Professional Liability Insurance provides essential financial protection to a wide range of professional advisers. In the event that a client suffers financial loss as a result of alleged neglect, error or omission Professional Liability Insurance will meet the cost of defending claims and any damages payable.

Clients see any person who gives advice, designs, or offers similar services in a Professional capacity as an expert. The need for Professional Indemnity Insurance has never been greater.

In determining how much cover to effect, it is important that a realistic view is taken of the potential damages and legal costs for which the business could become liable. Being under-insured can be almost as financially disastrous as being without insurance at all.

Professional Liability cover is available for the following lines:

	Accountants
	Architects
	Engineers
	Design & Construction
	Insurance Brokers
	Solicitors
	Surveyors
	Actuaries
	Financial Institutions
	Investment Consultants
	Management Consultants
	Media

Underwriting Criteria:

	COLFIRE Proposal form
	Curriculum Vitae's of principals
	Copy of Brochures
	Copy of standard contracts

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

The days of management selecting friends and allies to the Board are gone. A Directorship must now be recognised as a profession in itself. Increasingly, Board members are becoming targets of liability suits that could wipe out their life savings and conceivably drive them into personal bankruptcy.

Policy Highlights:

	COLFIRE's policy covers PERSONAL LIABILITY risk. The policy is issued in the name of the company to protect the personal assets of the company's Directors' and Officers'.
	COLFIRE's policy is not an indemnity policy. It pays on behalf of the insured losses arising from claims made against the Directors or Officers
	COLFIRE's policy is a "claims made" policy. The policy will pay loss as a result of claims that are made during the active life of the policy. The policy will protect the insured even if the claim is in respect to a wrongful act that occurred prior to the policy's inception.
	COLFIRE's policy automatically allows for coverage of Directors' and Officers' of subsidiaries, merged and acquired companies since the policy covers downward from the parent.

Management Liability cover is available for the following lines:

	Directors' & Officers' Liability
	Pension Trustee Liability
	Association Liability
	Charity Trustee Liability

Underwriting Criteria:.

	COLFIRE Proposal Form
	Latest Audited Financial Report for two (2) years
	Latest or pending Prospectus (for companies issuing Initial Public Offering)
	Business Plan (for start-up Companies)

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

The increased use of technology in our daily lives and our dealings with the Global Community has made it easier to commit fraud and/or steal money. Historically, the banking industry was the prime target for criminals, but globalisation and the blurring of lines within the financial sector has meant that a wider range of companies have become unwilling targets.

Liability can arise from attacks from criminals on commercial entities through:

	Employee Dishonesty
	Forgery or alteration of cheques and drafts issued by the insured
	Theft, disappearance and destruction of money and securities
	Computer fraud
	Unauthorised trading

Corporate Liability cover is available under a Comprehensive Crime Policy that provides cover for the following lines:

	Employee Fidelity
	Cash in Transit
	Cash on Premises
	Forgery or Alteration (Cheques, et al)
	Depositors' Forgery
	Securities
	Computer Systems
	Electronic Computer Instructions
	Electronic Data & Media
	Fraudulent Electronic Communication through a cash management system
	Computer Virus

Underwriting Criteria:.

	COLFIRE Proposal form
	Latest Audited Financial Report for two (2) years
	Latest or pending Prospectus (for companies issuing Initial Public Offering)
	Business Plan (for start-up Companies)

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

A marine cargo policy would cover perils or contingencies such as:

War risks and riot, strike & civil commotions cover may be added for extra premium.

The sum insured is based on the value of the cargo including costs, charges and profit (usually 10% allowed). For occasional shipments a single risk policy may be issued whereby the cargo is covered for a specific voyage with the points of departure and destination specified, as well as the approximate date of departure and arrival. The sum insured is specified and a description of the cargo given on the policy.

Where regular shipments are made an open cover agreement may be advisable. This relates to an agreement by the insurer to give cargo insurance on proposed shipments by a particular insured. For each shipment, a certificate is issued and the premium paid. The agreement is generally applicable for 12 months and would detail such matters as types of cargo, types of vessels, limits per shipment, premium rates and conditions of insurance.

Cargo policies provide cover from warehouse to warehouse but if the cargo is discharged at the final port of discharge and remains there the cover will normally cease after 60 days from such discharge.

Insurance on similar lines is available where cargo is transported by air rather than sea. Generally premiums are lower for air cargo insurance than sea cargo insurance.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

COLFIRE provides coverage for goods while in transit between the point of origin and its destination.

A goods in transit policy covers the property insured against loss or damage by any cause not excepted while in transit by any vehicle specified or described in the schedule including loading or unloading.

