Uninsured Risks Checklist

One of our roles as your general insurance adviser is to highlight areas where you, our client, may have an exposure to loss but are presently uninsured. The list below is a summary of some common insurances, that may assist you to identify risk areas you hadn’t previously thought about insuring.

This list is not exhaustive and does not include all types of policies available in the various insurance markets. Availability of some classes may be subject to market conditions at the time.

If you wish to have more information on any of these or any other class of insurance, please contact us. We would welcome the opportunity to discuss them and obtain quotations.

Although many of these insurance policies may not be appropriate to your needs today, the circumstances of your business may change and so we recommend that you review this list regularly to ensure that you remain comfortable carrying any uninsured exposures.

For ease of reference, we have split the list into four categories:

  • Asset Protection
  • Income and Other Financial Exposures
  • Liability Exposures
  • People Exposures and Protection

 

Asset Protection

CLASSBRIEF DESCRIPTION
BurglaryTheft of property following forcible and violent entry to premises.
Contract WorksLoss or damage to the project during construction.
Contractors’ Plant & MachineryLoss or damage to unregistered mobile plant, drilling rigs and the like.
Corporate TravelCosts following accident or illness whilst travelling.
CropFire or hail damage to cash crops.
Electronic EquipmentMaterial damage and loss of data following breakdown or malfunction.
Fire and PerilsDamage to fixed assets caused by a range of nominated risks.
General PropertyAust wide cover for loss / damage to portable business equipment.
GlassDamage to fixed glass.
HouseholdersLoss or damage to residential premises and their contents.
Industrial Special RisksFire, Perils & Accidental Damage to fixed assets. (For larger asset values)
LandlordsLoss / damage to residential investment properties.
Livestock and BloodstockLoss following death or loss of use of valuable animals.
Machinery BreakdownCost to repair following mechanical or electrical breakdown of plant and equipment.
Marine Cargo / TransitDamage to goods while in transit.
Marine HullDamage to private and commercial vessels and related equipment.
Motor / CarLoss or damage to registered vehicles.
Personal ValuablesLoss or damage to jewellery, works of art and other valuables.

 

Income & Other Financial Risk Exposures

CLASSBRIEF DESCRIPTION
Accounts ReceivableLoss due to irrecoverable debts following destruction or theft of debtors’ records.
Advance Consequential LossLoss of future earnings and increased expenses following delayed completion of a project caused by damage.
Business InterruptionLoss of income and increased expenses due to damage to fixed assets.
Cancellation and AbandonmentCover for loss of income and additional expenses incurred due to occurrences such as adverse weather conditions or non-appearance of performers for many reasons, including death or illness.
Computer Breakdown Loss of income and increased expenses following mechanical and electronic breakdown of computer equipment.
Credit Insurance This provides protection for insured debts following insolvency of a debtor and can be tailored to cover any single or group of specific debtors or a blanket cover over all debtors.
Fidelity GuaranteeLosses due to the dishonesty of employees.
Intellectual Property Legal expenses incurred to defend patent, trademark, copyright etc.
Machinery Breakdown Profits increased Loss of income and expenses following breakdown of key plant and equipment.
Marine ProfitsLoss of income and increased expenses following marine transit material damage claims.
MoneyLoss or damage to cash, cheques, negotiable instruments.
Audit & Investigation           Expenses due to unexpected audits required by any statutory body, including Australian Tax Office.

Liability Risks & Exposures

CLASSBRIEF DESCRIPTION
Association LiabilityThis provides indemnity to those who hold positions on management committees, incorporated organisation boards etc against negligent acts, errors or omissions.
DefamationDamages following libel and slander.
Directors & Officers LiabilityDamages following a wrongful act committed by the directors or officers of a company.
Employment Practices LiabilityLiability for employment related issues such as wrongful dismissal, sexual harassment, and discrimination.
Professional Indemnity Liability for the provision of professional services or advice given to clients.
Marine LiabilityBodily injury and property damage arising from:

  • Operation of vessels
  • Carriers liability
  • Ship-repair activities
  • Charterers liability
  • Container liability
  • Stevedore liability
Motor – CTP / GreenslipBodily injury arising from registered vehicles (separate insurance not applicable in WA or ACT).
Public & Products LiabilityBodily injury and property damage arising from business activities and from products manufactured, imported or sold.
Workers’ CompensationProviding cover for employers’ liability for injury to employees, Act benefits and at Common Law.

People Exposures & Protection

CLASSBRIEF DESCRIPTION
Group Life CoverProvides a group of people with cover for death or disability at much lower rates than can be provided individually.
Key ManFinancial loss following death or disablement of key personnel.
Major Trauma CoverProvides lump sum of money following diagnosis of specified major personal health conditions.
Partnership and Shareholder ProtectionProvides a package designed to protect the surviving shareholders in the event of the death or disability of a principal.
Personal Accident & IllnessDeath or disability following an accident or illness(cancellable contract).
Income Protection Provides cover in the event a person is unable to follow their chosen occupation. (a non-cancellable contract).
Salary Continuance  This provides cover for continuation of employees’ salaries after sick leave has been exhausted.
Travel and Expatriate CoverMedical and repatriation expenses following injury or illness while travelling or working overseas.