover against frustration or repudiation of a contract

Travel
Covers baggage, medical costs and other travel related risks