Services - CIBJM

Life Insurance

Protect loved ones from your loss

This provides protection against financial loss that would result from the premature death of an insured. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.

Why choose Covenant Insurance Brokers?

WHY DO YOU NEED LIFE INSURANCE?

A life insurance policy is a critical part of prudent financial planning. In the event of critical illness, disability or death, life insurance provides a safety net for you and your family, enabling them to maintain their lifestyle in a dignified manner.

Our life insurance providers, like Guardian Life, offer a range of policy options to meet your specific needs. There are Whole Life insurance policies – which provide coverage for the “whole” of your life, as well as Term insurance policies which provide coverage over a fixed period and can be renewed. Give us a call today for info, policies can be tailor made for your life’s changing needs.

CIB Life Members Plan

Meet The Team

Nickeba Dunkley

Life Unit Manager

Shamoye McNish

Financial Advisor

Rasheve Deans

Financial Advisor

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Black River

Kingston

Head Office

Mandeville Branch

May Pen

Old Harbour

Port Antonio

Santa Cruz

Kingston

Winchester Business Centre

Contractors All Risk

Contractors All Risk Insurance provides indemnity to either the contractor or the employer

For loss or damage to building and equipment during construction. This policy also extends to provide compensation for injury claims made by third parties arising from the construction work being done.

Contractors’ all risks (CAR) insurance is a non-standard insurance policy that provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, the damage that happens during a renovation, and damage to temporary work erected on-site.

Third parties including subcontractors may also become injured while working at the construction site. CAR insurance not only covers those associated risks but also bridges these two types of risks into a common policy designed to cover the gap between exclusions that would otherwise exist if using separate policies.

CAR insurance coverage is common for such construction projects as buildings, water tanks, sewage treatment plans, flyovers, and airports.

Why choose Covenant Insurance Brokers?

Why do you need Contractors all risk insurance?

contractors all risk insurance is different to public liability insurance. The main purpose of public liability insurance is to protect you from legal liability for injuries inflicted on third parties, such as customers and members of the public. Public liability insurance also covers property damage that may result from your business activities. As an example, if your employees were to scratch a client’s walls when moving items, this damage would be covered by public liability insurance. A customer may also slip when walking through your store or office, and this may result in physical injuries. Such incidents are also covered by public liability insurance. The insurance company will pay the legal expenses related to the damage, and this includes any legal fees. Also, it will cover the compensation for the damage. Here are some areas which are not covered by public liability insurance, but they are covered under contractors all risk insurance: Damage to contract works that result from unexpected issues like floods, fires, and explosions Damage to contractors’ machinery or equipment at the worksite May not cover hot works and welding Issues with the piling, demolition, and excavation works Issues with marine cargo and inland transit when shipping goods

FAQ

Is contractors' all-risk insurance the same as liability insurance?

Liability insurance can offer coverage to a construction company well after the completion of the job. All-risks insurance has limits by comparison. The latter ends when the job ends.

What is not covered under all-risk insurance?

War, earthquakes, pollution, infestation, and nuclear hazards. Lesser factors like normal wear and tear, market loss, and government seizure are also not covered.

Is theft covered under contractors' all-risk insurance?

Yes. Theft is part of contractors’ all-risk insurance. Also included are weather, fire, repairs to unfinished work, and vandalism.

What insurances should a building contractor have?

While not contractors will carry the same insurance, the most common include:

Equipment and tools
Professional liability
Commercial auto
General liability
Workers’ comp
Surety bonds
All-risks

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Black River

Kingston

Head Office

Mandeville Branch

May Pen

Old Harbour

Port Antonio

Santa Cruz

Kingston

Winchester Business Centre

Motor Insurance

Motor Insurance (also known as car insurance or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles.

Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. In addition, motor insurance may extend to offers financial protection against theft of the vehicle and damage to the vehicle sustained from malicious damage as well as fire.

The Motor policy provides protection against accidental loss or damage to motor vehicle including any standard accessories and spare parts as well legal liability which the insured shall be legally liable to pay as damages for accidental bodily injury and or damage to property of 3rd parties including tow costs and expenses incurred with the written consent of the company.

The Law requires that all vehicles on public roads must have insurance or a form of security against third-party property damage, bodily injury or death liabilities.

The various scopes of cover available are as follows:

Comprehensive
Third Party, Fire & Theft
Third Party only

Why choose Covenant Insurance Brokers?

Why do you need motor insurance?

