Casualty
Insurance
MAAGAP provides for the following casualty lines to provide the appropriate protection to your properties and your business.
See Coverages See All Products
Casualty Insurance
MAAGAP provides for the following casualty lines to provide the appropriate protection to your properties and your business.
See Coverages See All Products
Coverages
Equipment Floater
This insurance product line is specially designed to cover mobile vehicles or equipment which are not licensed for general road use. Some examples include forklifts, wheel loaders, agricultural tractors, excavators, bulldozers, crawlers among others.
This policy covers loss or damage to the property insured by:
• Accidental collision or overturning or collision or overturning
• Fire external
• Acts of Nature
Exclusions:
• Loss or damage to the property insured caused by or resulting from wear and tear gradual deterioration, inherent vice, latent defect, mechanical breakdown, corrosion, rust, dampness of the atmosphere or freezing unless such damage is the result of other loss covered by the Policy
• Loss or damage to electrical appliances or devices of any kind, including wiring caused by electrical currents, artificially generated unless fire ensues, and then only for the Company's proportion of loss caused by such ensuing fire
• Loss or damage caused by repairing, adjusting, servicing or maintenance operation, unless fire or explosion ensues and then only for the loss or damage caused by such ensuing fire or explosion
• Theft, wrongful conversion or embezzlement by Insured's employees of by any person to whom the Insured property is entrusted
• Loss or damage to tirers or tubes due and confined to blowout, bruises, cuts or other causes inherent in the use of the equipment unless such damage is the result of other loss covered by this Policy
• Loss or damage occasioned by weight of a load exceeding the registering lifting or supporting capacity of any machine
Fidelity Guarantee
Fidelity guarantee insurance is designed to indemnify the insured against loss as a result of dishonesty of persons holding position of trust.
This is an insurance product that indemnifies the employers against loss of money, negotiable instruments or goods belonging to the employer or for which they are responsible as a result of dishonesty of their employees.
The acts of fraud or dishonesty must be committed
• During the period of insurance
• During the uninterrupted continuance of employment of the said Employee
• In connection with the occupation and duties of the said employee
The acts of fraud or dishonesty must be discovered during either
• Period of insurance, or
• Not later than 3 months after termination of the policy or
• Not later than 6 months after termination of employment of such Employee
• Whatever event shall first happen.
Money Insurance
Section 1 - Money in Vault
Provides coverage on money on the Insured's premises during and outside normal business hours, however money on premises outside normal business hours must be secured in locked drawers or locked safes. It likewise covers monies on Insured's premises contained in locked safes or strongrooms as well as monies in locked drawers or cabinets or cash registers.
Section 2 - Money in Side Premieres
This section covers monies in the personal custody of the Insured's authorized employees whilst in direct transit between the premises and bank or post office principally collection money
Exclusions:
• Loss due to forged bank or currency notes
• Loss from an unattended vehicle
• Loss from any safe or strongroom opened by keys of which has been left on the insured premises whilst closed for business.
• Loss occurring outside the situation
• Shortage resulting from accounting errors
• Losses due to fraudulent misappropriation or embezzlement
• Any consequential loss whatsoever
• Riot Strike and Civil Commotion
• Information Technology Hazards
Comprehensive General Liability
Insurance coverage to protect against legal liabilities which the insured may incur for bodily injuries and property damage to third parties in connection with its business, premises and operations.
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