SCOPE OF SERVICES

Below is a brief description of some of the classes of insurance offered by International Insurance Company (SL) Limited:

1) FIRE/SPECIAL PERILS INSURANCE POLICY

This policy provides cover against loss of or damage to property occasioned by accidental fire or lightning. Such property may be a building or its contents.

A fire policy these days is usually extended to include cover against such special perils as: Flood, Storm, Riot and Civil Commotion, Strikes, Malicious damage, earthquake, bursting or overflowing of water tanks, bush burning, impact damage etc.

There are two variations of fire policies: One covers business premises while the other covers residential buildings.

Thus we recommend the two variations. The business premises policy will cover your office and its contents including your property at work sites located any where in Sierra Leone.

The policy for residential building will cover the Principal's and other senior academic staff living in official residential quarters including the contents of the building.

THE FIRE AND SPECIAL PERILS (RESIDENTIAL BUILDING) POLICY
which covers the dwelling homes and contents will be worded to cover up to 15% of the sum insured above the value of the property insured. The policy usually includes property belonging to domestic servants and members of the insured's own family permanently residing with him and buildings of detached domestic out building, walls, gates and fences.

However, a COMPREHENSIVE HOUSEHOLD POLICY can be best suited for this cover since it covers both buildings and contents against not just fire, but also burglary/theft, all risks, liability to third parties and compensation for death.

The policy will also contain most of the Clauses of the Fire (Business Premises) policy.

2) BURGLARY AND HOUSE BREAKING POLICY (BUSINESS PREMISES)

The risk covered here is against loss of or damage to the insured property by burglary or housebreaking. The act must be by forcible entry or exit from the premises for it to be covered. However the policy can be extended to cover larceny i.e. pilfering without forcible entry or exit.

The interest covered will include your books and journals, office furniture, fittings and utensils, computers, printers, stationery and other contents, property of the insured and/or insured staff or held by them in trust or on commission for which they are responsible.

3) BURGLARY AND HOUSE BREAKING POLICY (PRIVATE PREMISES)

A Burglary and House Breaking Policy (Private Premises) covers the private dwelling premises of the executives of the organization, particularly, those living in furnished accommodations. Like the business premises policy, the risk covered is against loss of or damage to the insured property by burglary or housebreaking which must be by forcible entry or exit from the premises.

4) CONSEQUENTIAL LOSS (LOSS OF PROFIT) POLICY

Apart from the direct loss of physical property such as building and/or machinery during fire, there is also the risk of other indirect losses that often occur. Such losses are:- loss of profit and other fixed charges like prepaid rent, cost of finding new accommodation, auditors fees and salaries of employees that have to be paid during the period of complete or partial inactivity.

These indirect losses that occur as a result of the company's inability to use the services of the damaged property are the subject of loss of profit or consequential loss insurance. Any fire policy without a consequential loss policy is incomplete. Thus the policy promises to compensate the insured when such losses occur. Such losses include loss of rent, cost of acquiring a temporary place of business, salaries paid etc.
To quote for the premium, we shall request the following information:

(a) Sum Insured: That is your estimate of the total amount you are likely to loose during the period of inactivity or partial completion resulting from the indirect losses (including loss of profit, loss of rent, cost of finding new accommodation, audit fees and salaries).

(b) Indemnity Period: This represents your expected period of inactivity or partial activity for which you expect the policy to cover. It can also be described as the expected period it should take for the material damage caused by fire or break-down of machinery to be repaired or reinstated before the business resumes normal operations. Such periods could be 6 months, 9 months, 12 months, 18 months, 24 months as the case may be. We recommend 12 months indemnity period.

5) PRIVATE MOTOR INSURANCE POLICY

A private motor insurance policy promises to compensate the insured against loss of or damage to the vehicle arising from accident, theft or fire. The cover also includes damage to third party property and death or bodily injury to third party.

There are four different types of private motor insurance covers namely: Comprehensive, third party, fire and theft, third party only and act policies.

We however recommend comprehensive cover because it has the widest scope except where perhaps the vehicle's value is not very significant to you, may be due to its age.

Where you have a fleet of vehicles, we advise that you put all your vehicles under one policy. In that way, you will pay reduced premium because of the fleet discount of 10% of the premium due on each vehicle in addition to the applicable No Claim Discount (NCD). The NCD allowed ranges from 20% to 60% of the premium depending on the number of years of accident free driving.

