Money Insurance

Machinery Breakdown Insurance

Machinery breakdown insurance 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. This type of insurance supplements the coverage afforded by fire insurance.

The benefits payable under this cover include the following:

Defects in casting and material
Faulty design
Faults at workshop or in erection
Bad workmanship, lack of skill, carelessness
Shortage of water in boilers
Physical explosion
Tearing apart on account of centrifugal force
Electrical causes such as short circuit

Contractors All Risk/Erection All Risk

This is an accidental policy to cover works as well as damage and loss to materials and equipment on site. The insurance can be extended to cover contractor’s plants and equipment not at site as well as third party liability.

Business Interruption (BI)

Businesses suffer after a disaster or catastrophic event. The loss of income that BI covers is mainly due to disaster-related closing of the business facility or due to the rebuilding process after the event causing the loss.

BI policy as compared to other property insurances is applicable to all types of businesses. It is designed to put a business in the same financial position it would have been in if no loss had occurred.

BI insurance policy is normally not sold as a stand-alone policy, but can be added onto the business’s property insurance policy or comprehensive policy.

The benefits payable under this cover include the following:

Profits: profits that would have been earned (based on prior months’ financial statements).
Fixed Costs: operating expenses and other costs still being incurred by the property (based on historical costs).
Temporary Location: covers the extra expenses for moving to, and operating from, a temporary location.
Commission & Training Cost: business Interruption (BI) policy essentially covers the cost of providing training to the operators of the machinery replaced by the insurer following the insured events.

Electronic Equipment Insurance

Our Electronic Insurance provides indemnity against sudden and accidental loss and or damage to the insured electronic equipment as well as cost of restoring any lost data. The insurance cover can be extended to cover the cost of processing and restoration of third party data connected to electronic equipment.

Our customer’s satisfaction is paramount to our corporate objectives thus; we provide for our clients:

A marketing staff available to the client to provide personalized services.
Granting concessions based on the volume of business placed with us.

Bonds

A bond can be defined as a written undertaking by the Guarantor (in this case the Surety Company) to accept co-responsibility for the performance of a contractual obligation entered into by a company primarily liable under the contract in the event of that company’s default.

These may be:

Bid Bond
Performance Bond
Advance Mobilization

Bid Bond

This guarantees the owner of the project that the Bidder will remain in the bidding process until the contract is awarded. Where the bidder wins the contract, QIC ensures that the bidder signs the contract to perform. On failure by the bidder to sign the contract, QIC will pay the bond value.

Performance Bond

This bond guarantees on behalf of the contractor up to the bond value that the contractor will perform the project awarded him to satisfaction and within the stipulated time. In case the contractor defaults, the value of the bond will be due for payment by QIC.

Advance Mobilization