This policy seeks to cover and reimburse an employee/insured for a fiscal loss as a result of fraud or dishonesty committed by the employee/insured. The act must be in connection with the duties of the employee.

Contractors/Erection All Risk Insurance is designed to provide protection for building and civil works during the contract period. The policy provides cover against accidents resulting in damage to or destruction of the Civil Engineering Works erected temporary structures on the site and/or construction plant and equipment.

It can also cover third party liability up to and not exceeding the amount specified arising out of accident during erection works. The policy covers loss or damage from any unforeseen circumstances to building works, machinery movement, advanced business interruption and public liability, installation and constructional plant, excepting those perils which are expressly excluded under exclusion.

Due to a lot of losses incurred by a firm when machines and plants break down, EMWA seeks to find keen interest in such cases to help prevent those losses.

Machinery Breakdown provides effective insurance cover for plant, machinery and mechanical equipment at work, at rest or during maintenance operations.

It covers unforeseen and sudden physical loss of or damage to the insured items, necessitating their repair or replacement. Machinery Breakdown insurance supplements the coverage afforded by fire insurance.

This policy covers all types of machinery, plant and mechanical equipment, including construction equipment, plants, and production equipment at work or at rest or during maintenance operations owned by a contractor.

The policy covers unforeseen and sudden physical loss of or damage to plant, machinery and equipment which necessitate their repair or replacement.

The policy also covers such causes as faulty design, faulty operations, malicious acts, physical explosion, short circuit, storm etc.

This policy is specially designed to cover all electrical and electronic systems such as Electronic Data Processing equipment, Electrical equipment for medical use, equipment for research and material testing, communication facilities, computers, etc.

The policy provides an all risk cover against any unforeseen and sudden physical loss or damage by any cause (other than the exclusions specified in the policy), thereby necessitating their repair or replacement

• Bid Bond: These are guarantees issued by the Surety in favour of the Bidder (Contractor) assuring the Client (i.e. any person, Corporate or Unincorporated Entity desiring to award a target project by competitive bidding process) that the Bidder shall not withdraw from the bid until the contract is duly awarded; and that if the bidder happens to be the winner, he would proceed to obtain a Performance Security for the contract. The surety pays a certain sum of money – i.e. the bond sum which is always stated in the Bond if the Bidder withdraws from the tender before the contract is awarded.
• Performance Bond: The Principal, having awarded the contract to you, may want a guarantee that you would perform the contract in accordance with stated specifications and within a specified period. Again, Glico General would act as a Surety to provide a Performance Guarantee to the effect that you would carry out the contract in accordance with the specifications and within the agreed period. The Principal would thus fall on us to pay up to the amount of the guarantee bond should you fail to perform as mentioned above.
• Advance Payment: In some situations, a Principal who awards a contract to a Contractor agrees to make some advance payments to enable the Contractor to mobilize resources towards the effective performance of the job(s). Our Advance Mobilization Guarantee is a form of loan guarantee which protects the Principal against loss of advance payment. Our policy provides that we, as insurers, guarantee the judicious use of the monies advanced to the Contractor on the job failing which we shall pay whatever balances that may remain outstanding should the contractor fail to perform the contract.

Vehicle owners are required by law (Motor Vehicles Third Party Insurance Act of 1958) to acquire a minimum of third party motor insurance policy to cover their legal liability to others for death, bodily injury, and property damage, arising out of the use of a motor vehicle. There are three types of motor insurance policies to choose from as follows:

• Third Party Only cover
  This cover aims at indemnifying the policyholder against your legal liabilities to third parties for death, bodily injuries, and property damage.

• Third Party Fire & Theft cover
  The third party only cover described above can be extended to cover loss of or damage to the insured vehicle as a consequence of fire and/or theft.

• Comprehensive cover
  In addition to third party fire and theft cover, a comprehensive policy provides cover for accidental loss or damage to the insured vehicle.

* Third Party Property Damage (TPPD) Limit:
A standard Third Party Motor policy provides a basic cover in respect of Third Party Property Damage at a limit of GH¢2,000.00. There is an option, however, to increase the limit at an additional premium of about 2% of the additional amount.

Perils covered include physical damage to assets occasioned by;

• Fire, Lightning, Explosion and Thunderbolt
• Storm, Tempest, Hurricane, Tornado and Flood
• Riot, Civil Commotion and Strikes which are not politically motivated
• Impact with neighbouring buildings and vehicles not belonging to the insured

Assets All Risk: This is a special property and accident policy designed to offer a comprehensive and a combined policy to afford the insured the convenience of insuring under one policy, the risk of Fire, Theft and Accidental Damage to high valued personal and real properties. All Risks of accidental physical loss, destruction or damage to proposed property to be insured. Except specifically excluded the policy covers all conceivable risk capable of sudden, physical and fortuitous loses.