We are pleased to inform you some of the added benefits you will derive when you insure your motor vehicles with International Insurance Company (SL) Limited. These benefits include:

(a) We assure you that all your claims will be settled without delay.

(b) You will enjoy a reduced premium because we offer discounts depending on the number of vehicles on the fleet:

(c) While other companies will offer a limit of Le600,000.00 without extra premium for a damage to third party property, our limit is Le1,000,000. Thus we offer additional benefit of Le40,000.00 above what other companies will pay on each vehicle.

(d) Your existing No Claim Discount from the previous policy shall be transferred to the new one. This means that you will not loose your No Claims Discount because you changed insurance company.

(e) We are known for prompt response to every complaint and quick service delivery to all our clients.

When given the opportunity, we shall put all your vehicles under one policy. In that way, you will pay reduced premium because of the fleet discount of 10% of the premium due on each vehicle in addition to the applicable No Claim Discount (NCD). The NCD allowed ranges from 20% to 60% of the premium depending on the number of years of accident free driving.

6) COMMERCIAL VEHICLE POLICY
Your institution's vehicles used to carry own goods and your staff buses come under separate policies as commercial vehicles. Also covered under this are vehicles used for fare-paying passenger and carriage of goods for hire.
7) MACHINERY BREAK-DOWN INSURANCE POLICY
The machines and equipment used by your institution in workshops and laboratories can suffer damages whether at work, rest or dismantled for the purpose of servicing or inspection. Also a third party could suffer bodily injury, death or damage to property resulting from the use of the named machinery. These risks are the subject of machinery breakdown insurance policy and it is therefore recommended.
8) BONDS
Sometimes it is necessary to require your contractors to provide a guarantee that they will be able to perform the kind of contract awarded to them. Such guarantees are better given by insurance Companies by way of Performance Bonds.
Also your principals who mobilize you for research or consultancy jobs awarded to you by advancing you some money often require you to provide a guarantee that their money will be used for the purpose they are advanced. Here again you will need an Advance Payment Bond from an insurance company
Our responsibility will be to grant you such bonds at the most competitive rate. Thus providing you with the required guarantee.
9) PUBLIC LIABILITY INSURANCE POLICY
A public liability insurance policy protects the insured against his legal liability to third parties for bodily injury including death, illness or disease and for any loss of or damage to property, which happens in connection with the business of insured under the policy and occurs during the period of the policy.
Such legal liability refers to all forms of liability like negligence, nuisance, trespass, strict liability, liability under statute or contract and vicarious liability.
10) WORKMEN'S COMPENSATION POLICY
This policy is also referred to as Employer's Liability Insurance Policy. The Injuries Compensation Act provides that employer is liable for death or bodily injury sustained by an employee in the course of the latter's employment. This liability is the subject of this policy.
The policy will cover all categories of your employees i.e. Administrative and non- administrative Staff but temporary workers are not covered.
11) CONTRACTORS ALL RISK INSURANCE POLICY
This policy provides against loss of or damage to both temporary and permanent work while in the course of construction until the work is handed over by the contractor of the employer. The policy is an all risk cover subject to certain exceptions.
The cover includes among other things:

a) unfixed materials or equipment on site for incorporation into the work.
b) all items of constructional plant, equipment, tools and the like whether mechanically operated or not.
c) temporary buildings on site used as site offices, accommodation, workers camp, store, workshops and their contents.
d) employees' personal tools and effects can be included by means of a separate sum insured.

This cover can also be extended to include:
(i) Architect's and other professional fees
(ii) Removal of debris clause
(iii) Excess clause
(iv) Maintenance period

12) FIDELITY GUARANTY INSURANCE

Fraudulent or dishonest acts of your employees giving rise to loss of money or stock are covered under this policy. The guarantee is for specified employees who are in charge of money or materials. It is often advisable to specify their designation or positions rather than names to avoid having to write the insurers each time any of such employees leaves the employment. The act must be committed during the period of guarantee and during uninterrupted service of such employee and discovered.
i) during the period of guarantee or
ii) within six months of the lapsing of the policy but not later than six months after the termination of employment.

13) MONEY INSURANCE POLICY

In the course of your business, your organization will need to carry money either from the bank to your premises or keep large sums of cash in the safe for the purpose of paying salaries or contractors. During such times, the money could be stolen by robbers.

Therefore, a money insurance policy provides compensation to the insured in the event of money being stolen while it is being carried to or from the bank or kept in the business premises. The policy is often extended to cover loss or damage resulting from riots, strike, civil commotion and hold up.

