From small beginnings, LIB has grown into a significant provider of innovative insurance solutions for the following sectors:
Plant All Risks
Fully comprehensive all risk insurance to cover any plant, machinery and equipment or any risk associated with the operation of the same.
Property cover includes fire, flood, earthquake, inland marine and boiler insurance. This insurance protects against damage caused by fire, flood, earthquake, storm, lightning, explosion, theft and other specified perils in respect of your company’s building, machinery, stock and other contents.
Coverage provided is for sudden and unforeseen damage following a breakdown and the resultant costs associated therewith.
Political Risk Insurance
To cover nationalisation, confiscation, war risks, terrorism, non-transfer of foreign exchange earnings, malicious damage, riot, strike, civil commotion, coup de ’tat.
Credit Risk Insurance
An insurance wrap or financial guarantee issued and underwritten by an insurance company to provide a lender to either a project or equipment with additional security in the event of default by the borrower.
Professional Indemnity Insurance
Coverage to protect the employer or developer of a project against an error or omission by any of the professional team involved in the development stages of a project.
Contractors All Risks
A policy taken out by either the contractor or the employer / developer to protect during the development phase of a mining project against all natural perils / risks, added on to this policy would be third party liability as well as delay in start-up / advanced loss of profits.
To cover third party liability due to pollution and/or contamination damages in the event of a sudden and/or accidental occurrence. The cover will provide any liability that the policy holder would be legally liable for as well as the costs of decontamination and clean up.
Comprehensive Asset All Risk
To cover all risks associated with a fully operational mining operation including any resultant business interruption as a result of an insured event occurring under the policy. The coverage can also be extended to include machinery breakdown as well as the resultant business interruption losses from a machinery breakdown event.
Accidental Damage insurance covers sudden or unforeseen losses or accidental damage to property, or loss of function by any cause that is not specifically excluded, or for which insurance may be not available under any other policy.
Damage caused by the following are excluded from Accidental Damage insurance cover:
Wear and tear
Deterioration with age
Willful or deliberate acts
Contents insurance is comprehensive cover for office contents and documents. Right now, your business contents represent one of your organizations’ largest and most important investments. The loss experienced in the event of a fire, burglary or flood would be irreparable. It could either put you out of business or force you to close your company for a time, if you’re not covered with the right level of Professional Liability Insurance and Risk Management. Protect all the contents inside the premises of your business: computers, files, furniture, and more with Contents insurance. Your business contents will be insured under Contents insurance, in the case of fire, explosion, earthquake, riot, malicious damage, theft, civil commotion and other similar events.
Directors & Officers Liability
A breach of a fiduciary duty by a director or officer of the business is covered by Directors and Officers Liability insurance. Directors and officers can be held responsible for different issues, including:
Health and safety
Maintaining satisfactory accounts
Ensure the directors, officers and the company are protected against damages and commercial crimes with Directors and Officers Liability insurance. If the director or officer accidentally acted outside the terms of reference. Your business can rest assured that compensation and legal fees will be covered.
For comprehensive insurance covering computers, laptops, other electronic equipment and sophisticated gadgetry use Electronic Equipment insurance. Crime, fluctuating weather patterns and poor-quality electronics make this coverage essential in easing the cost of replacement or repair. Theft and Lightning are the most expensive and common cause of Electronic Equipment claims.
Liability incurred upon employees’ death or injuries experienced while on duty is covered by Employers Liability insurance. Being an employer, all responsibility rests with you when it comes to the health and safety of your employees while at work. If they are ill or injured at the workplace, they might claim compensation from you, because they believe you are responsible. Employers Liability insurance helps with defending claims that you are legally liable to pay. In most countries it is compulsory for all employers to have Employers Liability insurance, even if contributing to Workman’s Compensation schemes.
Fidelity insurance also known as commercial crimes insurance covers the loss of money and property due to dishonest employees. Theft, embezzlement, fraud and computer crimes can be insured under Fidelity insurance. The loss of property will be covered while the property is on work premises, while it is in transit, and temporarily in a different location. Employee dishonesty takes many forms. (Read the Fidelity policy thoroughly to foresee the exclusions.) In addition, taking out a Fidelity bond will cover the funds of your business and the people who have access to them. This more specific form of cover is likely to save your business on its premiums and covers loss due to employee dishonesty.
Fire & Allied Perils
Fire and Allied Perils coverage is extremely customisable. Policies can be structured to suit, for example, hospitality establishments that are constructed using unconventional materials such as thatch, canvas, wood or local materials. A common scenario for bush lodges, beach lodges or safari tented camps. Alternatively, a Fire and Allied Perils insurance policy may be structured to suit hospitality establishments that are constructed using standard “brick under tile”. This is typical for country inns, hotels, guest lodges and guest houses. Fire and Allied Perils cover may also be structured to suit private residences or purpose-built facilities operating as B&Bs. These businesses provide standard services to paying guests, but do not offer activities. In addition to catering for the owner’s specific requirements, ART’s comprehensive Asset Protection plan will always include insurance cover against natural perils such as fires, storms, wind, cyclones and flooding, including subsidence and landslip. Our standard extensions, which are included at no extra cost, have been developed to ensure that when quick response is needed for a Fire and Allied Perils claim, you are not faced with an exclusions dilemma.
