CORPORATE PROFILE
Helping you Protect your Commercial Assists, Property Fleet, Equipment,
Employees and Conduct.
CONTENT CHAIRMAN’S WORD OUR VISION OUR MISSION MAIN CONSTRUCTION RISKS CONSTRUCTION ALL RISKS (CAR) INSURED MATERIAL DAMAGE RISKS FIRE AND EXPLOSION THEFT, MALICIOUS DAMAGE AND ACCIDENTAL DAMAGE STORM, WATER DAMAGE AND FLOOD DEFECTIVE DESIGN, WORKMANSHIP AND MATERIALS IMPACT OPERATION ADDITIONAL COVERS MARINE CARGO MARINE CARGO DELAY IN START UP OPERATION BUSINESS INTERRUPTION (BI) DELAY IN START-UP (DSU) PROFESSIONAL INDEMNITY (PI) TERRORISM ADDITIONAL COVERS FOR CONSIDERATION DIRECTORS AND OFFICERS POLITICAL RISKS INHERENT DEFECTS CONTRACTORS PLANT AND EQUIPMENT WORKMEN’S COMPENSATION EMPLOYER’S LIABILITY LIFE AND PERSONAL ACCIDENT MEDICAL INSURANCE MOTOR AVIATION/WATERCRAFT FIDELITY GUARANTEE MONEY BUSINESS TRAVEL EMPLOYEE BENEFITS BUSINESS CONTINUATIONS LOSS OF PROFITS
CHAIRMAN’S WORD At Unity Insurance Brokers, we pride ourselves on offering specialist expertise and personal relationship to our partners, using the knowledge, experience and insight acquired from years of service to develop client relationships which are based on the highest levels of dedication and support. We enjoy and strive for the success of our clients and we support that by extending our team’s determination, drive and energy to help them reach their goals. We offer a wide range of insurance products and services that caters for Corporate as well as Individual risk solution needs and we are always on the look out for the best in class coverages and benefits. We had a successful and rewarding year in 2017 helping our clients find the products that protects their reputation, employees and interest, On behalf of the team, we thank our partners and look forward to continue serving them and welcome new ones to our company, Thank you for your continued business, Sincerely,
-Abdulaziz Alkhoori, Chairman Unity Insurance Brokers
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OUR VISION Unity Insurance Brokers is committed to developing a culture that is distinctly different from our competitors. Our focus is to fulfill our clients’ needs and expectations. Our aim is to be one of the biggest insurance services providers due to our competitive edge when it comes to credibility and clarity of our products and services.
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OUR MISSION Our aim is to help individuals as well as businesses to find the most cost effective insurance policies which will help them tackle all risks that they may encounter from time to time.
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MAIN CONSTRUCTION RISKS These include damage to the works by usual insured perils as more fully described below. The risks discussed in this section are examples of the key areas of physical damage exposure that is covered under the Construction All Risks policy as part of the required insurances. These include damage to the works by usual insured perils as more fully • Loss or damage to the project assets. • The project incurring a legal liability to pay damages to third parties. • Delay in Start Up, following loss or damage to the project Assets. • Designer’s Errors and Omissions.
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CONSTRUCTION ALL RISKS (CAR) Provides ‘All Risks’ coverage for physical damage for all plant, equipment and materials for incorporation into the works and ongoing works until handover date or other dates as agreed. Sums insured must represent cost to replace all work as new. This will be extended to embrace any additional physical assets being acquired or for which the Limitless or contractors may be responsible and temporary buildings and contents.
Key features would include extended defects coverage, extended maintenance coverage, waiver of subrogation between named insureds, domestic transit and off site storage, coverage during testing and commissioning to name but a few.
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INSURED MATERIAL DAMAGE RISKS [Fire and Explosion]
Fire and explosion on construction sites, where hot work, incomplete structures and inactive fire protection systems are common and could cause significant damage and delay to the progress of the works. Such events are covered under the CAR insurance.
[Theft, Malicious Damage and Accidental Damage]
Loss of property relating to construction works and damage to works from these causes is insured.
[Storm, Water Damage and Flood]
For example from bad weather or bursting of pipes is insured.
[Defective Design, Workmanship and Materials]
Specific to Defects coverage (which forms an integral part of the CAR coverage) the ‘normal’ policy exclusion (citing Munich Re CAR policy wording) is: ‘The Insurers shall not be liable for loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection’. The extended defects exclusion wording reads as follows: The cost of replacement or rectification of; A) That part of the permanent works rendered necessary by its own defective design plan or specification. B) That part of the Insured Property rendered necessary by its own defective material or workmanship. But this insurance shall cover the cost of repairing or compensation to any damage to other parts of the insured property resulting from such defective design, plan, specification, material or workmanship.
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[Impact]
Loss, damage or delay due to impact (such as a vehicle colliding with a structure) is insured. Damage to Equipment in Transit. The insurance provides cover for equipment in transit only for locally procured materials but the extent of the exposure is to be reviewed further as the contracts develop.
[Operation] Operational Material Damage including Machinery Breakdown Can be tailored to provide all risks of physical loss or damage coverage for all material property (or part thereof), fixed or in transit whether owned, leased, hired, borrowed or in the care, custody or trust of the Insured.
