Archive for December, 2017

Training Calendar 2018 (By Month)

Whether you’re interested in developing your own career or you have responsibility for the training needs of others, you’ll find everything you need in this directory to build your training course programme with us. JANUARY 2018 LIA-06 A short course on Professional Indemnity Insurance. with special focus on Coverage and Claims (Engineers, Architects and Surveyors) (in English ... Full story

Gross earnings endorsement

In consideration of the premium paid, and subject to the exclusions, conditions and limitations this policy to which this extension is attached, and also to the following additional conditions, exclusions, and limitations, this policy is extended to cover actual loss sustained resulting from necessary interruption of business insured caused by actual direct physical loss or damage sustained, as ... Full story

Discontinuance of business clause endorsement

If the business insured is discontinued after the occurrence of the insured event, the indemnity shall be paid for the period (up to the maximum indemnity period) which would normally have been required to bring the business insured back to normal. In the event that the insured controls the circumstances because of which the business insured is discontinued, the said ... Full story

Service interruption endorsement

This extension is subject to the exclusions, conditions and limitations of this policy to which this extension is attached. In consideration of the premium paid, it is understood and agreed that if this policy covers business interruption such coverage shall extend to actual loss sustained resulting from necessary interruption of business insured caused by actual direct physical loss or ... Full story

Civil authority interruption endorsement

This policy is extended to cover the actual loss sustained by the insured during the period of time, not exceeding fourteen (14) consecutive calendar days, when access to covered locations is specifically prohibited by order of civil authority, provided such order is a direct result of actual loss or damage sustained from a peril covered under section 1 of this ... Full story

Denial of access endorsement

This policy is extended to cover the actual loss sustained by the insured during the period of time, not exceeding fourteen (14) consecutive calendar days, when access to covered locations is prevented as a direct result of actual loss or damage sustained from a peril covered under section 1 of this policy to property insured against under section 1 of ... Full story

Contingent business interruption endorsement

This extension is subject to the exclusions, conditions and limitations of this policy to which this extension is attached. In consideration of the premium paid this policy is extended to cover the actual loss sustained by the insured during the period of insurance as a direct result of actual loss or damage sustained from a peril named under section ... Full story

Public authorities endorsement

This policy is extended to include such additional cost of reinstatement of the property insured subject to a covered loss or damage as may be incurred solely by reason of the necessity to comply with building or other regulations under or framed in pursuance of any act of parliament or with bye-laws of any public authority, excluding the cost incurred ... Full story

Professional accountants clause endorsement

Any particulars of details contained in the insured’s book of account or other business books or documents which may be required by the insurer under this policy for the purpose of investigating or verifying any claim hereunder may be produced by professional accountants if at the time they are regularly acting as such for the insured and their report shall ... Full story

Fine art endorsement

1. This policy is extended to cover the actual physical loss or damage sustained by the insured to fine arts whilst situated at the location(s) covered by this policy. 2. For the purpose of this endorsement, Fine art shall mean paintings/pictures/sketches of any kind whether created by applying water/oil/acrylic based paints, charcoal, pencil or collage; art photographs; tapestries; sculptures; statuary; antiques; valuable rugs; rare ... Full story

Time excess and monetary deductible clause

In respect of each and every occurrence or of damage to property insured, the insurer shall not be liable for the amount obtained by multiplying the average daily value of the loss of interest insured sustained during the indemnity period by the number of days specified in the schedule as the time excess or for the amount of any monetary deductible specified in the schedule, whichever is ... Full story

Brands and labels clause

If branded or labelled property insured by this policy is physically damaged and the insurer elects to salvage that property, the insured may remove or obliterate the brands or labels. If the insured determines to take such action then it must re-label so as to comply with any applicable regulation. Further, if such re-labelling or re-branding reduces the value of the ... Full story

Accounting records clause

In the event of insured physical loss or damage to documentary records created by the insured to record outstanding amounts due from customers, this policy shall refund any shortfall directly caused by such physical loss or damage providing the insured takes all reasonable steps to recover such shortfall and the physical loss or damage does not occur as a ... Full story

Misdescription of property insured clause

In the event of an unintentional misdescription of the location at which property insured is physically situated or the unintentional failure to include any property in which the insured has an insurable interest, this policy shall cover physical loss or damage to such property as if the errors had not occurred providing the value of the property insured does not exceed 10% of the property ... Full story

