Credit life insurance is a type of life insurance policy designed to provide cover for the risk of a borrower's inability to pay outstanding debts. The face value of a credit life insurance policy decreases proportionately with the outstanding loan amount as the loan is paid off over time, until both reach zero value. The borrower’s inability to pay should be as result of:
This policy will provide a lender cover for recouping any mortgage assets financed on behalf of a borrower in the event the borrower defaults or is unable to continue with repayments due to any of the following causes:
The PNDC law 187 of 1987 enjoins all employers to arrange protection for all employees whilst in engagement.
There are several ways of arranging such protection schemes but the most reliable is that of insurance. Insurance in whatever form offers compensation against injuries or death and the settlement of medical expenses.
It is worth noting that the insurance is effective only when the accident occurs during working hours.
It provides compensation to affected employees following,
This policy is an enhanced form of the workmen compensation cover except that the Personal Accident policy is a 24-hour cover with the following benefits:
In recent times employees now work in much more decent environments which make them safer and more sedentary. This tendency exposes employees to injuries and deaths through natural rather that accidental causes.
In view of this development, we strongly recommend that the emphasis on providing protection should be shifted from a pure accident base to a wholesale protection from natural causes.
The following are the benefits under the policy.
Capital Benefit: This is usually in multiples of an employee’s annual salary and the insured is expected to provide these for the premium to be computed.
ASSETS ALL RISK is a very comprehensive policy, which covers Loss of or damage to insured property from any cause except where specifically excluded. The clients Assets consisting of Buildings and Contents spread throughout the country, Office machinery and equipment etc. will be duly covered under this policy. Risks covered include but not limited to fire, allied perils and burglary.
The policy provides cover/ indemnity against fraudulent or dishonest Acts of employees in position of trust discovered during the period of insurance or within 6 months after termination of appointment or expiry of the policy (whichever occurs first)
This policy provides cover against loss, damage or destruction to money whilst in transit Money in this instance means currency notes, cheques, postal orders, credit card vouchers, certificates or other instruments of a negotiable nature which are the property of the insured or for which they are responsible.
Provides cover against loss, damage or destruction to money locked in a safe during and outside of business hours.
In addition to any payment in respect of a defined event, insurers will indemnify the insured in respect of the cost of replacing locks and keys to the premises and to safes and other security objects associated with the safety of money.
The Travel insurance provides a worldwide and Schengen protection cover and will pay Staff of a company for Travel outside Ghana for the under mentioned insured events occurring during the period of Insurance up to the limit of indemnity stated.
The policy can be arranged per event basis meaning that the policy is taken when there is the demand to travel or one-time annual basis whereby a single policy is arranged and used whenever the insured desires to do so without arranging for a new cover. At the expiry of the policy, it can be renewed.
Insurance Bonds may help enhance the credit standing of the issuer. Whether as a Guarantor or Principal, we arrange a wide range of bonds including
Marine Insurance is a type of insurance that covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination. Two main types of risks are associated with marine policies namely:
The policy offers indemnity to damages that businesses shall become legally liable to pay, consequent upon accidental death or bodily injury to or illness of any person or accidental loss of or physical damage to tangible property which occurs in the course of or in connection with the business within the territorial limits indicated by businesses.
This is a type of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the cost of defence against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder.it is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
Product Liability Insurance is a form of general liability insurance meant to protect your business from financial and legal consequences as a result of bodily injury or property damage due to the use of your business’s sold goods or products.
This policy indemnifies the insured for loss of or damage to merchandise caused by fire, accident, theft whilst in transit.
The policy will cover legal liabilities arising from claims made against the Directors and Officers, jointly or severally, during the period of Insurance due to their “wrongful acts” whilst discharging their official duties as directors of a company
This Policy is designed as an extension of a fire and allied perils policy. it compensates for any interference that your business may suffer as a result of Loss of or Damage to any Property Insured under the Fire & Full/Allied Perils Policy,
The Policy provides cover for:
We understand that different industries have different needs and even in the same industry the business strategy may differ and so may the needs. Thus, beyond our product offering, we design bespoke packages that meet client’s peculiar needs, add value to your business and position you for success.
Motor insurance in Ghana is compulsory by law (Motor Traffic Act 1958)
Subject to this Act, a person shall not use, or cause or permit any other person to use, a motor vehicle unless there is in force in relation to the user of that motor vehicle by that person or the other person, a policy of insurance or a security in respect of third party risks which complies with this Act.
This cover gives protection to the user of the vehicle in respect of death, bodily injury or property damage sustained by third parties because of the negligent use of the motor vehicle. Under this policy, premium payment is based on a statutory amount set by the NIC. The standard compensation amount under this policy is usually a maximum of GHC 5,000. A higher limit can be bought as a top up as the standard amount is low and cannot meet the rising cost of reinstatement.
In addition to the above, this type of motor insurance offers cover to insured Vehicle in respect of accidental or malicious damage resulting from fire or theft. Here premium is calculated by applying an industry percentage range of 1.5%-3%on the value of the vehicle. It also covers bodily injuries or death to third parties through the use of the insured vehicle. The standard ¢5,000 limit for third party liability is applicable under this policy
In addition to the covers explained above, this policy indemnifies the insured against the following perils:
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Rudder Insurance Brokers Ltd is a local, wholly-owned Ghanaian, insurance broker specializing in corporate and commercial insurance offerings. We are organized as a Limited Liability Company, registered under the laws of the Republic of Ghana.