Priority Insurance

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Fire Insurance

A basic Fire policy insures damage to tangible property due to fire, lightning, explosion and aircraft impact, but is normally extended to include:

  • Earthquake
  • Windstorm
  • Flood
  • Explosion
  • Riot
  • Strike
  • Civil Commotion
  • Bursting or overflowing of water tanks, pressured equipment or pipes
  • Malicious Damage
  • Impact by road vehicles, animals or
  • Aircraft and other aerial devices or articles dropped there from
Assets All Risks

This policy offers broader cover than that available in a basic Fire policy. It will respond to all perils like; Fire, Lightning, Flood, Theft, Malicious Damage, Earthquake, Riots And Strikes, Burst Pipe, Impact except those specifically excluded in the policy, such as war, radioactive/nuclear contamination, willful acts, defective design, etc.

Business Interruption

BUSINESS INTERRUPTION (also known as Loss of Profits, or Consequential Loss)

The Business Interruption policy can insure the project company for loss of Net Profit and Standing Charges until such time as normal production or commercial operation is resumed. The Indemnity Period typically ranges from 3 to 18 months depending on the nature of the operations. Insured perils follow the Fire or Property All Risks policy, and there has to have been an accepted property damage claim for the associated business interruption claim to be valid

Construction All Risks (“CAR”)

CONSTRUCTION ALL RISKS (“CAR”)

This type of policy covers the civil works from commencement of construction to final handover (including testing/commissioning and extended maintenance – normally 12 months). The policy also normally includes a section covering claims arising from third parties (Third Party Liability) who are injured, or whose property is damaged, during the construction period.

Erection All Risks (“EAR”)

This type of policy insures equipment during installation and testing/commissioning, up to the point where the equipment is operational (when it then is transferred to the Fire, Property All Risks, and/or Machinery Breakdown insurance policy). This policy also contains coverage for an extended maintenance period (typically 12 months) and includes a section for Third Party Liability.

Advanced Loss of Profits (“ALOP”)

This policy is particularly important for large Commercial projects where delay in project completion could have a substantial impact on the expected revenue of the Company, potentially impacting the sponsors’ ability to service debt and other fixed expenses.

The policy pays for Anticipated Net Profit plus Standing Charges during the period of delay, from the scheduled date of commencement of commercial operation up to the actual date of commencement of commercial operation, subject to a time excess and the Indemnity Period. The delay must have occurred due to a loss during construction, and payable under the Construction/Erection All Risks policy.

Machinery Breakdown and Business Interruption Following Machinery Breakdown

This policy covers mechanical and electrical breakdown of plant and machinery, and the ensuing loss of production (cover which is often excluded from Fire and Property All Risks policies). Policies can also cover loss to surrounding property damaged by breakdown, such as in the case of explosion of boiler machinery. The cover is important for critical items of plant where limited back-up or standby facilities exist or where sophisticated and expensive equipment is in place. Companies should consider maintaining adequate back-ups, and holding spares of critical components.

Electronic Equipment

The policy covers losses resulting from sudden and unexpected physical loss or damage to electronic equipment (e.g. computers) by any cause (other than the exclusions specified in the policy), in a manner necessitating repair or replacement. The policy can often also be extended to cover expenses incurred in reconstruction of data, and the cost to rent substitute equipment.

Third Party Liability

 (also known as General Liability or Public Liability)

This policy protects the policyholder in respect of legal liability to third parties (not employees) for both bodily injury and for any loss of or damage to their property.

All businesses have a legal liability to their customers, suppliers and the general public.

Product Liability

This policy covers the company’s legal liabilities to third parties for bodily injury or loss of or damage to property caused by the company’s products or goods.

Product Liability insurance indemnifies the insured for compensation awarded in court or compensation agreed with insurer’s consent out-of-court, as well as costs associated with defending claims, both of which may be substantial.

Product Liability is imposed under several different legal theories, including negligence, breach of contract and strict liability in tort.

Professional Indemnity Or Errors And Omissions (PI/E&O)

Professional Indemnity insurance is designed to cover businesses in the event that they are pursued by third parties who claim that they have suffered a loss as a result of the company’s professional negligence. Cover is normally taken by professionals such as accountants, fund managers, lawyers, architects or any professional services providers.

