ISRISR

ISR

Standard policy wordings exist for this type of policy. All policies which contain such standard wordings or where the wording is substantially similar are to be classified as ISR.

(f) Marine

Includes Marine Hull (including pleasure craft) and Marine Cargo (including sea and inland transit insurance).

(g) Aviation

Aviation (including aircraft hull and aircraft liability).

(h) Mortgage

Insurance against losses arising from the failure of debtors to meet financial obligations to creditors or under which payment of debts is guaranteed. It includes lease guarantees.

(i) Consumer Credit (CCI)

Insurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.

(j) Other Accident

Includes the following types of insurance:

• Miscellaneous accident (involving cash in transit, theft, loss of money);
• All risks (baggage, sporting equipment, guns);
• Engineering when not part of ISR or Fire policy;
• Plate glass when not part of packaged policy (e.g. houseowners /householders);
• Guarantee (Insurance Bonds);
• Live Stock;
• Pluvius; and
• Sickness and Accident which by the terms of the policy provides benefits for no more than 3 years.
• Other

All other insurance business not specifically mentioned elsewhere. It includes, for example:

• Trade Credit;
• Extended Warranty (includes insurance by a third party for a period in excess of the manufacturer's or seller’s normal warranty;
• Kidnap and Ransom; and
• Contingency.

(k) Compulsory Third Party Motor Vehicle (CTP)

This class consists only of CTP business.

(l) Public and Product Liability

• Public Liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured's business. Product Liability includes policies that provide for compensation for loss and or injury caused by, or as a result of, the use of goods and environmental clean-up caused by pollution spills where not covered by Fire and ISR policies.
• Includes builders warranty insurance.
• Includes public liability attaching to H & H policies.

(m) Professional Indemnity (PI)

• PI covers professionals against liability incurred as a result of errors and omissions in performing professional services which has resulted in economic losses suffered by third parties.