PLURAL AGENCIES LTD - St. Lucia Engineers
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Transcript PLURAL AGENCIES LTD - St. Lucia Engineers
PLURAL AGENCIES LTD
INSURANCE BROKERS
FOR THE ASSOCIATION OF
PROFESSIONAL ENGINEERS
OF SAINT LUCIA
PLURAL AGENCIES LTD
WHO WE ARE
Established in 1988, we are an independent insurance broker, not an agent of
any insurance company
OUR FUNCTIONS OF A BROKER
We offer professional and impartial advice
often advantageous for businesses, especially those that require a tailored
package with several types of business insurance
They can save you time and often prove less expensive than negotiating with
insurers yourself
As an independent broker, our first priority is the client, and not the insurer
Our services are free. We do not charge the client. The only fee received is a
commission from the insurer
A good broker should inform you which aspects of different insurance policies
suit your business and which aspects are less relevant, and ultimately give you
time and space to make the final decision yourself.
PLURAL AGENCIES LTD
NEW INDIA
ASSURANCE
EC GLOBAL
INSURANCE
ISLAND
HERITAGE
GUARDIAN
GENERAL
GTM
INSURANCE
INSURANCE COMPANIES
IN
SAINT LUCIA
BEACON
INSURANCE
GULF
INSURANCE
M&C
GENERAL
INSURANCE
UNITED
INSURANCES
ST. LUCIA
INSURANCES
NAGICO
SAGICOR LIFE INC
SAGICOR GENERAL
INSURANCE
EASTERN
CARIBBEAN
INSURANCE
PLURAL AGENCIES LTD
OVERSEAS AFFILIATES
PLURAL
AGENCIES LTD
TTICL
ICG
Trinidad & Tobago Insurance
Consultants Ltd
Insurance Consultants of
Grenada Ltd
PLURAL AGENCIES LTD
CONTRACTORS ALL RISK POLICY
CONTRACT WORKS
Covers physical loss or damage to the Works
Contractor’s plant, machinery and equipment
owned or hired whilst on location of contract
Professional fees- Architects, Surveyors,
Consulting Engineers, Legal and other
Professional fees
Debris Removal
PLURAL AGENCIES LTD
PERILS COVERED
CATASTROPHE PERILS
Hurricane
Cyclone
Tornado
Storm
Tempest
Windstorms
Sea-waves or overflow of the
sea, or flood caused thereby
Earthquake or seaquake or
tidal wave
Volcanic eruption
OTHER PERILS
Fire
Aircraft and impact
damage
Burglary and theft
Riot and strike
Labor disturbances
Malicious damage
Explosion
PLURAL AGENCIES LTD
CLAUSES AND EXTENSIONS
Indemnity to Principal Clause
Automatic Reinstatement
Accidental Damage to UNDERGROUND Cables, Water
mains/ Pipes and Sewer Lines
Vibration, Removal or Weakening Support can be
covered with a thorough report of site and the
surrounding property
Maintenance Cover – 6 months to 1 year(depends on
type of contract)
Transit Risks- excludes sea or air transit, employees
tools and effects and road vehicles
Off Site Cover – materials and goods stored offsite
PLURAL AGENCIES LTD
What is Not covered (Exclusions)
• Deductibles for Catastrophe Perils (Earthquakes, Volcanic eruptions)
• Loss/ Damage due to faulty design
• Consequential loss of any kind, that is, loss in trade/ revenue
because of damage on site, delays in the contract which would
increase the contractors expenditure
• Loss/ Damage to Plant/ Machinery/ Equipment due to explosion/
mechanical/ electrical breakdown
• War invasion, Nuclear Reaction, Nuclear Radiation, Terrorism
PLURAL AGENCIES LTD
LIABILITY INSURANCES
PUBLIC LIABILITY INSURANCE
This insures against accidental bodily injury or illness
to third parties as well as accidental loss of, or
damage to property belonging to third parties, caused
by an accident at the construction site.
The policy also indemnifies for legal costs and
expenses recovered by a claimant from the insured
Consequential loss is covered once it is resulting
directly from such injury or damage
N.B Damage to third party Property caused by
vibration or subsidence from nearby buildings due to
piling works-not a negligent act-a calculated riskaccidental
PLURAL AGENCIES LTD
LIABILITY INSURANCES
EMPLOYER’S LIABILITY INSURANCE
injury to employees because of negligence on the
part of the employer, e.g. lack of safety equipment
PLURAL AGENCIES LTD
LIABILITY INSURANCES
PROFESSIONAL INDEMNITY INSURANCE
applies to professionals such as contractors,
engineers, architects and others
Insured is indemnified against claims for breach of
professional duty made against him/her in the conduct
of his business
These breaches can be due to any negligent act, error
or omission
Offered on a claims made basis.
Insurers who offer PI cover: United Insurance and
Lloyds Brokers
Issues of Jurisdiction: St. Lucia and worldwide except
USA
PLURAL AGENCIES LTD
BONDS
Performance Bond- can be issued by insurance
companies or banks
Bid or Tender Bond-export contract-issued by a
bank or other financial institution
Advance Payment Bond- monies advanced will
not be lost due to poor performance or default
by the contractor
Retention Bond- type of performance bond
withheld after completion to remedy defects
PLURAL AGENCIES LTD
THE BOND
MARKET
EC
GLOBAL
M &C
GENERAL
GUARDIAN
GENERAL
SAGICOR
GENERAL
ST. LUCIA
INSURANCE
NAGICO
PLURAL AGENCIES LTD
COST OF INSURANCE?!
Premium= Risk= Value of contract works X
Time on Risk X Expertise/ Perception of
Contractor X Nature of the Contract X
Claims Experience
EX: 4 Projects in last year>11 million: CAR+
EL=0.95& to 1.25% of Total Value of the
Contract Works
PLURAL AGENCIES LTD