Business Insurance

Loss of future earnings and increased expenses following delayed completion of a project caused by damage. This cover also referred to as Delay in Start-up Insurance Delayed Earnings Insurance, Delayed Opening of Business etc compensates for Loss of Rent, Standing Charges, CAR/EAR Loss of Profits. It provides indemnity against loss of gross profit/income resulting from a delay in completion of the construction and/or erection works following an event covered under the CAR or EAR policy

• Executor bonds: security to practicing attorneys appointed as executors of deceased estates. • Trustee bonds: Bonds that meet the requirements of the Master of the High Court for trustees appointed in settlement of matters including but not limited to trusts set up in the administration of Road Accident Fund and medical negligence payment proceeds • Curator bonds: Solutions in response to surety bond required by the court to guarantee the estate's assets will not be misused, stolen or wastedbonds relating to incapacitated persons' estates, as well as curator bonds linked to Asset Forfeiture Unit applications brought in terms of the Prevention of Organised Crime Act • Liquidation bonds: Provides guarantees that the liquidator or trustee will provide proper administration and accounting for all funds and property of the company or estate under their administration

Loss of income and increased expenses due to damage to fixed assets. Provides for replacement of business income lost as a result of business interruption event. Standard business interruption insurance does not reimburse policy holders if the business is closed due to a pandemic. The policy would cover Consequential Loss of Profits, Gross Profit, Annual Gross Profit, Annual Income, Gross Income, annual rental, gross rental, annual fees, gross fees, increase in cost of working depending on nature of business operations. The correct advice is important to ensure the following items are adequately covered:- • Profits and Income: Based on prior months' performance, a policy will provide reimbursement for income/profits that would have been earned had the event not occurred. • Fixed costs: These can include operating expenses and other incurred costs of doing business. • Temporary location: Some policies cover the costs involved with moving to and operating from a temporary business location. • Commission and training cost: In the wake of a business interruption event, a company will often need to replace machinery and retrain personnel on how to use the new machinery. Business interruption insurance may cover these costs. • Extra expenses: Business interruption insurance will provide reimbursement for reasonable expenses (beyond the fixed costs) that allow the business to continue operating while the business gets back on solid footing. • Wages and Salaries: Coverage of wages is essential if a business does not want to lose employees while shutting down. This coverage can help a business owner make payroll when they cannot operate. • Taxes: Businesses are still required to pay taxes, even when disaster hits. Tax coverage will ensure a business can pay taxes on time and avoid penalties. • Loan payments: Loan payments are often due monthly. Business Interruption coverage can help a business make those payments even when they are not generating income. While the intention of Business Insurance covers is to replaces income lost in the event that business is halted due to direct physical loss or damage to assets, premises, stock, equipment, plant etc there is scope to cover certain defined work stoppages with no requirement for proof of actual physical damage. These may include scenarios where a nearby business sustains direct physical loss or damage and an authority like the government closes all businesses as a result. This Contingent business interruption insurance and contingent extra expense coverage is an extension to other insurance that reimburses lost profits and extra expenses resulting from an interruption of business at the premises of a customer or supplier. The contingent property may be specifically named, or the coverage may blanket all customers and suppliers. This cover is critical in any of the following scenarios • When the insured depends on public supply services and utilities to continue operating • When the business depends for customer access through shared access route • When the insured depends on a single supplier or a few suppliers for materials. • When the insured depends on one or a few manufacturers or suppliers for most of its merchandise. • When the insured depends on one or a few recipient businesses to purchase the bulk of the insured’s products. • When the insured counts on a neighboring business to help attract customers, known as a leader property.

Cover for loss of income and additional expenses incurred due to occurrences such as adverse weather conditions or non-appearance of performers for many reasons, including death or illness.

Loss of income and increased expenses following mechanical and electronic breakdown of computer equipment.

This provides protection for insured debts following insolvency of a debtor and can be tailored to cover any single or group of specific debtors or a blanket cover over all debtors.

Losses due to the dishonesty of employees.

Trade guarantees typically include: • Customs guarantees: Covers businesses involved in import, export, manufacturing, sales or distribution of goods. These bonds guarantee that either taxes or duties or both will be paid by the principal when invoiced by the government. These bonds also ensure that companies comply with all legal and tax acts and requirements related to their business. • Fuel guarantees (commercial): overs a bulk fuel supplier against non-payment by a fuel purchaser. Purchasers can be commercial (distributors, wholesalers, fuel station owners) or retail (airlines, mines, construction and engineering companies, or logistics companies). It serves to ease the financial burden on bulk fuel purchasers to pay for fuel upfront or incur interest expenses by acquiring funding in the banking sector to purchase fuel. • Transnet guarantees • Airline guarantees Construction guarantees Provide security for the payment of compensation in the event of default or non-performance by the contractor. The key purpose of a construction guarantee is to protect the client from increased buildings costs due to the contractor’s failure to do his duties according to the terms of the construction contract. • Performance Guarantees provides a guarantee that Contractors will adhere to the terms of their Contract, such as completing the project on time and within budget. • Bid bonds Covers the employer during the bidding process, and guarantees that the bidder abides by the conditions of the tender.. • Advance Payment Guarantee protects Subcontractors from liquidity challenges impacting the Contractors who allocate all their funds to honouring their building Contract, while failing to pay their Subcontractors and suppliers for services and materials they provide to you for the duration of the project. • Retention Bond is a guarantee to replace the retention fund (usually held by the Employer) which is used to fix defects during the final completion of a Contract. This guarantee lets the Contactor free up retention funds whilst giving the Employer security to pay for defects should the Contractor not complete the project properly. • Off-site materials guarantee: Useful in those cases where the client may be required to pay for items that are yet to be delivered on site. For example, the client can release a large sum of money to the contractor for payment of equipment or materials that are still at the manufacturer’s premises. • Under these circumstances, the client will require an off-site materials bond to secure the payment against default by the contractor. The bond is often up to the value of the off-site items and it keeps reducing as deliveries to the site are made.

Legal expenses incurred to defend patent, trademark, copyright etc.

Loss of income and expenses following breakdown of key plant and equipment. covers the financial consequences of a machinery breakdown. The cover caters for the actual loss of gross profit sustained due to a loss covered under an Machinery Breakdown policy, and also insures costs incurred in reducing the amount of a claim

Loss of income and increased expenses following marine transit material damage claims.

Loss or damage to cash, cheques, negotiable instruments