Risk & Insurance. Alex Rimmer Chief Operating Officer. A Member of the Global Alliance Group of Companies

Transcription

1 Risk & Insurance Alex Rimmer Chief Operating Officer A Member of the Global Alliance Group of Companies

2 Company Background Global Alliance Group was founded in 2001 Represented in 6 Countries Worldwide Reinsurance provided by Munich Re, Swiss Re, SCOR and Africa Re Authorized representative and Global Fronting Partner throughout Africa for Zurich Financial Services, Allianz, Generali, ACE Group, AIG and many others GA Angola Seguros currently holds a credit rating of A- (Excellent)

3 Topics of Discussion Identification of Risk Types of Insurance Covers Global Insurance Programs Reinsurance

4 Identification of Risk Protection for Your Investment Insurance is all about protecting your investment. What Could Possibly Go Wrong? Pinpoint what might go wrong. Ask an Expert Use insurance professionals such as insurance brokers and agents. What are your Legal Obligations? Check what insurances are compulsory for your business

5 Main Categories of Risk Risks to Property Risks to Income / Revenue Risks to People Risks of Liability Specialty / Trade Type Risks

6 Risks to Property Fire & Allied Perils Insurance Policy Designed to cover Fire and Natural Hazards as well as some man made hazards. Office Contents Insurance Policy As with Fire and Allied Perils Insurance, specifically designed to accommodate rented offices. Electronic Equipment Insurance This type of cover is normally arranged for high value electronic equipment that can be affected by accidental damage

7 Risks to Property (Cont. 1) Theft Insurance Requires an act of violent forcible entry or exit into a locked premise Money Insurance Covers theft of money as well as loss or damage to money, postal orders etc caused by Fire and Allied Perils Insurance. Fidelity Guarantee Insurance Covering the dishonesty of your employees that can result in the loss of money or stock items for instance.

8 Risks to Property (Cont. 2) Business All Risks Insurance Certain types of moveable property. These items includes any valuable item that is mobile and is usually carried around outside of the business premises. Motor Vehicle Insurance Arranged to cover the risks of collision, damage, fire, and third party liability Goods In Transit Insurance Covering the stock or merchandise of a company transported for delivery or distribution by a business, usually in their own vehicles

9 Risks to Income / Revenue Business Interruption Insurance Consequential loss following an insured event under the Fire and Allied Perils policy. Covers loss of revenue whilst lost or damaged property is being repaired or replaced. Accounts Receivable Consequential loss following the loss or damage of the company's financial records. Covers the outstanding debt and/or the costs of recovering the outstanding debt.

10 Risks to People Workmens Compensation Insurance Covers employee accidents at work. Compulsory in Angola for all national employees under Decree 53/05 of the 15 th of August. Benefits payable are calculated as a pensionable amount in terms of government decree. Medical costs incurred as a result of a Work related Accident are covered.

11 Risks to People (Cont.) Personal Accident and Stated Benefits Insurance Cover for Accidental Death, Permanent Disability and Temporary Total Disability with a medical costs benefit allowance. Benefit is either a fixed lump sum or a factor of annual salary. Cover can be arranged on a 24 hour worldwide basis and does not have to be restricted to accidents during working hours.

12 Risks of Liability General & Tenants Public Liability Protects against claims made against the insured by third parties, as a result of your business activities or perceived negligence. Employers Liability Insurance Protects the insured against claims made over and above a WCA or Personal Accident claim allowance. Liability Cover can be extended to include liability whilst working away from premises, wrongful arrest and defamation.

13 Specialized Risks Contractors All Risks Insurance All risks policy that covers the risks of loss or damage occurring to a construction project. Includes the risk of Contractors Third Party Liability during the construction. Erection All Risks Insurance All risks policy that covers the risks of loss or damage occurring to a erection / installation project. Loss or damage during the testing period of the installation is covered.

14 Specialized Risks (Cont. 1) Plant All Risks Insurance Loss or damage to a contractors plant and machinery during the course of a construction project. Machinery Breakdown Insurance Covering internal sudden breakdown due to a parts failure for instance. Loss of Profits (Machinery Breakdown) Consequential loss following an insured event in terms of the Machinery Breakdown policy.

15 Specialized Risks (Cont.2) Offshore Marine Energy Risks The risks associated with off shore drilling activities for oil and gas are considered offshore energy risks. Onshore Energy Risks On shore energy risks can be anything from refineries, pump stations and pipe lines for the petrochemical industry to hydroelectric and geothermal power stations.

16 Specialized Risks (Cont.3) Marine Cargo Insurance Covering the risks of transportation of goods by sea, road, rail and air worldwide. Marine Hull Insurance From Fishing vessels to private pleasure craft the risks of loss or damage to vessels can be covered along with third party liability insurance. Marine Liabilities Stevedores Liability, Warehouseman's Liability, Port Operators Liability.

17 Specialized Risks (Cont. 4) Aviation Hull Insurance Loss or damage to an aircraft from a commercial airliner to a private aircraft used for pleasure purposes. Aviation Liability Insurance The liability to third parties as well as passengers is insured again in terms of internationally accepted wordings. Pilots Personal Accident Insurance Specific Pilots personal accident insurance can be arranged to cover this risk.

18 Global Insurance Programs Arranged internationally across borders and continents for Multinational Companies Global programs often comprise an element of self funded insurance in the form of a captive insurer for instance. Locally Licensed Insurer is required to comply with local legislation. GA Angola Seguros is able to provide local knowledge, primary insurance cover and a professional claims management service for international insurers.

19 Contact GA Angola Seguros, SA For any additional information, please do not hesitate to contact Alex Rimmer: GA Angola Seguros Phone: Mobile: