Fire Insurance
Fire insurance is a kind of insurance that assures any type of building privately or commercially used and its contents against self generated fire, thunderbolt, explosion and material damages as a result of steam, heat and smoke risks which occurs as a consequence of abovementioned.
Besides, any material damages resulted form he use of water or any other chemicals for he purpose of firefighting, so probably decreasing he possible level of damage, are included in he scope of this insurance.
Scope of Coverage :Assures he risks of movables and properties (building, its contents, inventory, decoration, landscaping, fixtures, cages, infrastructure, bases etc), safe content (cash, checks, bonds, valuable assets, exchanges), fire financial liability (tenantship and neigborhood financial liability), work stop, loss of profits (as a result of one of he risks in he fire policy may occur, any fix expenditures emerge for he period he company decides until it covers losses, financial expenditures, lost profit).
PRODUCT LIABILITY
Product liability involves liability of manufacturer, wholesaler or retailer of a dangerous or defective product.Product liability may arise form any type of product, incuding foods, drugs, toys, household appliances, seat belts, automobiles, tobacco and so on.
When discussing product liability or defective products, a distinction is often made between a design defect and a manifacturing defect.
A design defect involves a product that is unreasonably dangerous in its design.
Product recall insurance provides protection for you in he event you must recal any of your products.Coverage can include product recall expenses and liability to third parties seeking damages because your product recall could cause a loss of income or damage their reputation.If your product poses an imminent threat of property damage or bodily injury, products recall coverage should respond.It will respond to voluntary or involuntary recalls that satisy he policy trigger.
DIRECTORS & OFFICERS LIABILITY IINSURANCE COVERAGE
Our Brokerage firm specialize in Directors & Officers liability policies.We provide coverage to reputable public companies in Turkey.We have provided seminers and attended TV programs about D%O policies and its importance.
Directors and officers liability insurance protects directors and officers of companies form damages resulting form alleged or actual wrongful acts they may have committed in their positions. The policy provides protection in he event of any actual or alleged error, misstatement, omission, , or breach of duty. It may extend he same coverage to employees.
Directors and officers liability insurance is needed when a board of directors is assembled. Investors usually require that you have directors and officers liability insurance as part of he conditions for funding your company.It covers actual or alleged acts, errors, omissions, misstatements, neglect, or breach of duty committed or allegedly committed by a director or officer are covered with directors and officers liability insurance
Who may need directors and officers liability insurance?
Any publicly traded company with a corporate board or advisory committee should consider director and officers liability insurance. Non-profit organizations and private companies could benefit as well form he protection offered by directors and officers liability insurance.
Claims form employees, clients and stockholders may be made against any company and against he directors and officers of a company. Since a director or officer can sometimes be held responsible for acts of he company, most directors and officers will want to be covered rather than risk their personal assets.
It is very important that, ınvestors and members of the board of directors will not risk their personal assets to serve as a corporate director or officer without directors and officers insurance coverage.
3rd Part Liability
This policy provides coverage for the consequences of claims for losses or damage which have occurred in policy period and may be lodged by third parties against the insured on account of the capacities, activities, and legal relationships shown in this policy which may result from the death or wounding of third parties or the impairment of their health, and material losses and damage caused to properties belonging to third parties within the framework of the provisions of the laws of the Republic of Turkey concerning legal responsibility and up to the sums stipulated herein.
Boat/Yacht Insurances
Buy Boat/Yacht Insurances for a safe journey at sea and let us secure your yacht, and the equipment in it…
Excursion Boats Insurance
The body, machinery, boat services carrying her name, and customary hardware and equipment of the yacht are covered with only one policy under Institute Yacht Clauses 1.11.82 Cl.328.
As long as yacht is within the scope of cover stated in the policy, it is uninterruptedly covered at sea, at laying site, at boat yard, and while being taken to/from boat yard.
The main scope of coverage:
All accidents and perils of the sea (crash, collision, grounding, capsizing, storm)
Fire, lightning, explosion
Earthquake, volcanic eruption
Piracy
Physical contact with air vehicles
Theft of yacht or boat services
Theft of machinery or equipment by force
Loss of life and property of third parties resulted by an accident caused by the yacht. (Limited by the boat's insurance amount)
Debris removal costs (Limited by the boat's insurance amount)
Malevolent actions (Including the barratry of captain and crew)
The claims of war, strike, riot, civil commotions may be added to the policy in return for additional premium.