Where the original carrying vehicle becomes disabled cover will continue whilst the property is being transferred to and carried by any other vehicle until completion of the journey. Typical exclusions include loss or damage due to weather or atmospheric conditions, loss from unattended vehicles, and theft or pilferage involving employees of the insured.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

Scope Of Cover

The insurer will indemnify the insured against sums which the insured shall in the course of the business become legally liable to pay as compensation for:

1. Accidental death of or bodily injury to any person excluding members of the insured's family and employees in the course of employment, or

2. Accidental damage to property excluding property owned by or in the custody or control of the insured

The event giving rise to the claim (the accident) must occur during the period of insurance. Such accidents may be caused by negligent acts of the insured or employees or by defects in the premises or in the ways, works, machinery or plant.

The insurer will also pay claimant's cost recoverable from the insured and costs and expenses incurred with the insurer's consent.

Extensions

The policy may be extended to cover such risks as:

a) Away Risks

This extension is to cater for third party liability that any arise from work carried out elsewhere than at the insured's premises (e.g. electrical installation work, plumbing, carpet laying).

b) Defective Sanitary Installations

This extension provides cover for liability arising in connection with defective drains, sewers or sanitary arrangements.

c) Fire and explosion

A fire or explosion may start at the insured's premises and affect neighbouring property causing injury or damage and the insured may be held liable. This extension gives the necessary cover.

d) Lifts and hoists

The potential liability arising from ownership or use of lifts and hoists may be quite high and the policy excludes the risk. The extension gives the cover. Before granting cover the insurer would want to ensure that there is proper maintenance of the plant.

e) Sport and social extension

This provides cover in the event of third parties being affected by the activities of the insured's social, sport or welfare organizations and the first aid facilities.

f) Food and Drink

The insured's liability to third parties caused by or attributable to food and drink sold or supplied or provided by the insured is covered by this extension.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

Workman Compensation

COLFIRE provides coverage as required by law to the employer for death or injury to employees arising out of or during the course of their employment. The coverage can also be extended to include the employer's liability at common law for such death or injury.
The employer's legal liability

An employer may have claims made against him by an employee who has suffered bodily injury or disease:

A workman is defined in the Workmen's Compensation Act Ch 88:05 as "any person who has entered into or works under a contract of service or apprenticeship with an employer excluding:

Scope of Cover

If at any time during the period of insurance an employee in the insured's immediate service shall sustain personal injury by accident or disease arising out of and in the course of his employment by the insured in the business described in the schedule and if the insured shall be liable to pay compensation for such injury, either under the law(s) set out in the schedule or at common law then the insurers will indemnify the insured against all sums for which the insured shall be so liable.

The insurers shall not be liable for more than the sum stated under the Limit of Liability in the schedule for any one claim or series of claims arising from any one event.

The insurers will also pay costs and expenses incurred with their consent in defending a claim.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

In many respects commercial motor insurance is similar to private motor insurance. However, there are some differences. The Company shall not be liable to pay for loss or damage to motor vehicle while being used as a Tool of Trade, damage caused by overloading or strain, or damage to tyres unless the motor vehicle is damaged at the same time.

Liability to Third Parties indemnity is also provided while the insured vehicle is towing a disabled vehicle (not for hire or reward). While damage by the towed vehicle in the process of being towed is covered, it should be noted that damage to the towed vehicle itself is not covered. Also, there is exclusion in respect of 'damage to any bridge, weighbridge or viaduct or to any road or anything beneath caused by vibration or weight of the vehicle or its load.'

Most of the additional benefits under the private motor policy are not available under the commercial motor policy. The windscreen breakage extension and special perils may be included for additional premium.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

COLFIRE provides coverage for accidental and unintentional loss or damage to commercial properties, and their contents, caused by fire and special perils such as earthquake, hurricane, windstorm, flood & burst pipes.

The Fire Commercial Policy

1. Items Covered :

The fire commercial policy is issued to business concerns and covers commercial property such as:

2. Basic Perils :

Where an insured chooses a 'fire only' policy, such a policy covers the property against the perils of

3. Special perils :

Where the insured wants to cover the property against more perils than that given under a 'fire only' policy he may choose from a wide range of perils.

COLFIRE offers the following special or extra perils:

Perils of Nature

1. Flood :

This includes overflowing of natural or artificial watercourses and bursting or overflowing of public water mains. Loss or damage due to subsidence or landslip is excluded.

2. Hurricane, tornado, windstorm :

Cover includes rain accompanying these perils and flood or overflow of the sea caused by them.

3. Earthquake and Volcanic Eruption :

The cover includes flood and overflow of the sea caused by these perils.

