Quick Guide to Terms

Protects against risks associated with the operation at an airport, operation of aircraft (owned, rented or leased), including physical damage to the aircraft, aircraft hull and liability insurance, liability for passenger injuries, third-party damage, aircraft products liability, aviation premises liability and any other specific coverage or aviation-related liabilities as required.

Provides compensation for lost income and additional operating expenses if a business is forced to shut down temporarily due to a covered peril; typically purchased alongside the property insurance and B&M coverage.

Cargo and transit insurance provides coverage for property in transit over land or water (marine), as well as movable property and specialized equipment. Policies can be tailored to include Delay in Start-Up coverage, protecting businesses from financial losses due to shipping or project delays.

Specialized coverages include Cargo Insurance for Recyclable Materials, which safeguards transported goods against damage or loss, and Project Cargo Insurance, designed for large-scale shipments of equipment and materials critical to construction and infrastructure projects.

Provides coverage against liability for loss or damage to vessels, cargo and property of others while in the custody or control of the terminal, dock, wharf or pier operators.

Protects vehicles and other motor vehicles owned or leased by a business, including coverage for accidents, theft, and damage as well as the liability resulting from the use of the automobile. Policy can offer both liability and physical damage coverage.

Protects your physical assets like buildings, equipment, inventory, and furniture against risks such as fire, theft, and natural disasters. An example would be All-Risk Property Insurance for Energy Infrastructure which provides comprehensive property insurance tailored for power plants, renewable energy projects, and energy transmission systems.

Provides additional liability coverage that exceeds the limits of a business’s underlying liability policies, offering extra protection against large claims. Umbrella liability insurance can provide excess limits to various other policies including automobile liability.

Builder’s Risk Insurance and Wrap-Up Liability provide comprehensive protection for buildings under construction, covering materials, equipment, and labour against risks such as fire, vandalism, and natural disasters. These policies can be structured under Owner-Controlled (OCIP) or Contractor-Controlled (CCIP) Insurance Programs, ensuring third-party liability coverage for all involved parties.

Additional construction-related coverages include Installation Floater Insurance, Contractors General Liability, and Crane & Riggers Liability, which protect equipment, workers, and project sites throughout the construction process.

Surety Bonds provide financial guarantees that contractors and businesses will fulfill their contractual obligations. These include performance bonds, bid bonds, and labour and material payment bonds, offering protection for project owners, subcontractors, and suppliers. While surety bonds are primarily used in construction, they are also required in industries such as mining, energy, and financial services to ensure compliance with regulatory, contractual, or environmental obligations.

Specifically designed for contractors, covering liabilities associated with pollution incidents caused by their operations, including third-party claims and cleanup costs.

Protects against liabilities and physical damage related to the operation of drones, Unmanned Aerial Vehicles (UAVs) or RPAS (Remotely Piloted Aircraft System) including third-party injury, property damage, and potential regulatory fines. Also provides coverage for the Hull, Liability and the ground control station and accessories for drones.

Provides additional liability coverage that exceeds the limits of a business’s underlying liability policies, offering extra protection against large claims. Umbrella liability insurance can provide excess limits to various other policies including automobile liability. For example, Environmental Liability for Global Operations helps multinational businesses manage risks associated with pollution, hazardous material exposure, and environmental compliance across multiple jurisdictions.

Protects against the legal liabilities of freight forwarders and load brokers for loss or damage to goods in transit, as well as errors and omissions in the course of their services.

Protects businesses from 3^rd party claims involving bodily injuries, property damage, and personal or advertising injury that occur on their premises, during operations, or from your products. For example, Tenant and Leaseholder Liability provides coverage for legal and financial obligations related to leased properties, including tenant-caused damages and third-party claims.

Covers the repair or replacement of equipment due to failures or damage, including boilers, pressure vessels, processing machinery, mechanical equipment, electrical, and electronic equipment. B&M coverage is typically included within a combined Property Insurance policy, though stand-alone, monoline B&M policies can also be placed when needed.

This coverage can also extend to Contractors Equipment Insurance, which protects tools, machinery, and equipment used in construction projects. As a subset of Property Insurance, B&M coverage ensures businesses can quickly recover from equipment failures, minimizing operational downtime.

Protects against physical damage to ships (hull coverage) and also includes protection for various marine-related risks, such as cargo loss, collision liability, and marine liability.

Coverage for business firms operating abroad to insure them against loss due to political upheavals including war, revolution, confiscation, incontrovertibility of currency, and other such losses.

