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Business Protection Insurance
This section is designed to protect the vital assets of your business with either a Multi-Risks or Specified Risks cover.
This is a very broad type of cover for sudden and unforeseen accidental physical loss or damage to your Business Assets.
This provides you with cover for sudden and unforeseen physical loss or damage to your Business Assets arising from these Specified Risks:
- Fire, lightning, explosion, thunderbolt
- Storm, wind, rain, hail, flood
- Water or oil damage from cooling systems
- Impact by vehicles, and animals not owned by you or under control
Special features of the cover
Temporary Removal
We will pay up to K5,000 for the loss or damage to your Business Assets when:
- Being carried in your own or your employee's vehicle
- Temporarily situated in your own, or your employee's house
- Removed for cleaning, repair, renovation, display or promotion purposes, temporarily situated at other premises, or in transit within Papua New Guinea.
Fire Extinguishment Costs
We'll pay up to K5,000 to refill your extinguishers used to extinguish fire at your premises, or threatening your premises.
Removal of Contents
We'll pay up to K5,000 for costs of removal and temporary protection of your property following loss or damage to the building or contents.
Additions and Improvements
We'll automatically insure you for additions and improvements to your building or plant. (Maximum sum is K10, 000.)
Optional Special Features
Electrical Burnout
We'll pay for the damage caused by electric burnout to motors, switchboards and permanent wiring.
Demolition and Removal of Debris
We'll pay the costs to demolish and remove debris, including Contents.
Accidental breakage of Glass
We'll pay for internal and external fixed glass that is accidently broken. We will also pay for emergency shuttering and repairs, and for signwriting.
Earthquake
We'll pay for physical loss or damage arising from earthquake, volcanic eruption, tsunami and geothermal or hydrothermal activity.
Optional Special Feature
This option provides you with the maximum amount of insurance protection for your buildings or your plants:
Replacement Value on your Buildings
This means, if the worst happens, your buildings will be rebuilt to "As New" condition, using current construction methods and materials.
or
Indemnity Value on your Building
This means, if the worst happens, your building will be rebuilt to a condition no better than new, less an appropriate allowance for depreciation.
Replacement Value on Plant
This means we'll pay the replacement or repair costs of plant under 5 years old, other than motors.
or
Indemnity Value on Plant
This means we'll pay the cost to rebuild or repair your plant to a condition no better than new, less an appropriate allowance for depreciation.
- Business Income Protection
While it is vital to insure your Business Assets against loss, it is also just as important to insure your income, too.
Chances are, your business could come to a halt while assets are being replaced or repaired, and that's why you need our Business Income Protection. It keeps you in business while your other Insurance helps you to repair the damage. Your cover includes:
Leased or Rented Assets
We'll pay your loss of Business Income resulting from loss or damage to leased or rented Business Assets.
Accountant's Fees
We'll pay up to K2,500 for your accountant's fees for claim preparation expenses.
Additional Costs
We'll pay up to K2,500 for any additional increased cost for working or rewriting your records.
Prevention of Access
We'll pay your Loss of Business Income if your customers are prevented from being at your place of business due to fire or flood affecting your premises.
Suppliers' Premises
We'll pay your Loss of Business Income resulting from loss or damage by fire or flood affecting your suppliers' premises anywhere in Papua New Guinea.
Public Utilities
We'll pay your loss of Business Income resulting from the interruption of supply to your premises of water or electricity, due to damage by fire at any electric power station or substation anywhere in Papua New Guinea, or failure of waste disposal systems and underground services relating to your premises.
This provides insurance cover up to the sum insured for loss or damage to Papua New Guinea cash, negotiable cheques, money orders, stamps, credit card invoices etc.
- You can select cover for these conditions: In transit to and from your Business Premises and in your Bank's night safe
- During your normal business hours at your premises
- Contained in a securely locked safe at your premises ouside business hours
- In your personal custody at your home until commencement of banking hours the next working day.
Special Feature
Safes or Strongrooms
We will pay up to K1,000 for loss or damage to your safes or strongrooms caused by burglars.
We'll provide insurance cover up to the sum insured for loss or damage to your property arising from burglary following actual forced entry.
Special feature of this cover
Locks and Master Keys
We will pay up to K1,000 for the cost of changing existing locks and keys, if they have been stolen.
- Business Assets Breakdown
Unless plant and machinery breakdowns are covered by a warranty or service contract, their breakdown can cause absolute turmoil.
Our Business Assets Breakdown Cover protects you against the cost of repairs as a result of machinery or electrical breakdown. We'll pay the Replacement Value or repair costs to plant up to a total of K5,000.
Special features of this cover
Temporary Replacement
We'll pay up to K500 for the hire of a temporary replacement motor or refrigerant compressor during the time taken to repair damage to any motor.
Computer Records
We'll pay up to K2,000 for the reconstruction costs of computer records and programs.
Optional Special Feature
Spoilage of Stock
We'll pay up to K2,000 for the spoilage of your stock resulting from loss or damage.
Even the most carefully managed business can be affected by Legal Liability claims.
We'll provide cover for your Legal Liability as a result of loss or damage to property, plus bodily injury, death or illness arising from accidents in connection with your business anywhere in Papua New Guinea. We'll also pay all costs incurred by you with our consent in defending claims, including any costs and expenses awarded against you.
Special features of this cover
We'll Pay Your Legal Liability
- Following accidents arising during overseas visits on business by you or your employees
- In connection with products exported to Australia and New Zealand, or any South Pacific Island (countries under USA juristiction excluded)
- Following accidents arising from social or recreational activities organised by you
- Up to K10,000 arising from wrongful arrest, imprisonment, detention or prosecution due to suspicion of theft, burglary or false pretences
Optional special feature
Bailee Liability
We'll provide cover for your Legal Liability as Bailee for goods in your physical and legal control.
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