14) MARINE CARGO INSURANCE POLICY

The Insurance Act 2000 of Sierra Leone provides that all imports into Sierra Leone must be insured by an insurance company located here in Sierra Leone. It is customary that business organization will need to import goods such as goods for sale, equipment, spare parts and other materials for the purpose of the business. You may also need to export your products to other countries.

In addition to the requirements of the law, the implication of such activities is that these imports or exports are exposed to perils of the sea such as fire, theft, collision and a lot of others.

Consequently, a marine cargo insurance policy provides compensation to the insured in the event of loss or damage to the insured cargo occasioned by any of the sea perils.

15) PLANT ALL RISKS INSURANCE POLICY
A plant all risks insurance policy will cover such plants as lifts/elevators, and other engineering plants like, electrical/electronic equipment, engines and even computers against loss or damage resulting from any cause whatsoever except the causes specifically excluded by the policy. As the name implies, it is an all risk policy.
Therefore, the policy provides compensation to the insured in the event of the plant insured being damaged by some extraneous cause or its own breakdown. The summary of circumstances for such compensations is as follows:
(a) damage to or breakdown of specific items of plant and machinery;
(b) an inspection service of those items;
(c) cost of repair of own surrounding property due to (a);
(d) legal liability for injury caused by (a);
(e) legal liability for damage to property of others caused by (a).
To enable us advice on the premium, we need such information as the value of each plant, and details of the proposed plants including their locations.

16) HOUSEHOLDERS COMPREHENSIVE INSURANCE POLICY

A Householders Comprehensive Insurance Policy will cover both buildings and contents of your quarters or furnished accommodations for the top management staff of the Authority against fire, burglary/theft, all risks, liability to third parties and compensation for death, hence the term comprehensive household policy.

The ordinary Fire and Special Perils (Residential Building) Policy, covers the dwelling homes of company executives in furnished homes with their contents, which also is often worded to cover up to 15% of the sum insured above the value of the property insured. The policy usually includes property belonging to domestic servants and members of the insured's own family permanently residing with him and buildings of detached domestic out building, walls, gates and fences.

On the other hand a Burglary and House Breaking Policy (Private Premises) covers the private dwelling premises of the executives of the organization, particularly, those living in furnished accommodations. Like the business premises policy, the risk covered is against loss of or damage to the insured property by burglary or housebreaking which must be by forcible entry or exit from the premises.

But the Householders Comprehensive Insurance Policy incorporates the covers of both the fire (residential building) and burglary (residential building) in one policy in addition to such additional covers as all risks, liability to third parties and compensation for death. We therefore strongly recommend this policy for all your executives who live in the Authority's furnished accommodations.

To enable us quote for the applicable premium, we would need the following information:
(a) Estimate of the value of each house (if they are the Authority's property)
(b) Estimate of the value of the household goods in each house
(c) Address of each house
(d) The name of the occupier
(e) History of past break-ins and/or fire incidents at each location.

17) GROUP PERSONAL ACCIDENT INSURANCE POLICY

A personal accident insurance policy provides for payment of certain specified sums to the insured persons or next of kin in the event of visible and external accident causing bodily injury or death. The cover can be extended to include bodily injury or death resulting from riot and strike.

But when individuals who are by reason of employment (for example employees of National Power Authority) desire to have a personal accident insurance, such individuals are insured collectively as a group under one policy. In this circumstance, the policy is taken in the name of the employer, that is, National Power Authority. Hence, it is called Group Personal Accident Insurance Policy.

However, the individual members will be named in the policy and their individual benefits under the policy shown against their names respectively.

Group Personal Accident Insurance Policy covers all categories of employees (technical and non-technical Staff) for 24 hours against bodily injury or death unlike the workmen's compensation, which is limited to 'in the course of work'. The benefits are based on fixed sums as determined by the employer or on remuneration (e.g. annual salary, 2 x annual or 3 x annual salary).

These benefits are categorized into four namely: Death, Permanent Disablement, Temporary Total Disablement and Medical Expenses.

In addition to transferring the burden of the responsibility of paying these benefits to insurance, another advantage of a group personal accident insurance policy to the employer is that it forms part of a welfare scheme for employees. This helps the employer retain key existing staff and attract quality staff to the organization.

