The insurance business has been a fast-growing industry in the Philippines. It provided security for the persons covered despite the occurrence of fortuitous events.
What is Insurance?
Insurance an arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for the payment of a premium.
Who is Malayan Insurance Co. Inc?
Malayan Insurance Co. Inc. is the leading non-life insurance company in the Philippines founded in 1930. Malayan provides its customers excellent service, quality insurance protection, and immediate processing of valid claims.
Malayan Insurance Co. Inc. is authorized by Insurance Commission to underwrite various types of non-life insurance: Aviation, Engineering, Fire, Property, Marine, Miscellaneous Casualty, Motorcar, Personal Accident, Travel and Bonds.
Due to the variations of insurance types, this article aims to provide basic information regarding the Miscellaneous Casualty Insurance.
Miscellaneous Casualty Insurance
Coming from the word miscellaneous, this is a type of insurance that offers protection for uncommon risks such as Liabilities, Crimes and Cyber.
- LIABILITY INSURANCE
This insurance guarantees to pay for the cost of damages and defence cost resulting from the negligent acts or omissions of the assured in connection with the insured’s business or household operations or professional services.
a. Comprehensive General Liability (CGL) Insurance – This type of insurance covers the legal liabilities of the insured arising out of accidents, in line with the conduct of his business.
b. Comprehensive Personal Liability (CPL) Insurance – This type of insurance covers the legal liability of the insured arising from his negligence or the negligence of the member of his household.
c. Errors and Omissions – This type of insurance is designed to protect insurance and/or reinsurance brokers due to error and omissions from their duty as a legal representative of the Insured.
d. Director’s and Officer’s Liability Insurance – This type of insurance is designed to protect Directors and Officers of a corporation for any wrongful act they have committed.
e. Products Liability Insurance – This type of insurance is designed to protect the Insured from the damages that arise from the manufacturing, distribution and merchandising after such product has ceased to be in the custody or control of the Insured.
f. Employer’s Liability Insurance – This type of insurance covers the damages (Bodily Injury by Accident or by Disease) of any employee of the Insured during the course of his/her employment in excess of the required employee benefit or insurance cover under Worker’s Compensation Law or any similar law.
g. Professional Liability Insurance – This type of insurance is designed to protect a “Professional” for an error arising out of the “Professional Service” performed in connection with his/her profession.
h. Manufacturer’s Errors and Omissions – This type of insurance is designed to provide coverage for legal liabilities for any financial loss to its customers due to the manufactured product of the Insured.
i. Excess Auto Liability – This type of insurance covers the legal liabilities for financial loss to customers caused by the manufactured product of the Insured.
j. Medical Malpractice Insurance – This type of insurance covers the liability that arise from any failure in rendered medical services which resulted to death, sickness or bodily injury of the patient and is available for both hospital establishments and individual doctors.
k. Educators Professional Liability Insurance – This type of insurance covers the liability of schools, educational institutions and academic professionals for any breach of duty in the performance or failure to perform educational services.
l. Lawyers Professional Indemnity Insurance – This type of insurance covers any liability from acts, errors or omissions of lawyers in the performance of his legal profession on behalf of their clients.
2. CRIME INSURANCE
This insurance guarantees the insured the compensation due to losses brought about by dishonest, fraudulent or felonious acts.
a. Burglary and Housebreaking – This type of insurance covers the property that were feloniously and forcibly taken from the declared premises of the Insured either private dwelling or business premises.
b. Money, Securities and Payroll Comprehensive Policy – This type of insurance covers for any loss of money and securities of the Insured in the declared premises or money or securities being conveyed by a messenger, armored service provider, or any authorized employee of the insured, to the bank, office or any designated location.
c. Money-in-Transit Insurance – This type of insurance covers for any loss of money, checks and/or negotiable instruments or notes, while in a possession of the named employee, collector, messenger, etc. in the schedule, occasioned by any vehicular accident, robbery or theft while the money is in transit.
d. Fidelity Guarantee Insurance – This type of insurance protects the insured against dishonest employee/s and indemnifies the insured for financial losses directly sustained due to fraudulent or dishonest acts committed by any employee/s of the insured company.
e. Comprehensive Dishonesty, Destruction and Disappearance (DDD) Insurance – This type of insurance covers for any loss, destruction, disappearance of money, securities, and other properties within the declared area of premises, or money and securities being conveyed from the Insured to a bank, office or any designated location.
f. Bankers Blanket Bond – This type of insurance is a comprehensive insurance, specifically designed for banks. This insurance provides protection for money, negotiable instruments and other valuable properties against crime risks such as theft (by employees or third parties) and robbery. It is extended to cover Electronic Computer Crime.
g. Cardholder Comprehensive Insurance – This type of insurance covers the unauthorized charges against the cardholder’s lost or stolen credit card, including unauthorized charges made through ATM withdrawal, in-store or on-line purchases with the cardholder’s payment card information even if the credit card was not lost or stolen. It also covers loss of cash, death or permanent disability due to robbery, hold-up, assault or other means of unlawful violent taking of cash withdrawn from an ATM machine.
h. Purchase Protection Insurance – This type of insurance covers the risk of fire, theft, burglary, robbery, hold-up or other kind of accidental loss or damage to items purchased via credit card within 15 days from date of purchase anywhere in the world.
3. CYBER INSURANCE
This insurance guarantees the insured to be protected from risks in connection with e-business, the Internet, networks and information assets. This insurance aims to cover a variety of both liability and first party losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.
a. First Party Losses – This type of insurance covers Direct or Extra Expenses such as cost of such as costs of restoration of data, computer malware decontamination costs, crisis management, experts fees, extortion expenses, notification expenses. This also covers the loss of profit due to reputational loss and increased cost of working in restoring the data, or due to loss of or inability to access the data, property damage to computer system due to cyber attack and administrative fines and penalties.
b. Third Party Losses – This type of insurance covers claims for damages brought by customers, consumers or outside business entities for damage they incurred as a result of the insured’s breach of computer system. This insurance also covers the insured’s legal liability whether agreed amicably (with the consent of the Insurer) awarded by arbitration or legal process, including defense costs and also losses related to libel, slander, defamation and other media torts, as well as copyright, trademark and patent infringement.
For more information about the Miscellaneous Casualty Insurance you may visit their site at: https://www.malayan.com/products/general/miscellaneous-casualty?fbclid=IwAR3JwLdWW6uoCgHf3Bjlj3DpM5v-JsBm4ZPPnE-PHHq9irRKMX4PqRDZx3Y
You can also directly contact them at: https://www.malayan.com/contact