PLURAL AGENCIES LTDINSURANCE BROKERS

FOR THE ASSOCIATION OF PROFESSIONAL ENGINEERS

OF SAINT LUCIA

PLURAL AGENCIES LTD

WHO WE ARE Established in 1988, we are an independent insurance broker, not an

agent of any insurance companyOUR FUNCTIONS OF A BROKER

We offer professional and impartial advice often advantageous for businesses, especially those that require a tailored

package with several types of business insurance They can save you time and often prove less expensive than negotiating

with insurers yourself As an independent broker, our first priority is the client, and not the

insurer Our services are free. We do not charge the client. The only fee received

is a commission from the insurer A good broker should inform you which aspects of different insurance

policies suit your business and which aspects are less relevant, and ultimately give you time and space to make the final decision yourself.

INSURANCE COMPANIES IN

SAINT LUCIA

SAGICOR LIFE INCSAGICOR GENERAL INSURANCE

M & C GENERAL

INSURANCE

BEACON INSURANCE

ISLAND HERITAGE

NEW INDIA ASSURANCE

GTM INSURANCE

NAGICO

ST. LUCIA INSURANCES

GULF INSURANCE

EASTERN CARIBBEAN INSURANCE

UNITED INSURANCES

EC GLOBAL INSURANCE

GUARDIAN GENERAL

PLURAL AGENCIES LTD

PLURAL AGENCIES LTDOVERSEAS AFFILIATES

PLURAL AGENCIES LTDCONTRACTORS ALL RISK POLICY

CONTRACT WORKSCovers physical loss or damage to the WorksContractor’s plant, machinery and equipment

owned or hired whilst on location of contractProfessional fees- Architects, Surveyors,

Consulting Engineers, Legal and other Professional fees

Debris Removal

PLURAL AGENCIES LTD

CATASTROPHE PERILS

Hurricane Cyclone Tornado Storm Tempest Windstorms Sea-waves or overflow of

the sea, or flood caused thereby

Earthquake or seaquake or tidal wave

Volcanic eruption

OTHER PERILS

FireAircraft and impact

damageBurglary and theftRiot and strike Labor disturbancesMalicious damageExplosion

PERILS COVERED

PLURAL AGENCIES LTDCLAUSES AND EXTENSIONS

Indemnity to Principal ClauseAutomatic ReinstatementAccidental Damage to UNDERGROUND Cables,

Water mains/ Pipes and Sewer LinesVibration, Removal or Weakening Support can be

covered with a thorough report of site and the surrounding property

Maintenance Cover – 6 months to 1 year(depends on type of contract)

Transit Risks- excludes sea or air transit, employees tools and effects and road vehicles

Off Site Cover – materials and goods stored offsite

• Deductibles for Catastrophe Perils (Earthquakes, Volcanic eruptions)

• Loss/ Damage due to faulty design• Consequential loss of any kind, that is, loss in trade/

revenue because of damage on site, delays in the contract which would increase the contractors expenditure

• Loss/ Damage to Plant/ Machinery/ Equipment due to explosion/ mechanical/ electrical breakdown

• War invasion, Nuclear Reaction, Nuclear Radiation, Terrorism

PLURAL AGENCIES LTDWhat is Not covered (Exclusions)

PLURAL AGENCIES LTDLIABILITY INSURANCES

PUBLIC LIABILITY INSURANCE This insures against accidental bodily injury or illness

to third parties as well as accidental loss of, or damage to property belonging to third parties, caused by an accident at the construction site.

The policy also indemnifies for legal costs and expenses recovered by a claimant from the insured

Consequential loss is covered once it is resulting directly from such injury or damage

N.B Damage to third party Property caused by vibration or subsidence from nearby buildings due to piling works-not a negligent act-a calculated risk-accidental

PLURAL AGENCIES LTD

LIABILITY INSURANCES

EMPLOYER’S LIABILITY INSURANCE injury to employees because of negligence on

the part of the employer, e.g. lack of safety equipment

PLURAL AGENCIES LTDLIABILITY INSURANCES

PROFESSIONAL INDEMNITY INSURANCE applies to professionals such as contractors,

engineers, architects and others Insured is indemnified against claims for breach

of professional duty made against him/her in the conduct of his business

These breaches can be due to any negligent act, error or omission

Offered on a claims made basis. Insurers who offer PI cover: United Insurance and

Lloyds Brokers Issues of Jurisdiction: St. Lucia and worldwide

except USA

PLURAL AGENCIES LTD

BONDSPerformance Bond- can be issued by

insurance companies or banksBid or Tender Bond-export contract-issued

by a bank or other financial institutionAdvance Payment Bond- monies advanced

will not be lost due to poor performance or default by the contractor

Retention Bond- type of performance bond withheld after completion to remedy defects

PLURAL AGENCIES LTD

M &C GENERAL

SAGICOR GENERAL

GUARDIAN GENERAL

NAGICO

THE BOND MARKET

EC GLOBAL

ST. LUCIA INSURANCE

PLURAL AGENCIES LTDCOST OF

INSURANCE?!Premium= Risk= Value of contract

works X Time on Risk X Expertise/ Perception of Contractor X Nature of the Contract X Claims Experience

 EX: 4 Projects in last year>11 million:

CAR+ EL=0.95& to 1.25% of Total Value of the Contract Works

PLURAL AGENCIES LTD