Group Personal Accident: This policy covers death, bodily injury or disability resulting from an accident caused by external, violent and visible means. This policy is suitable for all employees. It is a very important policy considering the various types of risk which we are exposed to daily especially as workers. This is a 24-hour cover compared to the workmen’s compensation policy which ends at the close of work.

Workmen’s Compensation / Employers Liability: This policy protects the employer against legal liabilities from employees for bodily injury or death resulting from an accident arising out of and in the course of their employment. Cover is for working hours only.

Compensations awarded are tied to the Higher Executive Officers Salary in the Civil Service, and the attending doctors percentage degree of incapacitation awarded.

The policy can be extended to cover Common Law liability i.e awards by the courts In view of the limitation (Higher Executive Officers Salary) in a situation where an employee feels dissatisfied by the compensation awarded and proceeds to court.

Benefits

• Death = Annual Salary x 5 years
• Permanent Total Incapacitation = Annual Salary x 8
• Partial Permanent Disablement = Annual Salary x 8 x Percentage of incapacitation awarded by the medical officer
• Medical refund for receipts submitted

The policy provides indemnity to INSURED up to the limit of Liability declared in the policy for damages or compensation in favour of Third Parties consequent upon:

1. Accidental bodily injury to or illness of any person
2. Accidental loss or damage to property

Occurring in connection with the organisation’s business during the period of Insurance at any of the places to which the policy applies within Ghana.

The policy is extended to cover Defects in any product sold or supplied by insured in Ghana, Pollution Liability, Electromagnetic Radiation as well as Financial Loss with regard to:

The Legal costs recoverable by any claimant from Insured as well as Costs and expenses incurred by THE INSURED with the written consent of the Insurer.

This insurance indemnifies the insured against loss, destruction or damage to the insured property from burglary or attempt theft.

The policy provides indemnity against accidental loss of or damage to the whole or part of the property in transit as described in the policy schedule, owned by insurer or for which they are responsible resulting from:

• FIRE
• AN ACCIDENT TO THE CARRYING VEHICLE
• THEFT following violence or threat of violence against an employee or the CARRIER outside the premises of the insured.

Rating for the purpose of quoting the premium payable is based on the Estimated Annual Carrying and the Limit Any One Loss/Event, and the nature of the goods to be transported.

Money Insurance: All Risks of accidental loss of or damage to money belonging to the Proposer. Cover is in the form of Money – In – Transit, money In Safe, Money on premises during business hours and Money in residence of authorized employees.

The purpose of professional Indemnity Insurance is to protect professional advice and service providing individuals and companies against legal liability to pay damages to persons who have sustained financial loss arising from their own professional negligence or that of their employees in the conduct of their business. The primary reason for professional Liability coverage is that various professional services and products can give rise to legal claims without causing any of the specific types of harm covered by General Liability Policy.

Common claims that professional liability insurance covers are negligence, misrepresentations, violation of good faith and unfair dealing and inaccurate advice

This policy is designed to protect goods and other property whiles they are being conveyed from one location to another by ships on the high seas or from the warehouse of the exporters to the warehouse of the importer and vice versa. The terms and conditions of the insurance are usually subject to the fundamental clauses on which the insurance is based.

Generally, Cargo Insurance can be arranged in one of the following 3 options:

Single Transit Policy – Used for one–off cases that is from one port to another for a specified interest.

Open cover policy – for full legal effect, it is always incorporated into a Marine insurance policy form. The open cover policy is more suitable for Clients who have a lot of exports or imports whose timing is not Standardized.

The open cover provides the flexibility for the client to insure all its interest by declaring the details of the shipment either before or shortly after the shipment.

Rate for various interest declared by the client is agreed upon just as there are some conditions as to the nature of vessels allowed and or the route approved by the agreement. The agreement further provides for occasional transhipment which comes at an additional cost.

The fire or Assets All Risks policy covers only the physical loss or damage to the property insured but does not cover loss of profit arising from such physical damage. In times of loss or damage to your physical assets, you may be unable to carry out your planned level of business, thus leading to a fall in gross profits. This policy is designed to cover you during the period of interruption:

1. Net Profit lost in consequence of the interruption of your business
2. Standing Charges
3. Wages of employees of essential staff
4. Increase in the cost of working necessarily incurred to overcome or to minimise the effects of damage upon the business such as renting of temporary premises, hiring of machinery or extra labour costs.

If one considers travelling outside Ghana, we would be able to arrange travel insurance cover for the parties involved for the duration of the trip. The benefits available are as follows;

1. Outpatient treatment by doctor
2. Prescribed medicines
3. Compensation for emergency repatriation
4. Ambulance Service
5. Home transportation of deceased person etc.

Liability may arise at common law (without any dishonest intent) out of a director’s lack of care and skill in the performance of his duty as per the indication below:

1. Negligent advice or misstatement, particularly in the context of a merger or takeover when failure to understand economic trends could result in poor forecast of the company’s performance
2. Any act which goes beyond the limits of the company’s constitution such as excessive borrowing and unauthorized payments, however innocently made
3. Imprudent investments.