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MOTOR INSURANCE

MOTOR COMPREHENSIVE POLICY
Our Motor vehicle insurance provides three types of cover for vehicle owners and/or motorists. The covers are: 

Comprehensive Cover
This policy gives the widest cover obtainable and indemnifies the insured against

  • Loss of or damage to the insured vehicle
  • Legal liability for the death of or bodily injury to third parties
  • Damage to third parties properties

Third Party Fire and Theft Cover
The company will indemnify the insured with respect to liability for

  • Death of or bodily injury to third parties
  • Damage to third party property
  • Theft or fire damage to insured's vehicle. [Call for clarification]

Third Party Liability Cover
The company will cover the Insured's liability to third parties for

  • Death of or bodily injuries
  • Damage to their properties

Our motor policy conforms to the minimum Third Party Property Damage limit with an option to increase the limit.

Motor Comprehensive Policy 
Part One
We Will Pay: [For Comprehensive Policy]

For loss of or damage to your vehicle and/accessories caused by or arising out of:

  • Accidental Collision or Overturning or Collision due to mechanical
  • Breakdown or wear and tear.
  • Fire, External explosion, Self-ignition or Lightening.
  • Theft, Burglary, Housebreaking
  • Malicious Act.
  • Flood, Storm, Hurricane, Volcanic Eruption,
  • Earthquake, or other Convulsion of Nature, Strike,
  • Riot, Civil, Commotion.

Part Two
Additional Benefits

  • Emergency Medical Expenses/Treatment
  • Compensation for Bodily Injury/Death
  • Personal Accident Benefit to Policyholder/Driver
  • Tyre Replacement
  • Windscreen Damage
  • Towing and Storage
  • Trailer
  • Ecowas Brown Card (Use within Ecowas Sub Region)

 MOTOR THIRD PARTY POLICY ONLY
We Will Pay:

Liability to Third Parties

In respect of legal liability to third parties resulting from an accident caused by your vehicle, we will indemnify you or any other person with your consent for;

  • Death of or bodily injury to any person.
  • Damage to property belonging to someone other than you or a member of your household.

Additional Benefits

  • Emergency Medical Expenses/Treatment
  • Compensation for Bodily Injury/Death
  • Personal Accident Benefit to Policy holder/Driver
  • Trailers
  • Ecowas Brown Card

TPPDL
The minimum third party property damage limit is Gh¢ 2000.00. However, the limit could be increased with the payment of additional premium.

BONDS

GENERAL BONDS

(i) Bid Bond

This is a bond given to people (Clients) who want to tender for projects. The Bond guarantees the owner of the project (Principal) that the Bidder will remain in the bidding process until the project (Contract) is awarded. When the contract is awarded and the guaranteed person does not win the contract, the bid bond becomes void. In the event where the bidder wins the contract, the guarantor ensures that the bidder signs the contract to perform. Failure by the bidder to sign the contract the guarantor is called upon to pay the bond value guaranteed.

(ii) Performance Bond

This bond is granted to persons who have been awarded contracts to execute. It is a guarantee to the principal on behalf of the contractor up to the bond value that the contractor will perform the project awarded him according to specifications and within the given time. Should the contractor default in the performance of the said contract, the value on the bond will be due for payment, where the contract is successfully completed the bond becomes is discharged or vitiated.

(iii) Advance Mobilization

This guarantee is given out to contractors only when the principal wishes to advance an amount of money to the contractor to mobilize resources to work on the project. The bond is an undertaking to the owner of the project to refund monies advanced to the contractor to mobilize resources to work on the project should the contractor after collecting the mobilization fund default in the performance of the project. If however the contractor utilizes the money in the performance of the project successfully then the bond becomes void.

B. CUSTOMS BOND

(I) Transit Bond

This is a guarantee given to clients who are transporting imported goods for which duties have not been paid from a stated point in the country to

a point of exit to a neighbouring country. The bond is an affirmation to CEPS that the insurance company guarantees to pay the duty on the goods, should the client fail to transport the imported goods outside the country but sells them leading to the loss of duty to the state. If the goods are successfully carried to their destination then the bond becomes void.

 

Re-exportation Bond

This bond is granted to clients who bring in imported goods to use in the Country during their visits and are obliged to send them back, and therefore do not pay taxes on them. The bond is a guarantee for the duty payable on the item, should the visitor fail to send the item back or are sold and the duty is lost to the State, then the bond pays the taxes to CEPS.

This bond is also issued to clients who want to re-export imported goods to another Country. The bond guarantees up to the duty payable on the goods should the client fail to re-export the goods and it is discovered that they were sold in the country.

(iii) Exportation Bond

This guarantee is given to clients who want to export locally produced goods to other countries. The bond is a guarantee to CEPS up to the sales tax duty payable on the goods should the client fail to export the goods and it is discovered that the goods have been sold in the country and the duty is lost to the State. The bond becomes void when the goods are duly exported to their destination country.

(iv Warehouse Bond

This bond is granted to Companies or individual importers who have requested to be allowed to put their imported goods, on which duties have not been paid, at their warehouses and to pay the duty later. The bond guarantees to pay CEPS up to the bond value, should the Company or individual default in the payment of duty of the goods.

(v) Removal Bond

This bond guarantees the Company or an individual to pay to Customs Excise and Preventive Service up to the bond value, should the goods being removed from one destination to another fail to be delivered at the final destination leading to the loss of duty to the State.

(vi) Customs Agent Bond

This bond is granted to Clearing Agents. The bond is a guarantee to CEPS on behalf of the clearing agent to pay an amount up to the bond value should the misconduct of the Clearing Agent in the course of his duties result in the loss of customs duty to the State.

Underwriting Consideration/Rating Factors

a. History of Similar Business/Contracts dealt with and the level of success, that is, the history of participation in that particular business.

b. Certificates of Incorporation and Certificate to Commence business

c. Names of Directors and top Management

d. Names of Solicitors and Bankers

e. Collateral Security, preferably immovable property comprehensively insured with forced failed valued equal to the bond sum required.

MARINE INSURANCE

Marine Insurances

  • Hull and Machinery
  • Cargo
  • Passenger and General Liabilities

FIRE AND ALLIED PERILS

STANDARD FIRE AND ALLIED PERILS

Donewell's Standard Fire Insurance policy covers material damage arising from:

  • Accidental Fire Outbreak
  • Lightning 
  • Explosion caused by the domestic gas and water heaters

Where the insured so desires, the Standard Fire Insurance Policy maybe extended to include additional perils like:

 

Allied Perils;

  • Flood
  • Earthquake and Volcanic Eruption
  • Tornado
  •  Windstorm & Tempest
  • Riots, strikes and civil commotion
  • Aircraft and articles dropped there from
  • Impact
  • Burst pipes
  • Explosion

 

NB: Stocks covered are usually on declaration basis.

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CONTACT US

For more information on our insurance policies please call us on: (030)763065,763171

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