First Principal Financial possesses the key qualities of reputation, expertise and longevity. We look forward to continuing our relationship with you in the years ahead.
Corporate Insurance
1. Property Insurance
Covers both immovable (land and building) and movable (contents) against Fire / Lightning, Floods / Water and Theft.
2. Business Interruption Insurance
Business interruption is complementary to material damage insurance (e.g. fire insurance). This is also known as Consequential Loss Insurance.
I. It covers loss of profits arising from the inability to generate any business whilst the property is damaged.
II. Covers increased expenses arising from the business in having to contract out to your competitors, in order to meet contractual obligations.
3. Workmen's Compensation Insurance
Compulsory insurance that employers in Singapore are required to purchase,according to the Workmen Compensation Act. It provides compensation to workers or their dependents for specified occupational diseases, personal or dental injuries caused by accidents arising out of, and in the course of their employment.
4. Public Liability Insurance
Public liability insurance is designed to indemnify an insured (a business) in respect of claims from members of the public or companies that may suffer due to the insured company’s negligence or that of the employees. Cover is in respect to damages, as well as costs and expenses of litigation incurred in the event of a claim against the insured for injury or damage to property.
5. Product Liability Insurance
Designed to cover legal liability for bodily injury to and/or damage to property of any third party, resulting from the products manufactured, sold, supplied or distributed by an insured. It can be issued as an extension to the Public Liability Insurance or as a stand-alone policy.
The liability of the insured can arise from tort or from contract.
6. Professional Indemnity Insurance
Protect professionals (such as lawyers, doctors, engineers, accountants) against claims, which might be made against them. The policy covers these professionals against their liability to their principals or clients or their principal’s clients (third party), arising out of neglect, omission or error in the discharge of their professional duties. The Cover can be made for an individual, employee or for the firm.
7. Directors and Officers Liability Insurance (D&O)
Directors and Officers Liability Insurance is designed to indemnify the insured (corporation or insured person) for amounts that it/he becomes legally bound to pay for claims made against it/him for wrongful acts committed during the period of insurance.
The Policy indemnifies the individual Director/Officer against liability arising from any negligence, default, breach of duty or breach of trust (wrongful act) in relation to the company.
8. Errors & Omission Insurance
The Errors & Omission (E&O) Insurance policies cover persons with E&O liability exposure as opposed to professional liability exposure. E&O liability refers to vocations where performance, formal study and licensing standards are applicable but less rigorous, e.g. council members of management committees, of social clubs and condominiums, etc. It could also apply to other industries, namely, logistics, freight forwarders, etc.
It indemnifies the insured against their legal liability to pay for damages, claimant’s costs and expenses arising out of neglect, errors or omissions committed or alleged to have been committed.
9. Commercial General Liability Insurance
Covers a wide range of legal liabilities, both under Common Law and Contract. It includes:
- Bodily injury resulting in actual physical damage or loss
- Property damage or loss
- Personal injury (including libel and slander)
- Pollution liability
- Employees liability
- Product & Services liability
10. Marine Cargo Insurance
Goods are constantly being transported by sea, road, rail or air. They are exposed to hazards associated with transportation. Marine Cargo Insurance provides the insured with indemnity for loss of or damage to the goods during transit.
Marine Cargo Insurance includes cover for land transit commencing from the moment the goods leave the place of storage until they arrive at the final warehouse.
11. Marine Hull Insurance
Marine Hull Insurance covers the ship owner against the physical loss or damage to a vessel, i.e. the actual hull or the steel plates, as well as the engines and auxiliary machinery found onboard a vessel.
It also covers some of the liabilities to a third party that he, as a ship owner can incur resulting from the operation of the vessel, such as liabilities due to collision of vessels.
12. Marine Liabilities Insurance
I. Ship Repairer’s Liability Insurance
It covers vessels in the care, custody or control of the ship repairer for the purpose of being worked upon, against the risk of fire damage, explosion, contact damage, etc.
II. Charterer’s Liability Insurance
Designed to protect charterers of vessels against various legal and contractual liabilities that can arise from their obligations under a Charter Party.
13. Contractors All Risks Insurance (CAR)
A CAR Insurance Policy provides financial security for all parties involved in a construction project during the course of construction. It is a comprehensive policy that covers all loss or damage involved in the construction project.
The CAR policy includes Material Damage and Third Party Liability, Public Liability and Workman Compensation, sometimes Project Professional Indemnity Cover.
