Insurance Terms Glossary

Material Damage: Provides insurance protection for your building, stock and plant, this policy includes money, employees’ tools, refrigerated goods and seasonal stock increases.

Commercial Motor Vehicle Insurance: Covers loss or damage to your own vehicles plus $1,000,000 liability protection for third party property damage.

General Liability Insurance: Combines Public Liability Insurance with Products Liability Insurance to provide your business with comprehensive protection should you, your employees or your products cause third party property damage or personal injury.

Statutory Liability Insurance: Defends you, your business and your employees against unintentional breach of literally hundreds of New Zealand Acts of Parliament. It pays for defense costs, legally allowable fines and reparations following Health and Safety in Employment breaches.

Employers Liability Insurance: Steps in to defend you and your business against civil actions by employees alleging workplace illnesses or injuries not covered by ACC.

Professional Indemnity Insurance: Protects you and your company against allegations of professional negligence and includes many valuable automatic extensions to cover.

Directors & Officers Liability Insurance: Offers directors of companies’ protection against being personally sued for the failings or oversights of their company.

IT Liability Insurance: Integrates professional and public liability protection in order to minimise gaps in cover for this specialist segment.

Contract Works Insurance: Provides protection during construction (and if required during any maintenance period) on either an annual or single project basis.

Machinery Breakdown Insurance: Ensures you have the funds to repair or replace machinery suffering sudden and unforeseen damage, and to survive any negative impacts on profit.

Mobile Plant Insurance: Protects your mobile plant and its accessories against most accidental or malicious damage. Cover automatically extends to include $2,000,000 Third Party road risks, hired or borrowed plant and $10,000 towards any increased costs in running your business following a claim.

Trade Credit: Protects businesses from commercial bad debts that arise when selling your goods and services on credit terms to other businesses within New Zealand and/or overseas.

Marine Cargo Insurance: Gives worldwide insurance protection for goods in transit by sea, land or air. We are able to tailor cover based on your shipment’s Terms of Trade and our international network means we can often expedite a situation with local representation in each country.

Commercial Hull Insurance: Provides protection against the diverse risks that constitute ‘perils of the sea’. It covers the hull, machinery on the vessel, the risk of wars or strikes and, should the worst happen, the expense of salvage.

Marine Liability Insurance: We have a suite of marine liability insurance products designed to cater for the individual needs of those working in the industry. For example: port and terminal operators; harbormasters; ship repairers; boat builders; carriers; freight forwarders and logistics providers; shipping agents and managers; stevedores; charterers and professional mariners.

Marine Pleasurecraft Insurance: Protects boats (capable of up to 35 knots) against theft or damage whilst cruising or in transit and includes hull, motor, equipment/accessories and personal effects. It automatically includes liability risks and $10,000 for personal accidents and can be optionally extended to cover yacht-racing risks.