[Additional Covers]
The following list is extra cover included in the policy. Note each of these additional aspects of cover have their own “inner limit”, whereby the insurers liability is capped to a level lower than the policy sum insured; • Debris Removal • Expediting Expenses • Plans and Documents • Cost of complying with Local Authorities requirements • Offsite Storage and Fabrication • Temporary Repairs • Free Issue Materials • Civil Defense / Fire Fighting Clause • Existing Structures/ Surrounding Property UNITY
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MARINE CARGO Provides physical coverage for all materials, equipment, machinery, spares, supplies and other items for incorporation to the Project. Cover will be all risks of physical loss or damage by any means of transport from anywhere in the world to the Site or vice versa (from warehouse to warehouse) including transit, transshipments and all inland transportation. Sum insured to be not less than the value of all plant, equipment and supplies, plus insurance and freight. Most materials for incorporation in this project are likely to be sourced locally and bought CIF (Cost, Insurance plus Freight) by the Contractor. The same applies to materials sourced internationally which shall be imported by vessel. Contractor need to notify Limitless of any marine shipments prior to shipment and confirm in writing that All Risk plus war cover has been purchased for CIF plus 10%.
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MARINE CARGO DELAY IN START UP Provides coverage for financial loss (loss or reduction in unitary charge) following a delay in start-up in commercial operation attributable to an insured incident within the Marine Cargo policy. If purchased the indemnity period reflects the time necessary to replace the item with the longest lead-time i.e. from ordering to delivery and unloading at site. Contractor have verbally confirmed that there are no critical items that could cause a delay to the project completion should damage be sustained. Contractor intends to import such items with adequate time contingency to mitigate potentials time delays in completion. It is recommended that Contractor agree with Limitless a timescale of imports satisfactory to all parties.
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OPERATION Operational Material Damage including Machinery Breakdown can be tailored to provide all risks of physical loss or damage coverage for all material property (or part thereof), fixed or in transit whether owned, leased, hired, borrowed or in the care, custody or trust of the Insured.
BUSINESS INTERRUPTION (BI) Provides coverage for loss or reduction of revenue arising from an insured loss under the Operational Material Damage/Machinery Breakdown policy. The indemnity period to be determined once the potential severity of a property loss and related time to rectify have been assessed. N.B. cover will extend to include Increased Cost of Working (reasonable expenditure incurred to mitigate the potential Business Interruption Loss).
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DELAY IN START-UP (DSU) Provides coverage for loss or reduction of capacity payments or revenues following a delay in start-up in commercial operation attributable to an insured incident within the Construction All Risks policy. For best protection, the Sum insured should include principal repayment, all interest payments, profit and all ongoing fixed expenses. The indemnity period should reflect the time necessary to replace item(s) with the longest lead time(s) i.e. from ordering, to delivery, to installation and successful testing and commissioning. Settlement will be less any contractual Liquidated Damages that may become due from the contractor.
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PROFESSIONAL INDEMNITY (PI) PI is a legal liability coverage protecting professionals engaged in providing advice, design or specification for a fee. Should a third party allege neglect, error or omission on the part of the professional the coverage will provide indemnity for defense costs and resulting awards.
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TERRORISM Following the tragic events of September 11 2001, underwriters excluded terrorism cover from all property and liability policies worldwide. This therefore created a specialist market to underwrite this cover separately. Should this be required, the separate policy will be written with a first loss limit applicable in aggregate in respect of CAR and DSU commensurate to estimated maximum loss. The Terrorism market is very loss sensitive and the availability and pricing of coverage will be dependent on the security situation at the time of marketing.
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ADDITIONAL COVERS FOR CONSIDERATION The following section provides some brief details about other types of insurance products that may be applicable to a company. [Directors and Officers] Provides protection to Directors and officers who may be found personally liable where liability for damages and legal costs and expenses arise in the event of breach of duty. [Political Risks] Covers are structured to protect against risks associated with the project operations within a foreign government and economy. Risks can include: • Inconvertibility of local currency for Principal, interest, earnings and dividends • Frustration of government contracts • Inability to import/export plant and equipment • Expropriation • Political violence Lenders or equity partners may opt to arrange coverage. [Inherent Defects] Provides first party property coverage in respect of latent defects within civil works that do not manifest themselves pre-handover of works by contractor and are only discovered subsequent to hand over. Coverage for up to a 10 year period. [Contractors Plant and Equipment] Provides ‘all-risks’ property coverage in respect of contractor’s plant and equipment. Sum insured to represent the cost to replace as new. Can be included within the CAR coverage which would allow DSU cover to also become applicable. However this would normally be procured and maintained by the contractor.
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[Workmen’s Compensation]
Provides coverage in respect of Labor Law benefits which may become payable to an employee following a work related accident.
[Employer’s Liability]
Provides coverage in respect of any legal awards which are made against an Employer following a work related accident in which an employee sues the employer successfully proving contributory employer negligence.
[Life and Personal Accident]
Provides defined Life and Personal Accident & Sickness benefits to employees on a 24 hour basis.
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[Medical Insurance]
Provides coverage for medical expenses which employees (and their dependents if so required) incur on a 24 hour basis and includes work related injuries in the Emirate of Abu Dhabi. Decree 23 of 2005 demands that an employee his spouse and up to three children under the age of 18 must be covered.
[Motor]
Provides both statutory third party legal liability and own vehicle damage cover. Can be extended to include passenger liability and / or personal accident.
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[Aviation/Watercraft]
Provides both third party liability and own craft/vessel damage.
[Fidelity Guarantee]
Provides coverage against employee dishonesty which results in misappropriation of funds or assets.
[Money]
Provides coverage for physical loss or damage of cash or other transferable financial documents.
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[Business Travel]
Provides various coverage including loss of baggage, cancellation and personal liability in respect of employees traveling abroad on business.
[Employee Benefits]
Pension / provident funds, deferred compensation, Employee Share Option Schemes, Key man insurance
[Business Continuations ]
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Tel: +971 2 222 2205 Fax: +971 2 222 2206 P.O. Box: 75032 Abu Dhabi - United Arab Emirates