1 / 52

Why We Need Insurance

Why We Need Insurance. Philip Holdway-Davis Underwriting Manager Federal Pacific Insurance Limited Tonga & Samoa. Introduction. Malo FPI PHD GIP Today: Why We Need Insurance Tomorrow: Insurance Risk Management Basics Insurance vs Beer Insurance vs Gambling Life, Health & General.

scott
Download Presentation

Why We Need Insurance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Why We Need Insurance Philip Holdway-Davis Underwriting Manager Federal Pacific Insurance Limited Tonga & Samoa

  2. Introduction • Malo • FPI • PHD • GIP • Today: Why We Need Insurance • Tomorrow: Insurance Risk Management Basics • Insurance vs Beer • Insurance vs Gambling • Life, Health & General

  3. Why We Need Insurance • Why do we need insurance? • How & why insurance started • Joseph, Pharoah’s No. 2 • The beginnings of the insurance industry today • How insurance works • Making a claim • What if there was a natural disaster? • How an insurance company makes a profit • Types of insurance

  4. Why Do We Need Insurance?

  5. Federal Pacific Insurance - Key Products • Business Assets (Material Damage) • Business Interruption • Public Liability • Contract Works • Personal Accident • Private Motor Vehicle • Commercial Motor Vehicle • Employers Liability • Domestic House & Contents

  6. Business Assets (Material Damage) • Unforeseen, unintended, sudden, accidental and fortuitous physical loss or damage • Buildings and structures • Business contents, machinery, equipment and stock • Fire & listed named perils & cyclone and natural disaster • All perils except as stated in the policy wording exclusions

  7. Business Interruption • Policy triggered if FPI pays a claim under the material damage policy • Pre-tax net profit • Wages/salaries • Loss of rent income • Interest for loans • Telephone & communication • Power and electricity • Water rates • Additional increased cost of working

  8. Public Liability • Indemnifies you for all sums that a competent court in Tonga finds you legally liable to pay, for third party property damage and third party bodily injury due to a breach of your duty of care to the public. • Product liability included for the manufacture, supply or distribution of products in Tonga. • Defence costs (if not expressly excluded) • Landlord’s liability included • Tenants liability included • Bailee's liability – optional • Defective design, mechanical plant and removal of support - optional

  9. Contract Works (C.A.R.) • Unforeseen, unintended, sudden, accidental and fortuitous physical loss or damage • Public liability arising out of the contract works • Contract value • Materials supplied by principal or free to contractor • Demolition and removal of debris after a loss • Architects, engineers, consultants fees • Existing structures • Contractor’s temporary buildings and site huts • Contractor’s plant and machinery • Employees hand tools

  10. Personal Accident • Group policy preferable but can do individual • Lump sum for death by accident or illness (up to 3x annual salary) • Lump sum scale for disabilities caused by an accident • Weekly accident benefit • Exclude pre-existing conditions • Maximum age 60

  11. Private Motor Vehicle • Market value • Full comprehensive cover – own damage and third party liability • Third party fire & theft • Third party only • Uninsured third party cover up to TOP$3,000 • Trailer cover • Reasonable salvage and rescue costs

  12. Commercial Motor Vehicle • Market value • Full comprehensive cover – own damage and third party liability • Third party fire & theft • Third party only • Uninsured third party cover up to TOP$3,000 • TOP$10,000 death by accident benefit • TOP$5,000 funeral costs • Disability modifications • Hoists and hydraulic rams • Property in transit/removal of debris/salvage & rescue costs/safety of the vehicle/tarpaulins, sheets, ropes and chains • Invalidation - optional

  13. Employers Liability Indemnifies you for all sums that a competent court in Tonga finds you legally liable to pay, for bodily injury due to a breach of your duty of care to an employee

More Related