MACHINERY BREAKDOWN (MATERIAL DAMAGE / BUSINESS INTERRUPTION):
Covers sudden and unforeseen mechanical or electrical breakdown of plant and machinery. The policy can be extended to cover consequential loss from interruption to the business following such breakdown.
MANUFACTURERS OUTPUT / SELLERS CONTINGENCY:
Covers loss of and/or damage to stock from purchase as raw materials through manufacture and transit / shipment to final destination. This cover is often termed as “Cradle to Grave”.
Sellers Contingency protects exporters when goods are destroyed or damaged as a result of the buyer not paying for the goods.
MARINE:
Marine insurance covers the risk of loss to ships and vessels – Marine Hull, and the risk of loss to property and goods in transit – Marine Cargo. Marine Cargo insurance is sometimes divided into Inland Marine, which covers property and goods in transit between locations without requiring sea transport and Ocean Marine, which covers property and goods subject to a sea voyage. Marine Cargo policies are issued in various forms depending on the requirement of the shipper, the shipowner, the charterer, the consignee etc.
MEDICAL CRISIS / TRAUMA:
Covers expenses associated with a variety of potentially serious, often life-threatening nominated sicknesses and diseases.
MISREPRESENTATION:
A statement by the Insured or their Broker which conveys a false or wrong impression.
MONEY:
This can cover money at designated premises, in safes and strongrooms and whilst in transit.
MORTGAGE AND LEASE GUARANTEE:
Covers financial loss as a result of default by the borrower.
MORTGAGE PROTECTION:
Utilised to provide for the repayment of an outstanding mortgage or other outstanding debt which is being paid off by instalments, in the event of death or disablement of the mortgagor.
MOTOR VEHICLE:
This can take several forms:
1.
- (a) Comprehensive, ie own damage and third party property damage.
- (b) Third Party Property Damage plus Fire and Theft.
- (c) Third Party Property Damage only.
2. Compulsory Third Party “Act” cover. This is a compulsory insurance in all States of Australia and applies to Third Party Injury or Death sustained in an accident involving a registered motor vehicle.
MULTI- RISKS:
A Multi-Risks policy covers the Insured against a wide range of unspecified, fortuitous risks of loss or damage (subject to policy exclusions etc) to the property insured but not loss or damage caused by its inherent nature.