Removal of debris clause

The insurer shall indemnify the insured up to the limit of indemnity specified in the schedule in respect of the costs and expenses necessarily incurred to remove and dispose of debris which remains as a direct result of physical loss or damage insured by this policy. Full story

Fire-fighting expenses clause

1. The insurer shall indemnify the insured in respect of fire-fighting expenses necessarily and reasonably incurred by the insured to prevent or minimise the extent of any loss or damage to the property insured indemnifiable under this policy, including the cost of materials expended, costs incurred in refilling fireextinguishing appliances and replacing used sprinkler heads, wages of personnel specifically engaged for such tasks and all fire-fighting costs claimed against the insured ... Full story

Expediting and preservation expenses clause

The insurer shall indemnify the insured up to the limit of indemnity specified in the schedule in respect of reasonable and necessary extra costs to pay for: 1. Overtime, night-work, work on public holidays, express freight (except airfreight) incurred to rectify loss of or damage to property insured; 2. The temporary repair of property insured to expedite the permanent repair or replacement of damaged property; 3. The temporary removal of property ... Full story

Capital additions clause

1 The insurer shall indemnify the insured in respect of loss of or damage to real or personal property acquired or becoming held in the care, custody or control of the insured after the inception of this policy and not included in the schedule; 2 Any increase in the new replacement value as a result of such capital additions shall not exceed 5% of the sum(s) insured or any other ... Full story

Theft Exclusion Clause

This Policy does not cover loss or damage caused by Theft, unless involving entry to or exit from a building by forcible and violent means or unless as a result of or in connection with actual or threatened assault or violence or use of force at the location against the insured or any employee of the insured or any other person lawfully on the location (burglary. Full story

Tahukah anda bahwa Munich Re telah menerbitkan polis Industrial All Risks (IAR) baru?

Munich Re telah menerbitkan polis Industrial All Risks (IAR) baru versi 2.3 (Agustus 2017) yang memberikan jaminan dan persyaratan polis yang lebih transparan, terstruktur rapi, jelas, tidak ambigu, dilengkapi dengan definisi dan endorsemen perluasan yang diperlukan. Bagian penting dari polis ini, adalah: Polis menjamin kerusakan fisik dan gangguan usaha (Policy covers physical physical damage and resulting business interruption) ... Full story

Schedule Training Asuransi di Bulan Januari & Februari 2018

Rekan Yth, HAPPY NEW YEAR 2018. SUKSES SELALU.!! Yook Schedule Training Anda dan Karyawan Anda bersama AHLIASURANSI di bulan Januari dan Februari 2018 AHLIASURANSI senantiasa menghadirkan training berkualitas dengan para fasilitators berpengalaman di class of insurance masing-masing. di bulan Januari dan Februari 2018 kami menghadirkan modul training baru, antara lain: Syllabus ... Full story

Training Calendar 2018 (By Class of Business)

Whether you’re interested in developing your own career or you have responsibility for the training needs of others, you’ll find everything you need in this directory to build your training course programme with us.   BASIC GENERAL INSURANCE BAS-01  Basic General Insurance : Prinsip-Prinsip & Praktik Asuransi, Produk-Produk Asuransi dan Proses Underwriting     BAS-02  Asuransi Kebakaran & Gempa Bumi (Fundamental of Fire ... Full story

EPI 63 Storage Tanks

It is agreed that in Section1, Material Damage the following is added to Exclusions to Section1: Insurers will not indemnify the Insured in respect of: (a) loss of or damage to storage tanks caused by storm (including but not limited to tropical cyclone, typhoon, hurricane) where the Insured has not taken adequate temporary safety measures during the erection phase to ensure that the tank withstands a wind ... Full story

EPI 58 Microorganisms

It is agreed that the following is added to General Exclusions: Insurers will not indemnify the Insured in respect of: (a) loss or damage, arising out of, resulting from, caused by, contributed to, or in any way related to the existence, inhalation or exposure to any fungus/fungi and or spore(s); (b) any cost or expenses associated in any way, or arising out of the abatement, mitigation, remediation, containment, ... Full story

EPI 57 Precipitation

It is agreed that in Section 1, Material Damage the following is added to Exclusions to Section 1: Insurers will not indemnify the Insured in respect of any loss or damage totally or partially resulting from precipitation unless according to data available from the meteorological service the quantity of rainfall at the Project Site is higher than the quantity corresponding to the ... Full story

