Every business is unique, has precise needs, and faces specific risks. At Cayman First, we understand how vital it is that your insurance is intelligent enough to meet those precise needs, that’s why we offer combined policies, tailored to you and your business – or, you can also select individual packages for critical individual risks.
Typical office occupations would include accountants, legal firms, engineers, architects, real estate brokers, insurance organizations and many others.
Our policy includes:
A solution that allows businesses to tailor their coverage needs. Suitable for a wide range of retailers, wholesalers, manufacturers, distributors, hospitals, hotels, restaurants, educational establishments etc.
Must choose ‘Fire & Perils’ or
‘Property – All Risks’, plus at least 2 others from:’
Covers loss of, or damage to, property (contents, stock, furniture, equipment, fittings etc) by theft following upon, or followed by, forcible and violent entry to, or exit from, the premises within which they are contained.
Commercial motor policies are very similar to our private motor policies. There are 2 types of policies available:
Covers all risks of physical loss of, or damage to, computers and consequential loss including costs of re-creating data and increased cost of working.
This policy can be bought on per project basis or annually (to cover various job sites). It is an “All Risks” based insurance policy that usually covers 2 sections:
Sometimes also known as “Business Interruption” or “Loss of Profits”. A property insurance policy covers the property when it suffers damage, i.e. a material damage, loss, but the business may also suffer a “trading loss” due to the business being interrupted and so may not be able to operate on the same scale as before, if at all, for a period of time. This is where you need Consequential Loss insurance to cover your inability to meet any continuing expenses (salaries, rent, interest etc) and/or reduction in net profit and/or extra expenditure that is incurred (hire of temporary premises, overtime payments, purchase of goods from competitors etc).
Sometimes also known as “D & O” insurance for short. Directors and Officers of a corporation can be personally sued by shareholders, creditors, suppliers, customers, competitors, regulators or even the corporation itself for damage caused by them through wrongful acts (meaning: omissions, errors, misstatements, neglect or breach of duty) in their function as D’s & O’s.
A D&O policy protects against these legal claims for wrongful acts committed by corporate D&Os in performing their corporate duties – it is meant to protect their personal assets if they become legally obliged to pay for a wrongful act committed by them.
Covers loss of money or other property belonging to you or for which you are legally responsible as the direct result of any act of fraud or dishonesty committed by any employee described in the policy schedule.
Covers loss of, or damage to, goods which you are responsible for whilst they are in transit from one place to another either by road, sea or air. Very often there will be contract conditions which determine who is responsible for the insurance and when it is to apply.
This covers:
Provides protection against the consequences of liability to pay damages to third parties in respect of negligent breaches of professional duty that is committed in the course of practising the profession. Can cover individuals or firms.
Professional negligence means failure to exercise reasonable skill or care and may arise:
Most important professions are Architects & Engineers, Lawyers, Accountants. Other professions usually classed as “miscellaneous” other than those involved in healthcare where this type of insurance is known as Medical Malpractice insurance.
This is a wider version of Property – Fire & Perils insurance that covers loss or damage arising from any fortuitous cause except those that are specifically excluded. Because of this, it is more expensive.
Sometimes also called Fire & Special Perils or Fire & Allied Perils. This covers property (buildings, stock, contents, fixtures & fittings, machinery etc) belonging to you or for which you are responsible for against loss or damage from a specified list of “perils”. The Cayman FIRST policy covers:
Covers your legal liability for damage to third party property and/or injury to third parties such as visitors (non-employees) at your place of business. Claims examples include a client suing after he slips and falls while touring your factory or a bystander injured by falling debris during renovations. Can be extended in certain circumstances to cover Products Liability – your legal liability for claims arising out of goods sold or supplied locally.
Covers both Workers’ Compensation benefits as per Cayman law and can also include Employers’ Liability as an optional extension. Workers Compensation is a no-fault benefit which means that if an employee is injured on the job, benefits are payable regardless of fault as per the standard scale of benefits for death, permanent and temporary/partial disablement. Whereas Employers Liability covers liability arising out of employees’ work-related injuries that aren’t covered by Workers Compensation and more specifically the legal liability aspect i.e. lawsuits. When these claims happen, Employer’s Liability Insurance can cover your businesses legal defense fees, settlements, damages or judgments and other court costs up to the maximum limit of liability that you have in the policy.
We can provide insurance products for homes, automobiles, boats, aircraft and more. We are also able to cover your business with standard and specialty coverage solutions such Business Interruption, Professional Indemnity or Bonds.