Liabilities against third parties are also covered with the yacht insurance:
The loss or damage to the vessel it collides or to the goods on it
The damage that yacht does to other stable and mobile objects such as port, dock, pier, lighthouse, and telephone and telegraph cables
Loss of life, injuries and life-saving costs on yacht or another boat
Debris removal costs are covered by the yacht policy with extensive coverage
Risks outside the scope of coverage:
Boat services not carrying the name or sign of the yacht
Personal belongings, fuel oil, victuals, fishing tool sets, anchorage equipment
Outboard motors' falling
Correcting the faults in design or construction or the costs of changing design or construction
Nuclear risks
War and similar risks, strike-lockout, civil commotions, terror (they can be covered with counter contract and additional premium)
Towing yacht outside the routine or in need of help or making a contract requiring it to tow, rescue and help another boat
Using yacht as a sea house without the consent of the Insurer or exposing yacht to a radical modification or reparation
Liabilities caused by using yacht as a source of water skiing and similar water sports unless stated otherwise
Cargo Insurance
MARINE CARGO INSURANCE POLICY
Marine Cargo Insurance policy covers loss or damage of cargo which is transported between the point of origin and final destination. There are 3 different types of coverage;
1.Total loss
Destruction of an asset or property to the extent that nothing of value is left, and the item cannot be repaired or rebuilt to its pre-destruction state.
2. Free of Particular Average (FPA )
‘’Institute Cargo Clauses C’’
It covers partial and total losses due to FPA perils. FPA perils include the sinking, stranding, burning or collision of the vessels or catastrophic perils on shore such as earthquake, derailment, collapse of dock, fire, etc.
3.All risks
‘’Institute Cargo Clauses A’’
It is known as extensive coverage. It covers all risks except the exclusions as written below.
Exclusions;
Loss damage or expense caused by inherent vice or nature of the subject-matter insured
Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured
Loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter insured
Loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against
Loss damage or expense arising from the use of any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter.
Loss damage or expense attributable to willful misconduct of the Assured
War, civil war, strike, terror, riots etc…
SPECIE INSURANCE POLICY
This policy covers loss of or damage to valuable property such as cash, valuable documents, jewels, precious metals/stones mining etc...
HULL INSURANCE
HULL & MACHINERY INSURANCE
This insurance covers loss of or damage to the vessels or other sea-and lake-going vessels or other related insurable benefits under the terms and conditions and during the period
of time stated in the policy. General perils covered by the policy:
Perils of the sea rivers lakes or other navigable waters
Fire, explosion, violent theft by persons from outside the vessel, earthquake, volcanic eruption or lightning
Contact with land conveyance, dock or harbor equipment or installation and contact with aircraft, helicopters or similar objects, or objects falling there from
Jettison
Negligence of Master Crew or Pilots
HULL WAR & STRIKES INSURANCE
This insurance is prior to have hull & machinery insurance policy from our company. This insurance for example covers following perils:
Warlike events
Damages by arms, which are left behind after a war, such as mines
Terrorist attacks
Riots and rebellion, caused by striking dockworkers
Seizure or expropriation in times of war
LOSS OF HIRE INSURANCE
Loss of Hire insurance covers the insured for loss of income resulting primarily from physical damage to a particular insured vessel, or under certain special circumstances that prevent the vessel from leaving a port or similar limited area. To have H&M and W&S policy from our company is a obligatory for this policy.
BUILDERS’ RISKS INSURANCE
This insurance provide insurance coverage while the ship and/or vessel and/or yacht are being under construction. The main risks covered by this policy are:
Production risks before bringing the ship in to dock
Risks that may occur during christening and construction
Risks in launching
Risks in delivery to the owner and in test journey
If demanded, earthquake and volcanic eruptions, war, civil commotions and riot may be added to the policy in return for additional premium.
YACHT INSURANCE
This insurance covers loss of or damage to commercially or privately used pleasure crafts under the terms and condition of the Institute Yacht Clauses. The main risks :
Perils of the sea (collision, grounding, capsizing, storm etc)
Fire, lightning, explosion
Earthquake, volcanic eruption
Physical contact with air vehicles
Theft of yacht, boat services , machinery or equipment by force
Debris removal costs
Loss of life and property of third parties resulted by an accident caused by the yacht.
FISHING VESSEL INSURANCE
This insurance covers loss or damage to fishing boats which are longer the 2.5 meters and commercially used for fishing.
TRANSPORTERS’ LIABILITY POLICIES
CMR POLICIES
Within the framework of C.M.R convention and the conditions, terms, limits, exemptions and exclusions stipulated in the insurance contract, this policy covers the liabilities of the transporters.
