Products & Services

Motor Insurance

Motor Vehicle Insurance

Bankers Insurance offers all types of cover – Comprehensive, Third Party Fire & Theft and Third Party. Private motor vehicle and motorcycle owners, who use their vehicle for social and domestic purposes only are covered via third party or comprehensive policies as well as Commercial vehicles, including General Cartage and Own Goods.

Types of Cover

Third Party Only

This policy provides coverage for third parties who are injured as a result of the Insured’s negligence. This includes:

  • The death of or bodily injury to any person
  • Damage to third party property
  • Attorneys’ fees for representation at any coroner’s inquest or in a court of summary jurisdiction in defending a charge of any act causing or relating to any event which the Insured may be liable

Third Party and Theft

This coverage is an extension of the Third Party Only and provides cover for loss of or damage caused by Fire and Theft.

Comprehensive

Further to the coverage for Third Party Only, this policy provides coverage to the insured vehicle and it’s accessories for loss or damage due to the following:

  • Accidental collision impact or overturning
  • Fire, external explosion, self-ignition/lightning, burglary, housebreaking, theft  or malicious act
  • Whilst in transit on any road, rail, lift or elevator in Trinidad and Tobago
  • Special Perils including hurricane, earthquake, flood and windstorm

 Other Benefits provided by comprehensive coverage

  • Medical expenses
  • Accidents to insured and spouse
  • Personal effects
  • Legal charges (manslaughter)
  • Towing disabled vehicles (depending on type of vehicle covered)
  • Emergency treatment
  • Damage to garage by Fire
  • Defence of any charge by manslaughter or of causing death by reckless or dangerous driving

Additional benefits offered at extra cost

  • Accidental breakage of windscreen or window glass (subject to an agreed limit)
  • Cost of wrecking the vehicle following an accident covered by the policy
Homeowners Insurance

Protect Your Home With Us!

Houseowner/Householder’s Insurance provides coverage for building and contents against loss or damage resulting from the occurrence of all perils.
The policy covers:

  • Building
  • General Contents (furniture and appliances, household goods)
  • Electronics
  • Computer equipment
  • Artwork
  • Jewellery
  • Cameras
  • Phones
  • Other specified personal items/valuables

Perils covered:

  • Fire
  • Lightning
  • Explosion
  • Earthquakes and Volcanic Eruption
  • Hurricanes
  • Flood
  • Accidental Damage
  • Burglary
  • Public Liability
  • Riot Strike and Malicious Damage
  • Bursting and overflowing of water tank and apparatus
  • Aircraft and other aerial devices
  • Subsidence and landslips

Benefits:

  • Competitive rates
  • Prompt settlement of claims (cheque issued within 2 days of signing Form of Acceptance)
  • Quality and efficient service

Commercial Fire

The Fire and Perils Policy provides coverage for buildings, contents, stock in trade, plant machinery and equipment, tenants’ improvements and betterment for the insured’s business which can be damaged or destroyed as a result of named special perils.  These include:

  • Fire and Lightning
  • Explosion
  • Earthquakes and Volcanic Eruption
  • Hurricanes
  • Flood
  • Riot Strike and Malicious Damage
  • Bursting and overflowing of water tank and apparatus
  • Aircraft and other aerial devices

We also offer coverage for the peril of Fire and Lightning Only, at a lower cost.

Building Under Construction
This can be covered under a Fire & Special Perils policy.

Burglary

This policy provides cover for property contained in business premises, stocks owned by you or held in trust and/or commission in the event of violent or forcible entry to and exit from the premises.

The policy provides cover for the following occurrences:

  • Loss or damage to insured property due to burglary and/or housebreaking
  • Damage to premises caused by burglars during burglary or attempts at burglary

Product Liability

This policy covers the Insured for sums which the Insured shall become legally liable to pay as damages arising out of their negligence to third parties.

  • Coverage is provided for both accidental death or bodily injury to any person and/or accidental loss of, or damage to property
  • The policy coverage has a limit per event and a maximum limit per period of insurance (as per Insured’s requirements), subject to an excess for property damage claims only.

Workmen’s Compensation

As required by law (Workmen’s Compensation Act Ch 88:05), Banker’s Insurance provides coverage to the employer for death or injury to employees arising out of or during the course of their employment. The coverage can also be extended to include the employer’s liability at common law for such death or injury.

The insurer will also pay costs and expenses incurred with their consent in defending a claim.

Contractor’s All Risk

The Contractor’s All Risks Policy is designed to protect against the cost of unforeseen loss or damage from all risks to building and civil works during the Contract Period. This Policy which provides cover for the value of the work completed at the time of a loss caused by one of the named perils, as well as for Materials and Tools on site. Also a separate Public Liability cover is included up to a specific limit not exceeding the value of the contract.

Bonds

A bond is a financial product and as such requires assessment of both the bond applicant and financial statements. It provides coverage for loss caused by lack of competence or by fraud or dishonesty. Bankers Insurance offers the following four types of bonds:

  • Bid Bonds
  • Performance Bonds
  • Advance Payments Bonds
  • Customs Bonds
  • Immigration Bonds

Marine Hull & Cargo

This policy cover loss or damage of ships and in-transit cargo between the point of origin and the final destination.

Cash/Money in Transit

Cash in transit insurance is a necessary precaution for the Insured’s money obtained from business transactions. Losses are covered as follows:

  • On business premises during business hours
  • In a single transit from insured premises to bank or vice versa
  • On business premises outside business hours in a locked safe or strong room
    • Coverage on the policy can be extended to recover damages done to the safe and/or strong room
  • At the private residence of the insured or authorized persons
  • In the custody of authorized collectors.
  • Hold up and assault of employees (maximum 2 at any one location, and subject to a specified limit)

Goods in Transit

Goods in transit insurance is an annual cover where premium is based on the value of goods in transit, at the insured’s risk, during the policy period. It is the simplest and most convenient way to cover the insured’s inland transit risks.

Either all risks of loss or damage or defined events for goods or death by natural and accidental causes or accidental causes only for livestock can be covered.

Consequential Loss

This follows a loss suffered as a result of Fire & Special Perils. It covers the loss of income, auditors’ fees, rent and salaries of employees.

Mortgage Indemnity

This policy basically covers the mortgagee from loss suffered as a result of the mortgagor not paying the mortgage.

Professional Indemnity

Professionals owe a duty of care to their clients and this policy provides coverage for their negligence whilst performing their duties.