EPI 53 Normal Action of the Sea

It is agreed that in Section 1, Material Damage the following is added to Exclusions to Section 1: Insurers will not indemnify the Insured in respect of any loss or damage totally or partially resulting from adverse sea conditions unless according to the records available the return period of such sea conditions at the Project Site is higher than the return period ... Full story

EPI 52 Cold Testing, Hot Testing and Commissioning

It is agreed that in Section 1, Material Damage the following is added to Conditions to Section 1: For the purpose of this Policy, Cold Testing, Hot Testing and Commissioning shall mean: (a) Cold Testing The checking of component parts of machinery or equipment by mechanical, electrical, hydrostatic or other forms of testing under dry run conditions to ensure that ... Full story

EPI 48 Piling

It is agreed that in Section 1, Material Damage the following is added to Exclusions to Section 1: Insurers will not indemnify the Insured in respect of: (a) any loss or damage arising directly or indirectly to foundation piles and/or casings and/or sheet pile constructions which are: (i) misplaced and/or misaligned; (ii) lost during driving and/or extraction; (iii) ... Full story

EPI 45 Roads

It is agreed that in Section 1, Material Damage the following is added to Conditions to Section 1: In respect of Loss to portions of not completed road caused directly or indirectly by rain, inundation or flood, Insurers liability shall be limited in respect of the aggregate length of the portions of not completed road at any one time as stated below. Should the length of all ... Full story

EPI 44 Pipelines, Conduits and Cables

It is agreed that in Section 1, Material Damage the following is added to Conditions to Section 1: (a) Insurers will not indemnify the Insured for loss or damage directly or indirectly caused by rain, inundation or flood to pipes, conduits and cables laid in trenches where any of the following requirements have not been fulfilled: (i) as soon as practicable, ... Full story

EPI 24 Leak Search Costs

It is agreed that Section 1, Material Damage is extended to indemnify the Insured up to the Sum Insured stated below in respect of costs incurred in searching for leaks of pipelines provided that: (a) all welds have been checked by non destructive testing; and (b) insured Loss is found to have occurred. Sum Insured each and every Loss and ... Full story

EPI 12 Partial Operation

Notwithstanding Condition of Section 1, Material Damage it is agreed that in respect of the portions of Insured Property stated below: (a) such portions shall be in Partial Operation (after Hot Testing and Commissioning, if any, has been completed) as from the Inception Date stated below and until the Termination Date of the Construction Period; and (b) such Partial Operation shall ... Full story

Material Change

If at any time any change shall occur materially varying any of the facts relating to the Project, the Contract, this Policy or the degree of risk assumed hereunder, the Insured shall immediately give notice in writing of such Material Change in risk to the Insurers, supplying, as soon as possible thereafter, any further particulars as the Insurers may reasonably require. In ... Full story

Suspension or Cessation of Work

In the event of any partial or total unscheduled suspension or cessation of work, the Insured shall give immediate notice in writing to Insurers if such a suspension or cessation is anticipated to exceed 30 calendar days. Any such suspension or cessation shall be considered as a Material Change as per General Condition Full story

Willful Acts and Gross Negligence

This Policy does not cover any loss, damage or liability directly or indirectly caused by or arising from or aggravated by any wilful act or omission or gross negligence of the Insured or their management, including but not limited to the Project manager and the Project Site manager. Full story

Time Deductible

The monetary amount corresponding to the Time Deductible shall be calculated by multiplying the average daily value of loss sustained during the Period of Indemnity by the number of days agreed upon as the Time Deductible and shall be deducted from the amount payable. Full story

Error in Design and Manufacture

In the event of a claim being brought by any Insured in respect of Loss resulting from neglect, error or omission in the design or manufacture of component products by any supplier, the Insurers will indemnify the Insured. However, the Insurers retain all rights of subrogation against the supplier in respect of such Loss. For the purpose of this clause, the term component products shall mean ... Full story

Breach of Professional Duty

In the event of a claim being brought by any Insured in respect of Loss resulting from any breach of professional duty by professional consultants, the Insurers will indemnify the Insured, However, the Insurers retain all rights of subrogation against the professional consultants in respect of such Loss. Full story

Expediting Expenses

This Policy will indemnify the Insured, in respect of the difference in costs between those calculated at normal or standard rates of reimbursement, and those actually incurred including costs for overtime, work on public holidays and weekends, shift working and express freight provided that such costs: (a) are necessarily and reasonably incurred by the Insured for the purpose of preventing or minimising ... Full story