Protects manufacturers, distributors, and retailers from claims related to injuries or damages caused by defective products; typically purchased as part of the insurance coverage in a Commercial General Liability (CGL) policy.

Covers a carrier’s third-party risks for damage caused to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution.

Covers valuable goods such as cash, fine arts, precious metals.

Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities.

Protects businesses storing goods for others (warehouse) or holding others’ property temporarily (bailee) against loss or damage to the stored or held goods.

Protects businesses from losses resulting from criminal acts such as theft, fraud, forgery, and embezzlement by employees or third parties.

Protects businesses from losses related to data breaches, cyber-attacks, and other digital threats, including the costs of legal fees, ransom demands, lost income, third party notification, and data recovery. For example, Cyber Risk for Critical Energy Systems helps protect energy infrastructure from cyber threats and potential system disruptions.

Protects the personal assets of a company’s directors and officers if they are sued for alleged wrongful acts while managing the company. This can include Independent Directors’ Liability.

Protects businesses from claims related to employment issues such as wrongful termination, discrimination, harassment, and retaliation.

Protects directors and officers (fiduciaries) of pension and other benefit plans from suits alleging wrongful acts while managing and/or overseeing company benefit and pension plans.

Protects businesses and professionals from claims of negligence, errors, or omissions in the delivery of their services or products. For example, Architects & Engineers Professional Liability Insurance covers design and construction-related risks, while Developers & Managers Professional Liability Insurance protects against project planning and execution claims. Additionally, Intellectual Property Insurance helps cover legal costs related to defending or enforcing patents, trademarks, and copyrights.

Surety bonds, bid bonds, performance and payment bonds and/or other types of bonds may be required to meet financial obligations, whether for a construction project or in lieu of guarantee.

This makes a lump-sum payment to an insured individual upon diagnosis of a covered serious illness, such as cancer, heart attack, or stroke. This benefit helps cover medical costs, lost income, or other financial needs during recovery.

Insurance and other benefit packages offered by employers to their employees and their dependents,  as part of a comprehensive compensation plan.

Can provide either salary continuation or partial income replacement for employees who are temporarily unable to work due to illness or injury.

Provides medical, dental, and vision coverage to employees and their dependents. Plans often include preventive care, hospital visits, surgeries, and prescription drugs.

Provides a death benefit to the beneficiaries of an employee in the event of their death. This can include basic life insurance, supplemental life insurance, and accidental death and dismemberment (AD&D) coverage.

This is an employer-funded, tax-free benefit that reimburses employees for eligible healthcare expenses not covered by their standard benefits plan.

This is an employer-funded, taxable benefit that provides employees with flexible funds to cover wellness, lifestyle, and personal expenses, such as fitness memberships, childcare, education, or transit costs.

Offers income replacement for employees who are unable to work for an extended period due to a long term illness or injury.

Employer-supported retirement savings programs designed to help employees build long-term financial security. These plans, including Registered Retirement Savings Plans (RRSPs), Deferred Profit Sharing Plans (DPSPs), and Defined Contribution Registered Pension Plans (DCRPPs), often feature employer contributions and tax advantages.

This provides coverage for emergency medical expenses, accidental death, and the cost of returning an insured person to their home country if they become ill, injured, or pass away while traveling.

Provides coverage for vehicles, including liability, collision, and comprehensive coverage.

Provides coverage for personal property and liability within a residence, whether you own or rent. From homeowners seeking protection for their dwelling and belongings to renters safeguarding their possessions, residential insurance offers peace of mind against theft, damage, and personal liability.

Personalized insurance solutions for individuals with diverse or non-standard personal coverage needs. From coordinating protection for multiple residences to streamlining policies for unique assets, this service offers tailored coverage, consolidated management, and dedicated support to simplify your insurance experience.

Developing strategies to ensure business operations continue during and after unexpected disruptions.

Ensuring that an organization complies with relevant laws, regulations, and standards, and managing the risk of non-compliance.

Specialized risk assessment and mitigation services for multinational corporations operating in multiple jurisdictions.

Creating an insurance company owned by the insured (a “captive”) to provide coverage tailored to specific risks, often for large organizations.

The process of identifying potential risks, evaluating their likelihood and impact, and prioritizing them for action. Often this involves analyzing contracts with clients, suppliers and third parties.

Protection against financial losses resulting from disruptions in supply chains, including supplier failures, natural disasters, or geopolitical events.

Protects businesses against non-payment from clients due to insolvency, default, or political risk, ensuring cash flow stability.