Speciality Insurance

PAIB offers specialised insurance products for more unique and complex risks such as engineering and construction, marine and transit risks, trade credit guarantees and cyber insurance solutions.
  • Cyber Insurance
In today’s world it is virtually impossible for any business to function without connecting to the world wide web. This fact combined with the number of smartphone users globally create a breeding ground for cyber-crime.

PAIB recognises the profound consequences that cyber risks could have on a business, particularly those that may not have the resources or knowledge to deal with such an event. This is why we offer a combination of first- and third-party cyber cover that responds to a data breach or a cyber incident (see below for definitions)

Data breaches
A data breach means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data or confidential information transmitted, stored or otherwise processed on your computer systems or the computer system of a service provider.

Cyber incidents
A cyber incident is a malicious act, malware, human error, DoS attack, theft of data, having an impact on your computer system or the computer system of a service provider or a reasonable suspicion of the same.
  • Contractors All Risk Insurance
Insurance structured to cover all the parties involved in construction projects and all the equipment being used on site. Our CAR product offering caters for both minor and major projects following accidental, sudden and unforeseen physical loss or damage to works under construction. We are able to provide insurance cover for risks ranging from commercial developments (shopping centres and office blocks), civil infrastructure (sewer and water reticulation, dams, roads) and residential development (domestic housing and estates).

Our EAR product offering caters for transit and erection risks and can be customized to cover damage caused by Weather Conditions, Fire, Explosion, Accidental Damage, Theft, Public Liability, PLANT ALL RISK (BAR), Machinery Breakdown, Replacement Hire Charges, Electronic Equipment and Cyber Incidents.
  • Trade Credit Gaurantees
Protect your business from the effects of non-payment from your customers trading on credit terms. Trade credit insurance helps protect you if customers fail to pay for goods or services provided on a credit basis (where the buyer pays at an agreed future date), usually due to insolvency or lack of funds.

We recommend it for any business dealing on credit terms - whether you are supplying goods, providing services, or operating in a contracting environment with unfamiliar customers or export markets.

Benefits of trade credit insurance:
• Supports growth by safeguarding cash flow.
• Helps unlock access to financing.
• Enables you to trade with confidence.
• Optimises your business's working capital.
• Protects one of the most important assets on your balance sheet.
• Your business gets paid if your customers/buyers become insolvent while owing you money.

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