Social Perils

1. Riot & Strike :

Cover relates to loss or damage caused by those disturbing the public peace or by the willful act of strikers or lock-out workers and by the action of the police (or the lawful authority) in suppressing or attempting to suppress the disturbance.

2. Malicious Damage :

Loss or damage caused by burglary is not covered.

Perils of A Chemical Nature

1. Explosion

This goes beyond explosion of gas used for illuminating or domestic purposes. Loss or damage caused by acts of terrorism are excluded.

2. Spontaneous Combustion

This covers property lost or damaged by its own fermentation, natural heating or spontaneous combustion.

3. Subterranean Fire

This refers to a fire emanating from under the earth and is a virtual non-risk in Trinidad & Tobago.

Miscellaneous Perils

1. Impact

This covers damage by aircraft or aerial device and by vehicles not owned or operated by the insured.

2. Burst Pipes

This covers damage caused by bursting or overflowing of water tanks, apparatus or pipes. It does not cover damage to the pipes, tanks, etc.

3. Bush Fire

Cover against bush fire is not included under the peril of fire itself and the peril of bush fire must be requested to cover to operate.

4. Smoke Damage

This covers damage by smoke that is sudden, unusual and accidental.

The standard Fire and Perils policy can also be extended to provide more extensive cover, which can be tailored to meet the needs of the insured.

Major Extensions

1. Extension of Premises

Stock and contents are covered whilst at any machine maker's or metal worker's premises, at the premises of customers, agents or suppliers, in transit, at exhibition sites, and at any other premises and locations not occupied by the insured. Cover is usually limited to 10% of the sum insured by the item.

2. Temporary Removal

Contents other than stocks are covered whilst temporarily removed for cleaning, renovation, repair or similar purposes. Cover is usually limited to 10% of the sum insured by the item.

3. Property acquisition (or capital additions)

Newly erected or newly acquired buildings, plant and machinery are held covered pending notification to the insurers. The insured must effect, as soon as possible, appropriate insurance retroactive to the date of erection or acquisition. The maximum liability of the insurer is 10% of the sum insured by the item.

4. Public Authorities

The additional cost of reinstatement or replacement in order to comply with statutory building regulations or by-laws of municipal or local authorities is covered up to 10% of the sum insured on building.

5. Architect's and surveyors' fees; removal of debris

This covers Architects' and Surveyors' fees incurred in replacement of the building destroyed or damaged by an insured peril.

6. Landlords/ Tenants Clause

Where the risk is increased due to some action by the landlord (or tenant as the case may be) the insured's cover is not affected provided he notifies the insurer as soon as he becomes aware of the situation and pays any additional premium required.

7. Malicious Damage by Burglars

This covers malicious damage to property arising out of or in the course of burglary or attempted burglary by any person taking part therein. Cover is subject to a limit ($5,000 TO $10,000 is typical).

8. Accidental Damage plate glass

This covers damage to plate glass and framework up to a specified limit.

9. Stock Declaration Conditions

Where an insured's stock levels fluctuate often, the stocks can be covered on a declaration basis. The sum insured should be the maximum amount likely to be held at any one time. A provisional premium based on 75% of the sum insured is charged. At the end of each month, the insured must declare the actual stocks held and at the end of the insurance period the total amount is divided by the number of declarations (usually 12) to get the average. The premium is then calculated on the average and compared with the provisional premium, the insured may have an additional premium to pay or may get a refund. 

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

COLFIRE cover is provided for Cash in Transit, as well as on the premises.

Circumstances under which money may be covered

Money may be covered:

Scope of cover

The insured is covered against loss of money used for the purposes of the business from any cause not excepted. The policy is 'all risks' in nature and while the main concern is burglary and hold-up, such incidents as fire, flood, hurricane and earthquake are all covered.

Cover can also be effected against loss of or damage to safes or strongrooms caused by theft or attempted theft. Compensation in the event of employees being injured, or their clothing and personal effects being lost or damaged during a hold-up, could be included on the policy.

Special Provisos

A complete record of money in transit and on the premises must be kept, such record to be kept in a place other than in the safe or strongroom where the money is kept.

The keys to the safe or strongroom must not be kept on the premises after business hours if the premises are unoccupied after business hours. If the premises are occupied after business hours the keys must not be kept where the safe or strongroom is situated. This proviso is known as the 'key clause'.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.

Under a Fidelity Guarantee policy the insured is covered against direct pecuniary loss (usually of money or goods) caused by any act of fraud or dishonesty of any employee named or described in the schedule and acting in the capacity mentioned in the schedule.

The maximum liability of the insurer in respect of any employee shall be the amount guaranteed against the employee concerned. The act of fraud or dishonesty must be discovered during the period of insurance or within 6 months after the employee ceases to be employed by the employer, whichever shall happen first.

The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.