 

Marine Inland Transit Insurance Policy

This Policy broadly covers the risk of physical loss of or damage to specified goods caused by fire, lightning, breakage of bridges, overturning of vehicles, collision with or by carrying vehicle, subject to specified exclusions of the Insured’s goods (machinery, raw materials, finished goods etc.) during transit under a contract of affreightment

 

Marine All Risks

This policy insures items such as plant and equipment, finished goods, and raw materials – among other things, during transportation. Despite its name, the policy is not restricted to marine (ocean transit) risks, but also covers transportation by air, road and rail. In addition to “transportation”, this policy is generally extended to cover temporary storage

Theft Insurance

Loss of or damage to all contents(the property of the Insured or for which they are responsible)  of any insured building at the insured premises described in the schedule of the Policy as a result of theft accompanied by forcible and violent entry into or exit from such building or any attempt thereat, following violence or threat of violence.

Money Insurance

Loss of or damage to money — cash, bank and currency notes, cheques, postal orders, money orders, current negotiable postage, revenue and holiday stamps, credit card vouchers and documents, certificates or other instruments of a negotiable nature, the property of the insured or for which they are responsible occurring in the territorial limits of Ghana provided that the liability of the Company for the loss or damage arising from all occurrences of a series consequent upon or attributable to one source or original cause shall not exceed the specific limitations stated in the schedule

Fidelity Insurance
  1. Loss of money and/or other property belonging to the insured or for which they are responsible stolen by an insured employee during the currency of this section.
  2. Direct financial loss sustained by the insured as a result of fraud or dishonesty of an insured employee all of which occurs during the currency of this section which results in dishonest personal financial gain for the employee concerned.
Goods In Transit

Loss of or damage to the whole or part of the property described in the schedule, owned by the insured or for which they are responsible in the course of transit by the means of conveyance or other means incidental thereto and caused by any accident or misfortune not otherwise excluded.

Motor Insurance

Loss of or damage to any vehicle described in the schedule and its accessories and spare parts whilst thereon.  In addition, if such vehicle is disabled by reasons of any loss or damage insured hereby, the company will pay the reasonable cost of protection and removal to the nearest repairers and the insured may give instructions for repairs to be executed without the previous consent of the company to the extent of but not exceeding GH¢500.00 provided that a detailed estimate is first obtained and immediately forwarded to the company.

Third Party Only (TPO) insurance is the minimum legal requirement for vehicles to be driven on public roads. TPO insurance will only cover loss, damage or injury inflicted on a third party. If you have Third Party Only insurance, your own losses, damage or injury (apart from passengers) will not be covered. A Motor Trader therefore really needs extra protection for his vehicles above this basic Third Party requirement.


Third Party Fire and Theft (TPFT) is a step-up from Third Party Only. TPFT pays out in the event of loss or damage to vehicles under the motor trader’s custody or control in the event of theft or fire, as well as to third party damage or injury claims. This is particularly relevant if vehicles are stolen and “torched”. The cost of TPFT cover is nowadays not significantly different to Comprehensive cover.


Comprehensive (Comp) A Comprehensive policy includes the same cover as TPO & TPFT plus accidental damage to the vehicles that the trader owns or has care of. So if a customer’s vehicle is damaged in an accident while being tested, Comprehensive cover will cover the cost of the repairs.

Accidental Damage Insurance

Accidental physical loss of or damage to the insured property at or about the premises not otherwise insured or for which insurance is available and described (whether incorporated in this policy or not) in terms of any section (other than Business All Risks) listed in the index of this policy.  The amount payable for all loss or damage arising out of one original cause or source shall not exceed the sum stated.

Employers Liability Insurance

Damage or loss which the insured shall become legally liable to pay consequent upon death of or bodily injury to or illness of any person employed under a contract of service or apprenticeship with the insured, which occurred in the course of and in connection with such person’s employment by the insured within the territorial limits and on or after the retroactive date shown in the schedule, and which results in a claim first being made against the insured in writing during the period of insurance.

