Specialised Lines
Cyber Insurance
Protects against: The financial cost of a cyber event: breach response and forensic investigation, income lost while systems are down, ransomware and extortion costs, data restoration, claims from third parties and regulatory defence costs.
Best for: Any business that holds client information, takes online payments or relies on connected systems.
Worth knowing: Insurers ask about your security controls, such as multi-factor authentication, backups and staff training. Better controls usually mean better terms. Report an incident the moment it happens, because early notice matters under most policies.
Engineering Insurance
Protects against: Accidental damage to machinery, plant and contract works. Sections include Contractors’ All Risks, Erection All Risks, Machinery Breakdown, Electronic Equipment, Plant and Equipment, and Deterioration of Stock.
Best for: Contractors, manufacturers, mines, plant hire businesses and municipalities with major infrastructure.
Worth knowing: Wear and tear and faulty design are normally excluded. Insurers expect maintenance records and, for some machinery, inspection certificates. Project cover runs for an agreed period, so tell us early if a contract is likely to overrun.
Medical Malpractice
Protects against: Professional liability claims arising from alleged negligence, error or omission, including legal defence costs. Some policies also cover practice liability, staff and disciplinary hearing costs.
Best for: General practitioners, specialists, dentists, physiotherapists, clinics and medical groups.
Worth knowing: Policies are either claims-made or occurrence-based, and the difference decides whether you are covered after you leave a practice. Check the retroactive date, and ask about run-off cover before you change jobs or close a practice.
Kidnap & Ransom
Protects against: Kidnap, extortion and wrongful detention. Cover can include ransom payments where payment is lawful, specialist crisis response, expenses, medical and psychological support and loss of income.
Best for: Companies with staff who travel or work in higher-risk locations, executives and high-profile individuals, and organisations with remote or cross-border operations.
Worth knowing: Confidentiality is usually a condition of cover, so the existence of the policy is shared only with those who need to know. Keep the emergency notification process where you can find it fast.
Alternative Risk Transfer
What it is: A way of funding risk that does not rely only on a standard insurance policy. Instead of passing all of a risk to an insurer for a premium, the business keeps part of it in a planned, funded structure, with an insurer or reinsurer behind it for larger losses. It suits risks that conventional insurance prices badly or will not cover.
Structures that can be used:
- Cell captives: You rent a ring-fenced cell within an insurer’s captive structure. Premiums go into the cell, claims are paid from it, and any surplus is yours, subject to the terms of the arrangement.
- Own captive: An insurance company owned by your business or group, insuring your own risks. Suited to larger groups.
- Structured retentions: You carry the first layer of losses, which are frequent and predictable, and insure the large losses above it.
- Parametric cover: A pay-out triggered by a measured event, such as rainfall below a set level or wind speed above one, instead of an assessed loss.
- Group or association schemes: Businesses with similar risks pool them under one arrangement.
Which structures are available depends on the insurers involved and the regulatory position. We confirm both before you commit.
Best for: Mid-size and large businesses with a stable claims record, groups and associations with shared risks, and businesses with an unusual risk that the market struggles to place.
Worth knowing: It is not for every business. You take on part of the risk yourself, so it needs a reliable claims history, enough financial capacity to carry the retained losses and a view of three years or more. For a small business with little claims history, a conventional policy is usually the better choice, and we will say so.
How to enquire: Contact Agisanang and ask for an alternative risk transfer review. We look at your premiums, your claims history and your exposure, and tell you whether a structure would beat a conventional policy.