Electronic Equipment Insurance (EEI)
Accident insurance on an all risk basis for electronic equipment, such as:
1. electronic data processing (EDP) and office equipment ;
2. medical equipment such as electrocardiograph (ECG), X-ray and other radiation equipment in hospitals and medical laboratories, etc;
3. communication facilities such as telephone exchanges, radio television and communication apparatus, etc;
4. broadcasting, TV/sound/picture studio equipment such as film projection equipment, electro-acoustical systems, etc;
5. graphics industry equipment;
6. alarm, test and measuring and automation equipment; and,
7. other equipment like flight/navigation simulators, external cables, and supply equipment.
Embezzlement
Fraudulent appropriation of property by a person to whom it has been entrusted.
Engineering Insurance
Provides comprehensive protection against loss or damage to contract works, erection works, construction plant and equipment and/or construction machinery; breakdown of electronic equipment and machinery; as well as third party claims (property damage or bodily injury) arising in connection with the execution of a construction or erection work or explosion of boilers and pressure vessels.
Fidelity Bond
Guarantees the honesty of an individual (usually employee), and assume the payment of any loss an employer may suffer due to the dishonesty of the bonded individual.
Fidelity Guarantee Insurance
Indemnifies the named insured/employer against any direct financial loss caused by acts of fraud/infidelity committed by a guaranteed employee, during the period of indemnity while acting in the capacity declared in the policy.
Fraud/infidelity is usually established by: (1) a manifest act on the part of the guaranteed employee to defraud the insured employer; and (2) unlawful financial gain on the part of the guaranteed employee.
Fire Insurance
Protects against the destruction or damage of property caused by fire (loss caused by heat, smoke, falling walls and the like; firefighters' efforts to extinguish the fire; unavoidable exposure; and mishandling or pilferage of property), lightning or allied perils, customarily included by way of extensions or under separate policies.
General Agent
Any person who, for compensation, solicits or obtains insurance on behalf of any insurance company; or transits for a person other than himself an application for a policy or contract of insurance to or from such company; or offers or assumes to act in the negotiation of such insurance; and empowered by such company to do such other acts and things for and on its behalf in the general agency agreement executed by and between them.
General Average and Salvage
General average is a system of making good maritime losses voluntarily incurred for the safety of the common adventure.
General average sacrifices and expenses are borne by all the interests (e.g. the vessel, cargo, etc) that are benefited by such sacrifices and expenses.
A salvage charge is the remuneration paid or payable to a person who, acting as a third party (not the owners or their agents), renders a successful service in preserving the vessel from a covered peril. This insurance covers the insured vessel's proportion of salvage charges and general average (which is reduced in respect of any under-insurance), provided that the loss/expense was incurred in connection with the avoidance of a peril insured against under the policy.
Group Insurance
An arrangement whereby a group of persons is covered by a single contract with an insurer; a plan for insuring groups of persons without individual risk selection.
Hazard
Condition that tends to create or increase the chance of loss from a given peril. To show the difference between peril and hazard: A building may be subject to the peril of fire. The practice of storing inflammable materials (e.g., gasoline) in the building is the hazard.