Group Personal Accident Insurance

Bodily injury caused by accidental, violent, external and visible means to any principal, partner, director or employee of the insured (hereinafter in this section referred to as such person) specified in the schedule.  The company will pay to the insured on behalf of such person or his estate, the compensation stated in the schedule in the event of accidental bodily injury to any such person directly and independently of all other causes resulting within 24 calendar months in death or disability as specified in the schedule under the heading circumstances

Directors’ & Officers’ Liability (D&O)

This policy provides protection in respect of claims from shareholders, creditors, customers, employees and others, who can sue directors as individuals, for their negligence in the running of, and behavior of, the Company

Bankers Indemnity Policy

A package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in the country of the particular bank

The policy comprises some of the following sections:

On Premises : Covers money and/or securities belonging to, or in the custody of bank, whilst on their own premises or on the premises of their bankers, against loss or destruction by Fire, Riot & Strike, Malicious damage, terrorist act, burglary ,theft ,robbery or hold-up.

In Transit: Covers money and/or securities if they are lost ,stolen, mislaid, misappropriated or made away with, whilst in transit in the hands of its employees whether by negligence or fraud of the employees.

Forgery or Alteration: Covers losses suffered as a result of payment of bogus, fictitious, forged cheques or drafts as also forged endorsements on genuine cheques or drafts.

Dishonesty: Covers loss of money and/or securities suffered due to dishonest or criminal act of its employees.

Registered Postal Service: Covers loss of registered postal sending by robbery, theft or any other cause not specifically excluded, provided that each post parcel shall be insured with the post office.

Guaranteed Bonds

Guaranteed bonds are types of bonds that are paid by parties other than those that issued the bonds. A bond is a debt security that represents money the issuer owes the holder. Bonds have individual terms, but in essence, they consist of principal and interest. While principal is the original amount, interest is an additional amount at a fixed rate, which serves as compensation for the borrowed amount. Interest is paid at specific times agreed upon by both the issuer and holder, and when the bond comes to maturity, the full amount of principal plus interest is due.

Bid Bond

Bid bonds are guarantees from contractors that state they will do the job they are bidding to do, if they are awarded the contract. Typically, the bid bond is required as part of the construction bid process. It protects the person asking for bids in the case that the contractor chosen is not able to perform the work. While there is often very little financial gain to the owner of a project, it does encourage contractors to make sure their bids are valid.

Performance bond

They are commonly used in the construction and development of real property, where an owner or investor may require the developer to assure that contractors or project managers procure such bonds in order to guarantee that the value of the work will not be lost in the case of an unfortunate event (such as insolvency of the contractor). In other cases the client is guaranteed compensation for any monetary loss up to the amount of the performance bond.

Advance payment Bond

Guarantee supplied by a party receiving an advance payment to the party advancing the payment. It provides that the advanced sum will be returned if the agreement under which the advance was made cannot be fulfilled. Also called advance payment guarantee.

Supply Bond

A bond between a supplier and purchaser which guarantees the supplier will furnish supplies or materials as contracted. Should the supplier default, the surety will indemnify the purchaser of the supplies against any loss sustained as a result.

Customs Bonds Policy

Customs Excise and Preventive Service (CEPS) may require certain bonds from you in the course of your import and export business; we would provide you with any such bond whenever demanded

Maintenance Bond

These are often required after construction to guarantee the performance of contracts. The role of a maintenance bond is to protect against design defects and/or failures in workmanship, and to guarantee that facilities constructed under a permit will be regularly and adequately maintained throughout the maintenance period. Maintenance bonds are often for a limited amount of time, at which time the responsibility for facility upkeep must be transferred to either a private party or to the local government. Due to the limited time-frame of maintenance bonds, they are often not a solution to ensure long-term maintenance.

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ENQUIRIES

Priority Insurance Ltd.

PRIORITY HOUSE
Hse No: C502/1 Avenor Junction
Adjacent C.Woermann (Ghana) Ltd.
Kwame Nkrumah Circle to Carprice Road
PMB CT 395, Cantonments, Accra – Ghana.

CONTACT :
Head Office Branch.
0205719499 |  0553019060

E-MAIL: info@priorityinsuranceghana.net