72 Hours Clause

Any Loss arising during any one period of 72 hours caused by storm, tempest, flood, water or cyclone shall be deemed to be one Loss. The Insured shall select the time from which any such period shall commence but no two selected periods shall overlap. Full story

Escalation

If during the Construction Period the actual value of the Insured Property shall exceed the Total Sum Insured as specified in the Schedule, the Total Sum Insured shall be increased automatically so that it is equal to such actual value, subject, however, to the increase not exceeding in any case the automatic escalation percentage indicated in the Schedule. Where it is apparent, or ... Full story

Plans and Documents

In the event of insured Loss to plans, drawings, files, documents, manuscripts, or computer system records forming part of the Insured Property, this Section shall indemnify the Insured in respect of the cost of labour and computer time expended in reproducing such plans, drawings, files, documents, manuscripts, or computer system records, including any expenses incurred in producing the information contained thereon, provided that:... Full story

50/50 Sharing Clause

In the event of loss or damage being discovered after the cover provided for any item of Insured Property under any marine or transit policy of insurance has terminated and if after proper investigation it is not possible to ascertain whether such loss or damage happened prior to termination of such policy, Insurers shall indemnify the Insured in respect of insured Loss, provided ... Full story

Off-site Storage

This Policy will indemnify the Insured, up to the Sum specified in the Schedule, in respect of insured Loss, while Insured Property is in temporary storage off the Project Site, except while at any manufacturers or suppliers premises prior to delivery to the Project Site, provided that: (a) said Insured Property is owned, or is in the custody, care or control of the Insured; and (b) the ... Full story

Inland Transits

This Policy will indemnify the Insured, up to the Sum specified in the Schedule, in respect of insured Loss, while Insured Property is being transported on any vehicle (including loading and unloading) to the Project Site or to temporary off-site facilities, provided that: (a) said Insured Property is owned, or is in the custody, care or control of the Insured; and (b) the transits insurance hereunder shall ... Full story

Professional Fees

This Policy will indemnify the Insured, up to the Sum specified in the Schedule, in respect of architects, surveyors, consulting engineers and other professional fees, necessarily and reasonably incurred in the repair, reconstruction or replacement consequent to insured Loss, provided that: (a) fees for preparing any claim under this Policy are excluded hereby; and (b) the amount payable under the terms of this Policy shall not exceed ... Full story

Premium Payment Warranty

The Insured warrant that the Premium stated below and any Premium as may be agreed by Endorsement will be paid and received by Insurers on or before midnight of the respective Due Date. If this warranty is not complied with, this Policy shall be terminated at such Due Date. Premium Payment                                ... Full story

CPM – Contractors Plant and Machinery Insurance

The CPM policy offers insurance protection for plant and machinery of every kind. It is an annual all risks policy independent of any specific site and covers loss or damage caused by sudden and unforeseen events provided that the cause of loss or damage is not expressly excluded. Insurance coverage includes machinery at work, at rest or during maintenance. MRe Contractor’s Plant and Machinery Insurance... Full story

CPI – Comprehensive Project Insurance

On the basis of a combined contractors' all risks and erection all risks insurance, the CP insurance policy provides comprehensive and risk-commensurate insurance protection for all projects involving the construction and erection of buildings, machine installations, plants, and steel structures throughout the project phase. The scope of cover is of very broad design modelled on the CAR and EAR insurance policies customary in international insurance markets. ... Full story

CMI – Comprehensive Machinery Insurance

The comprehensive machinery (CM) insurance policy is essentially an accident insurance for industrial facilities where engineering risks are in the foreground, as opposed to all-risks policies, which focus on fire and allied perils. It covers sudden and unforeseen material damage to the whole facility and, in a way similar to the MLOP policy, the ensuing loss of profits. As in the case of machinery insurance, ... Full story

CEAR – Construction and Erection All Risk

Large and technically challenging engineering projects involve a large array of risks – beginning with the planning phase through construction to commissioning. These risks should be covered as comprehensively as possible: the new Construction Erection All Risks Policy (CEAR policy). The CEAR policy for covering construction all risks and erection all risks is clearly structured and unambiguously worded. It may be adapted flexibly to the complex ... Full story

EPI 56 Excluding Overtopping of Cofferdam

It is agreed that in Section 1, Material Damage the following is added to Exclusions to Section 1: Insurers will not indemnify the Insured in respect of any loss or damage arising directly or indirectly from the overtopping of a cofferdam caused by a flood with a return period of less than the period stated below. The burden will be on the Insured to demonstrate that this ... Full story
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