Business insurance that indemnifies your machinery against accidental loss or damages. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risk, especially if the risk is too large for the primary insurer to carry.
For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property.
Not only will it cover your business against loss or damage to your equipment or working premises in the event of a fire, flood or other unforeseen circumstance (in a similar manner to home insurance policies), but certain types of business insurance will also cover the cost of any compensation awarded to a third party as the result of your business activity.
In accordance with legal requirements applicable in the InterRent rental countries, all InterRent vehicles are covered against third party liability risks through insurance programmes purchased by InterRent from best in class” insurers, which cover bodily injuries and property damage that InterRent vehicles drivers may cause to a third party as a result of an accident involving the rental vehicle.
(3) Notwithstanding anything in subsections (1) and (2), if the Authority is satisfied that any part of an insurer's business which belongs to a particular class or type of insurance business ought in the insurer's case to be treated as belonging to another class or type, the Authority may direct that it shall be so treated for the purposes of this Act.Details