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Financial advisory
RES5Financial Advisory Services✓CGI — Commercial General Insurance
Miscellaneous accident (or 'pecuniary and accident') insurance is a broad family of commercial covers that protect a business against a mix of accidental loss, dishonesty, damage and pecuniary exposures that do not fit neatly under fire, liability, marine or motor — including money, fidelity guarantee, burglary/theft, glass, goods in transit, machinery and electronic equipment, group personal accident for staff, and all-risks cover for business property.
9 sections~6 min read
MISCELLANEOUS ACCIDENT insurance is not a single product but a CATEGORY — a collection of commercial covers grouped together because each responds to accidental loss, damage, dishonesty or a pecuniary exposure that the mainstream classes (fire/property, liability, marine, motor, engineering, work injury) do not fully address. Insurers and the syllabus sometimes label the group 'pecuniary and accident' or 'accident and health' business.
The unifying idea is that a trading business faces many small-to-medium accidental and dishonesty risks — cash being stolen in transit, an employee embezzling, a shopfront being smashed, stock disappearing in a break-in, a laptop failing, goods damaged on the road — and each is cheaper and cleaner to insure under a purpose-built section than to force into a fire or liability wording.
The classes typically grouped here include:
Most of these are INDEMNITY covers subject to a sum insured (or limit), an EXCESS, and conditions on care and record-keeping. Group personal accident is the exception: like personal accident generally, it is a BENEFIT policy paying agreed sums, so it is not subject to indemnity, subrogation or contribution in the usual way.
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MONEY insurance covers a business against loss of MONEY — cash, bank notes, coins, cheques, postal orders, money orders, stamps and similar negotiable instruments — arising from a fortuitous cause such as robbery, theft or accidental loss. It fills a gap because ordinary property and burglary wordings often exclude or sub-limit cash.
Cover is normally structured by LOCATION and situation, each with its own limit:
Because the risk depends heavily on precautions, insurers impose WARRANTIES and CONDITIONS — for example a minimum number of escorts for large cash carryings, use of a specified safe, and keeping the safe keys off the premises after hours. Breach of a warranty can defeat a claim.
Money policies commonly EXTEND to cover damage to the safe or strongroom caused by theft or attempted theft, and to clothing/personal effects of employees damaged in a robbery. Employee INFIDELITY (dishonesty) is generally excluded from money cover — that exposure belongs to fidelity guarantee — although a short 'discovery period' for infidelity is sometimes granted.