As soon as we receive your current stall list, we will compute for your consideration the benefits and the applicable premiums on the following basis:
(a) Annual Salary
(b) 2 x Annual Salary
(c) 3 x Annual Salary

18) COMPUTER ALL RISKS

Computer and their accessories used by the Bank in the course their operations might suffer damages whether at work, rest or dismantled for the, purpose of servicing. Also the policy provides for the cost of replacement of lost data or damaged soft wares. These risks are the subject of computer All Risk Insurance Policy.

19) MEDICAL AND HEALTH INSURANCE POLICY

INTRODUCTION

The cost of receiving medical treatment in Sierra Leone is becoming increasingly expensive. As a result, employers are seeing themselves being called upon to increase their medical expense budgets from time to time in order to ensure their workers' good health. The effect is that it increases the business expenses of these employers thereby reducing their profitability.

Secondly, rather than focus on their primary duties, many employers spend a great deal of their productive time sorting out medical bills with health care providers such as doctors and hospitals; and in handling medical related issues with their employees which adversely affect their productivity.

For sole traders, partners and individuals, increasing cost of medical care means having to forgo medical attention because they can no longer afford it which has led to many unnecessary deaths in Sierra Leone.

For these and more reasons, INTERNATIONAL INSURANCE COMPANY (SL) LIMITED have introduced Medical and Health Insurance Policy (Scheme) that will enable the subscriptions (premiums) of many to be used to take care of the medical needs of the few that need them, thereby making medical care affordable to all.

SCOPE OF COVER

The Medical Insurance Scheme offers to settle/reimburse all medical expense bills incurred by employers on behalf of their employees or by individuals resulting from medical attention necessitated by sickness or accident and carried out in a hospital or health institution in accordance with the conditions of the scheme and benefits. Such medical expenses could take any of the following forms:

1. Medical consultations and treatment for out-patients.
2. Diagnostic laboratory tests including X-ray and radiological investigations.
3. Hospitalization (in-patient) including medical treatment, minor and major surgical treatment and hospital accommodation.
4. Prescribed medicines and drugs.
5. Maternity (antenatal and delivery)
6. Dental Care
7. Optical Care
8. Ambulance Services
9. Overseas Evacuation Cover
10. Overseas Transportation
11. Return of mortal remains.

BENEFIT LIMITS

The following annual limits per person (member) apply in respect of the benefits covered:

Benefits Annual Limits

1. Local Cover - Le5,000,000
(a) Out-patient - 90% Refund
(b) In-patient (hospitalization) - 100% Refund
(c) Local Ambulance Services - Le500,000

2. Overseas Evacuation Cover - US$50,000
(world wide excluding USA and Canada)
(a) Transportation - US$ 5,000
(b) Medical and Surgical Treatment - US$30,000
(c) Therapeutic Treatment - US$10,000
(d) Return of mortal remains - US$ 5,000
Please note that the Overseas Evacuation Cover is optional.

3. Maternity (antenatal and delivery) - Le1,500,000

4. Dental Care - Le1,500,000

5. Optical - Le1,500,000

CONTRIBUTIONS

Although International Insurance Company (SL) Limited will settle/reimburse the medical expenses bills, the employer (sponsor) will make the following contributions:

1. Out-patient - 10%
2. Maternity - 10%
3. Dental - 10%
4. Optical - 10%

ADMINISTRATION

To participate in this scheme an employer (sponsor) is expected to have a minimum of five (5) employees with an age limit of 60 years. For the dependant relatives, the age limit is 18 years. Also, an individual can take up the policy with the option of covering his family.

A membership card with passport photograph shall be issued to each member including dependant relatives. The member presents the card to any of the designated health care providers for identification while consulting for treatment, diagnosis or purchase of drugs as the case may be.
The designated or appointed health care provider submits medical bills to the Company on monthly basis for settlement. The Company settles 100% of the bills but debits the sponsor for the contribution on out-patient and consultation

EXCLUSIONS

The following treatments are exclusions under the scheme:

· Home nursing, convalescent and rest home treatment.
· Cosmetic Treatment, organ transplant, infertility treatment and hormone replacement therapy
· Routine medical examination or check ups and dietary supplement.
· Routine dental not involving oral surgery
· Sexually transmitted diseases, HIV/AIDS or its consequences
· Injuries from war, Riots, revolution, act of foreign enemy, mutiny, terrorism and nuclear contaminations.
· Alcoholism, drug addiction, attempted suicide or any other self inflicted condition.
· Occupational diseases
· Injuries from dangerous and/or professional sporting activities
· Appliances such as hearing aids or wheel chair
· Circumcision