Machinery Breakdown & Business Interruption
Machinery Breakdown insurance is for the unforeseen and sudden physical loss of, or damage to, machinery. Because of technological advances in every field, it is essential to have Machinery Breakdown insurance, especially in an industrial setting and the manufacturing sector. When the unexpected happens, the damage of expensive machinery equipment will delay or interrupt mass production, which in turn affects cash flow. This insurance covers:
Losses from steam explosion, mechanical breakdown, or electric arcing.
Losses to property of others in your care, custody or control.
Repair or replacement costs for damaged property.
Business Interruption insurance covers losses following the interruption of the business due to damage to property insured under the Machinery Breakdown and Business Interruption insurance policy.
This financial insurance product is specifically for the loss of money in the physical form of cash and cheques. Businesses such as restaurants, pubs, and cafes handle significant amounts of money daily. This money needs to be kept safe and make it to the bank without hassle.
Motor insurance is comprehensive or limited insurance for a vehicle, covering vehicles used for private, business or professional use.
Private use is driving along familiar roads between your home and workplace.
Professional use is where the car has an integral work function – for example, a company driver.
Business use combines private and professional use.
Professional Liability insurance covers legal defense and compensation awarded due to the negligence or failure of professional persons. It is also known as Errors and Omissions insurance. With this cover, the professional person/policy holder is protected against claims they are legally obligated to pay because of an error or omission in their professional work. This includes failure of work performance as promised in the contract. Mistakes happen. Ensure your mistakes, the mistakes of your employees, and the mistakes of hired independent contractors are covered as well.
Pay-outs made for Public Liabilities are made towards third parties because of death, bodily injury, illness or damage to property that may arise from the activities of the insured. Product-centric public liability and defective workmanship can be included under this section of the policy, and in certain instances include specialised liabilities, such as product recall. It is especially important for businesses that manufacture products to have Public Liability insurance, because their products can potentially cause damage or harm. One claim could send your company into bankruptcy in the litigious society of today. Public Liability insurers have the duty to defend, indemnify and to settle a reasonably clear claim.
Public Liability & Professional Indemnity
ART can provide both General Public Liability and Professional Indemnity insurance. This combined cover protects the legal liability arising from the death of, or bodily injury to, any guest or damage to their property, and subsequent claims for financial compensation that may be instituted against you because of your negligence, errors or omissions. An important extension to the Public Liability and Professional Indemnity insurance policy is that the defense costs are not capped and will have a cover of up to the full indemnity limit. Another unique feature of the Public Liability and Professional Indemnity insurance is that the policy also covers the negligent acts of your appointed subcontractors. We make sure your professional liability insurance and risk management profile is diverse and extensive.
Theft Insurance covers loss or damage caused by theft. (Please note that Theft insurance does not cover any loss or damage from any type of fire, explosion, flood, or anything that does not have to do with the forceful removal or damage of insured objects.)
Transport insurance product is available on an annually renewable basis. It is designed to offer appropriate transport risk protection for tourism transport providers dealing with fare-paying passengers. Motor (game viewing, shuttle, transfer and coach vehicles), marine (yacht, ski-boat, houseboat, canoe and rafts) and aviation (fixed wing, rotor wing and hot air balloons) passenger liability is covered by this policy. The policy is further explained as: Motor: Complete wheels transport insurance cover for tour operators, coach operators, overland, transfer and game-viewing vehicles used in the transportation of tourists. Marine: Provides comprehensive transport insurance on hulls, motors, furnishings and all equipment on any marine vessel, whether utilised on the ocean or inland waters for private or commercial use. Additional Transport insurance covers road transit and trailers. Motor: Transport insurance includes the Aircraft Hull, Pilots Deductible cover, Pilots Personal Accident cover, Excess Passenger and Third-Party Liability, Airport Owners and Operator Liability, Non-ownership Liability, Breach of Warranty and Landing Strip Liability.
Personal Liability Cover
Businesses incur debt and shareholders generally must sign joint and/or several sureties for the debts incurred. Personal Liability insurance provides cover for any sureties that have been signed by business stakeholders in the event of their death or disability. This cover protects the business and the estate from creditors by settling the debt and allowing the business to continue to operate without the burden of potentially catastrophic debt.
Personal Life & Disability Cover
Personal Life insurance and Disability insurance provides the funding needed to support your family if you are unable to continue working due to illness or injury. It also ensures that major debt items such as home loans and estate duty do not cripple you and your dependents financially. Ensuring your family’s future welfare is essential in every home. This Personal Life and Disability insurance plan is the most cost-effective way, especially for those who don’t work at large firms. Anything in life can happen, whether it be death, terminal illness, or critical illness. With this cover, your family is paid out a lump sum after the incident. Disability cover is calculated based on dependents’ needs.
Expatriate Healthcare Insurance
Various options available underwritten by three of the largest global health insurers, these policies can be done on an individual basis or group scheme basis. Emergency medical evacuation insurance coverage can also be provided on a stand-alone basis.
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