Insurance Flashcards
What 2 mandatory insurances must the company have? Explain briefly what protection each insurance
policy gives.
Employer’s liability: Covers employer for personal injury and disease sustained by employees arising out of, or in the
course of, their employment.
Third party motor insurance: Covers a liability which may be incurred by road users in respect of the death or bodily injury to any person due to the use of the vehicle on the road or any other public place; for payment for emergency treatment (eg by a hospital or medical practitioner); for damage to a third party’s vehicle or property.
Identify 4 additional types of insurance that it would be prudent for the new company to have. For each,
briefly explain the protection that you would expect the insurance to offer.
Fire: protection against damage to or total destruction of goods and property.
Consequential loss: cover against the loss of profits – eg the consequences of a fire.
Theft: protection against loss or damage as a result of violent or forcible entry to or exit from a property.
Goods in transit: cover for damage or loss of goods being carried on a vehicle.
Public liability: cover against liabilities to third-parties for bodily injury or illness or damage to their property arising
from the insured’s business activities.
All risks: broad cover for property covering all damage accidentally caused unless specifically excluded by the policy.
A UK-based driver is involved in a road traffic accident with a French driver, in France.
a) Name the document that the drivers should use to record the agreed details of the accident.
b) What is done with this document?
European Accident Statement/Copy kept by each driver – sent to the insurance company for each party
Name 2 countries within Europe (non EU states) that will accept a Green Card.
Switzerland and Norway
Name 2 forms of insurance that are recommended, rather than compulsory when operating abroad.
CMR Insurance and Medical and Repatriation