INLAND ROAD CARRIER’S LIABILITY POLICY
The policy covers the legal liabilities of inland transportation companies in case of a realized risk occurred during the transportation of commodity belonging to their customer with their own or rented vehicle. Inland road carriers liability policy just covers the risks due to the fault of carrier according to Turkish Commercial Law within the conditions and limits of the policy.
FREIGHT FORWARDERS’ LIABILITY (FFL) POLICY
This policy covers legal liability for loss or damage you or arising in connection with Goods in Transit under or by Contract, international convention, Statue or Common Law as carriers, Freight forwarders when such occupations and/or activities and any other occupations and/or activities are expressed in the policy.
BAILIES’ LEGAL LIABILITY POLICY
This policy covers bailies' liability for damages to cargo of others while in the insured’s care, custody and control. It covers liability for loss of or damage to the property of others arising from loading, unloading, stowage and movement of cargo within warehouse.
MARINE LIABILITY INSURANCES
MARINA OPERATORS’ LEGAL LIABILITY INSURANCE
This insurance covers liability imposed upon marina operators by law for loss of or damage to private pleasure watercraft and their motors, the property of others, while in his (their) care, custody or control of the premises Main risks covered:
Repair, alterations or maintenance;
Storage;
Mooring at slips, spaces or buoys rented by the Insured;
Hauling out or launching not in connection with operation A. or B;
Fuelling and miscellaneous servicing of a transient nature.
PORT AUTHORITY LIABILITY INSURANCE
This insurance covers assured shall become legally liable arising out of the assured’s activities as a port authority, port operator or harbor board at the insured location.
SHIPREPAIRERS’ LIABILITY INSURANCE
The policy covers the legal liability of the yard for loss of or damage to vessels which are in the custody, care or control of the assured or on which the assured is working. Cover also ambraces legal liability for loss of or damage to property and/or machineery removed from the ship and also liability for removal of wreck. Acts, claims in respect of the assured’s own or leased property as well as liability arising out of navigation or towage and claims in respect of vessels under construction by the assured.
Credit Insurance
What is credit insurance?
Credit insurance is an invaluable aid to successful national and international business-to-business trade. It covers the risk of financial loss that can occur when trade credit is offered by a business to its corporate customers – thus providing a set period of credit after provision of products or services before payment is due. In these circumstances, there is always a risk of non-payment, either because the customer may be unable or unwilling to pay, or because an unforeseen event prevents successful completion of the sales: for instance, a shortage of the currency of the contract in the customer’s country, or government intervention, or a natural disaster.
Benefits of credit insurance
The essential value of credit insurance is that it provides not only peace of mind to the client, who can be assured that their trade is protected, but also valuable market intelligence on the financial viability of the client’s customers (buyers), and, in the case of buyers in foreign countries, on any trading risks peculiar to those countries . As well as providing an insurance policy that match the client’s patterns of business, we will establish the level of cover that can reasonably be afforded to the client for trade with each individual buyer, by analysing the buyer’s financial status, profitability, liquidity, size, sector, payment behaviour and location. To augment the information that already holds – currently on over 100 million companies worldwide – we also take into account the valuable experience that our client may already have through previous trade with the buyer.
There’s much more to credit insurance, and our country-focused websites show the range of services available to you – and who to contact for more information and advice.
In designing a policy that meets the client’s cover requirements, the Çağatay Brokerage policy underwriter will determine the detail of the policy based upon a fair assessment of the trading risks involved. This will be reflected in, amongst other things, the terms and conditions of the policy, premium payable, insured percentage (i.e share of risk between us and the client), and the maximum credit terms that can be offered by the client.
Çağatay Brokerage’ core business is credit insurance. Since one size does not always fit all we offer credit insurance products that meet the specific needs of SME’s, large domestically operating companies and multinationals.
Small and medium-sized enterprises (SMEs)
For the SME target market we have developed an entry-level product,. It has simple terms and conditions and minimum administrative burdens for the customers to fulfil.
Large companies
For large domestically operating companies we offer which a modular credit insurance policy that provides protection against non-payment and allows our customers to select specific terms and conditions of cover. That can easily be combined with other product offerings, such as debt collection services, to create comprehensive solutions.
Multinationals
Çağatay Brokerage offers a sophisticated tailored credit management solution for multinationals in the form of its Global policy. Customers have access to ‘best-in-class’ feature. Customers can choose between a policy with standard terms and conditions within which the parent company and all subsidiaries operate, and stand-alone policies that accommodate varying performance levels and country conditions.