INSURANCE
PERSONAL LINES
Personal Lines is a class of insurance coverage for individuals or families from financial loss. These types of insurance are created to reduce personal financial loss in the event of an insured loss such as a car accident, fire damage to a home, or even theft of high-value personal items that could’ve resulted in serious financial hardship or debt for an individual. Therefore, it is important to have personal insurance coverage in place to safeguard your personal valuables.
DOMESTIC WORKERS COMPENSATION
DOMESTIC ALL RISK
PLEASURE CRAFT
COMMERCIAL LINES
Commercial Lines or business insurance are the insurance classes that covers commercial risks for both, Small Businesses (SME) and larger Corporate Businesses, as opposed to Personal Lines that covers loss of personal belonging.
From a global perspective, Commercial Lines play a key function in the progress of economies as it provides businesses coverage to recover from major losses like property damage, loss of income from business interruption, legal issues and workers’ compensation. Losses it could not be able to recover on its own.
If you’re small business owner or running a major corporation, insurance is must to ensure you are achieving your goals with minimal interruptions. We will help you understand the coverage you need and support you through your journey. You can rest assured knowing we’ve got you covered and we’re here if you need us.
COVERAGE FOR SMALL BUSINESS (SME) & CORPORATE BUSINESS
LIABILITY CLASSES
- Worker’s Compensation
- Public Liability
- Directors & Officers’ Liability
- Professional Indemnity
- Carriers’ Liability
- Stevedores’ Liability
- Performance Bond
LIABLITY CLASSES
- Worker’s Compensation
- Public Liability
- Directors & Officers’ Liability
- Professional Indemnity
- Carriers’ Liability
- Stevedores’ Liability
- Performance Bond
SPECIALITY LINES
Some businesses carry unique risks that need special coverage. These risks arise through associated high-risk business activities or unique investments that cannot be covered under standard commercial lines, hence referred to as ‘Speciality Lines’.
Specialty Lines coverage depends on the type of industry and the company’s level of exposure for carrying these risks. It can range from some of the more common forms of coverage, such as aviation or oil rigs (resource sector), spanning to very complex ocean marine.
We will help you understand the coverage you need and support you throughout your business journey. You can rest assured knowing we’ve got you covered and we’re here if you need us.
RISK SURVEY & MANAGEMENT
Our approach to Risk Management is ‘Safety First‘
Risk management is about loss prevention. It involves the careful assessment of risk information in order to prevent losses, or reduce risk of serious financial loss to a business or an individual. Risk Surveys (site inspections) are an effective way to analyze a risk to form the basis of insurance cover and ensure risks are adequately underwritten and reinsured.
SCAL’s Risk Survey team consists of qualified former fire servicemen and a licenced electrician that conducts this service free of charge for clients seeking property insurance cover. Our team’s findings from the risk surveys are provided to clients along with Risk Improvement Recommendations to enhance the ‘insurability’ of a property.
REINSURANCE SECURITY
Our reinsurance security is world class Since SCAL was licensed in 2011, the company has enjoyed the support of strong panel of reinsurers, many of whom have supported us from 2011 and are still with us today. SCAL’s reinsurance programs are organized through leading international insurance risks specialists such as Lloyds of London, PWS Global Risks and other carefully selected reinsurance brokers.
SCAL has acquired proportional treaty reinsurance known as a Whole Account Surplus Treaty through a Lloyds accredited Reinsurance Brokers, PWS Labuan. This Surplus treaty covers Fire, Engineering, Marine and Miscellaneous classes of insurance. Under this treaty SCAL can write up to PGK 18 million per risk, furthermore SCAL is working on a 2nd Retention Layer of PGK 22 million which will further increase our underwriting capacity to PGK 40 million.
Treaty reinsurance is generally regarded as the most secure and stable type of reinsurance. The Treaty reinsurance panel comprises predominantly of international A rated reinsurers which are all checked and approved by our duly appointed reinsurance brokers and SCAL’s executive management before risks are ceded. This panel of reinsurers provide the automatic Surplus Treaty capacity on property risks that acts like an additional layer of security for both SCAL and its clients.
For liability risks, SCAL has capacity to give insurance protection up to PGK 20 million.
For accumulation losses like earthquake, SCAL has Catastrophe reinsurance cover obtained through Lloyds of London, a world-renowned specialist insurance service provider, who are regarded as the best security providers for this.
For risks exceeding SCAL’s Treaty reinsurance capacity and single specialist risks, SCAL will seek the support of single risk Facultative reinsurance from its panel of international reinsurers.
We are locally owned, globally connected.