Comprehensive Cover

This is the widest cover available and provides indemnity from:

Accidental damage to the vehicle, including fire damage
Theft of vehicle
Damage to other vehicles or property (TPPD)
Injury to or death of a passenger in your vehicle (applicable to private cars)
Injury to or death of Third Party person(s) outside your vehicle, caused by your vehicle (TPPI)

The above are the basic areas under the Comprehensive cover. However, the policy can be extended to cover the following, normally at a nominal additional cost;

Riot, strike and civil commotion.
Flood, typhoon, hurricane, volcanic eruption and earthquake.
Windscreen (Replacement if windscreen breaks accidentally)
Non-standard accessories like radio cassette etc
Medical expenses
Towing expenses

Third Party, Fire and Theft cover

It has features of Comprehensive cover but excludes damage arising from an accident. It covers third party risks and in addition to that, it also covers loss or damage by fire, external explosion, self-ignition or lighting or burglary or theft.

The policy may be extended to include the above extra covers under comprehensive cover.

Third Party Only

This covers liability for third party property damage, personal injuries or death. For any vehicle, this is the minimum cover required by the Motor Insurance Act.

General Exceptions:

Loss of Use
Depreciation, Wear & Tear
Mechanical or Electrical Breakdown Failures & Breakages
Damage to Tyres by Application of Brakes, Road Punctures, Cuts or Bursts
Cover Excluded from The Comprehensive Cover
Personal Accident Benefits
Medical Expenses
Rugs, Clothes, and Personal Effects

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We're Here to Help!

Black River

Kingston

Head Office

Mandeville Branch

May Pen

Old Harbour

Port Antonio

Santa Cruz

Kingston

Winchester Business Centre

Home Owner's Comprehensive Insurance

HOME IS WHAT MATTERS MOST, PROTECT WHAT's CLOSE

Home Owner’s Comprehensive Insurance provides compensation to owners/tenants of private dwellings against loss or damage to the building and/or its contents, arising from a wide range of catastrophe perils to include hurricane, earthquake, flood, fire and lightning.

Why choose Covenant Insurance Brokers?

Why do you need home owner's insurance?

1. A Homeowners policy provides coverage for residential properties in the event of damage to the building and or contents, caused by perils insured by the policy. Examples of such perils are fire, flood, earthquake , hurricanes/ windstorms, burglary and theft. In addition, the policy generally covers the legal liability of the insured , incurred at the premises, to (a) domestic employees and ( b) visitors to the insured property.

2. Only buildings and contents are considered by the insurance; land is not covered. It is recommended that your sums insured are revised annually especially if home improvements were done. This will mitigate the effects of under-insurance and the application of the average clause in the event of a claim. If you cannot afford a valuation, you may obtain a report from a loss adjuster who provides insurance valuation services. Be sure to submit this to your insurer before or around the time of your annual renewal so the necessary changes can be done.

3. The reinstatement cost/replacement value, which is found in a valuation report, is used to determine the sum insured for the building(s). The market value or forced sale value is not used as it may, among other things, include the value of the land.

4. Claims should be made within 30 days of an event. Among the documents to submit are completed Homeowners insurance claim forms, an estimate of damage done to the insured property, supported by pictures if available. In the case of a fire or vandalization, a police report is required.

5. The policy is subject to an average clause, which means the insured is responsible for a potion of the claim , should the sum insured be less than 85% of the replacement value. This is one reason it is important to ensure that an up-to-date valuation is in place.

Frequently Asked Questions

How do I know the amount to insure my home for?

Your house should be insured for the cost of rebuilding the house as new. That means it should be insured for what it would actually cost you to replace the buildings.

Can I insure my contents?

Yes you can. You can insure your household goods and personal belongings such as furniture, video and audio equipment, television and jewelry.

Does an excess apply to my home insurance?

Yes. An Excess is applicable to most losses under home insurance except losses caused by fire, lightning, explosion and damage from falling aerials, fittings or masts.

Do I buy on top of Strata Insurance?

If I live in an apartment building that is insured by the Management Committee of the Strata Corporation, however the complex is not insured for its full replacement value – can I buy additional insurance cover for my apartment only to “top up” the strata policy?

No. Under the Strata Titles Act, your apartment complex should be fully/adequately insured.

Can I insure my personal contents under the Strata Corporation's policy?

No. The Strata Corporation’s policy is for the joint owners of the building in which you live and only covers items that are commonly owned such as the building, guard house, swimming pool etc. You will have to take out a contents insurance policy to cover your own belongings.