State Insurance Company (SIC) Ghana General Accident Insurance

SIC’s General Accident Insurances generally covers unforeseen, accidental and sudden loss of or damage to property and injury/death to persons.

SIC has Four classes of General Accident Policies:

  • Insurance of the person
  • Property insurance
  • Pecuniary insurance
  • Liability insurance
  • Insurance of the Person

These include policies such as;

Personal Accident
Family Personal Accident
Group Personal Accident
Foreign Travel Insurance

The Personal Accident Policy:

Covers an individual against death or bodily injury caused solely by violent, accidental, external and visible means.

Family Personal Accident Policy

Covers a family that is, the spouses and children between the ages of 2 and 18 years against death or bodily injury caused solely by violent, accidental, external and visible means.
Group Personal Accident Policy
Covers a group of persons, for example a group of employees against death or bodily injury caused solely by violent, accidental, external and visible means.
Foreign Travel Insurance Policy
Covers the insured persons against death or bodily injury caused solely by violent, accidental, external and visible means in the course of their travel.
  • Property Insurance

These include policies such as;

Contractors All Risk and Erection All Risk
Bankers Indemnity
Pedal Cycle
Machinery Breakdown
Electronic Equipment

Contractors All Risks & Erection All Risks Policies

The policies cover material damage to works against unforeseen and sudden physical loss for damage from any cause other than those excluded under the policy. There is also a third party liability cover up to and not exceeding the amount specified for which the insured shall be legally liable consequent on: –

  • Accidental bodily injury or illness to third parties
  • Damage to property belonging to third parties. The policies pay all legal costs and expenses of third parties and all expenses and costs incurred with the written consent of the insurer.
Cover can also be extended for the loss of or damage to contractor’s plant and machinery used for the construction/erection.
Bankers Indemnity Policy (BIP)
The policy indemnifies banks for accidental losses or damage sustained within stated limits under the various insuring clauses of the policy, which includes: –

  • Infidelity of Employees
  • Premises Risk
  • Transit Risk
  • Forged Cheques
  • Forged Securities
  • Counterfeit Currencies
  • Damage to Offices and Contents
  • Professional Negligence
  • Loss of documents
Burglary Insurance
There are two separate policies under this insurance i.e. Burglary Business Premises and Burglary Private Residence. Both policies, however, cover loss of property and damage to premises and property by theft or any attempt thereat consequent upon actual forcible and violent entry into premises.
Pedal Cycle
Provides a comprehensive cover against loss or damage to the insured bicycle. It covers third party liabilities i.e. bodily injury to third parties and damage to third property. All legal costs and expenses are paid as well as all costs and expenses incurred with the written consent of the insurer.
Machinery Breakdown & Construction Plant and Machinery
The policies cover unforeseen and sudden physical loss or damage from causes such as defects in castling and material, faulty designs or from any other causes not specifically excluded in a manner necessitating repair or replacement or cash payment whilst the machine is at work, at rest or being assembled.
Electronic Equipment
The cover indemnifies the insured for loss or damage resulting from causes such as negligence, operation, willful act by third parties, explosion, implosion, over voltage, under voltage. The cover applies whether the insured items are at rest, at work or being dismantled.
Goods-In-Transit Policy
This Policy provides indemnity to the insured against loss of or damage, whilst the property is in transit, is being loaded onto or unloaded from the vehicle caused by any accident or misfortune not excluded by this policy.
  • Pecuniary Insurance

These include policies such as;

Cash-in-transit and Cash-in-Safe
Fidelity Guarantee
Public Liability

Cash-In-Transit Policy

Covers loss of money being transported from one place to another. The policy can be extended to cover cash in a locked safe.
Fidelity Guarantee Policy
Indemnifies the employer against direct financial loss resulting from acts of dishonesty of the employees.
  • Liability Insurance

These includes policies such as;

Workmen’s Compensation
General Liability
Products Liability
Professional Indemnity

Workmen’s Compensation Policy

Indemnifies the employer against his legal liability for injuries to his employees resulting from accidents occurring in the course of their employment. Workmen’s Compensation Act 1987 makes it compulsory for any Employers of labour to set aside funds to compensate any worker who may be injured at work place whether or not the Employer is guilty.

The 1987 Act was an improvement on the earlier Acts in many ways e.g.

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  • The minimum number of 5 days to qualify for accidental injury benefit was quashed.
  • The maximum working limit of compensation under the old Law has been increased to ¢560,000.00 for death and ¢896,000.00 for total permanent incapacity respectively.
  • The definition of a worker has been expanded to include any person who receives salary or wages except an outworker, a tributary, and a family member of the employer living with the latter or where the Law prohibits as a worker.
Besides, compensation for bodily injury there is provision for payment of Medical Expenses as a result of the injury.
An employer may choose to insure his liability under the Act and in addition can extend his liability to cover claims under Common Law.
General Liability Policy
Insures business concerns/establishment against their legal liability in respect of death or bodily injury to third parties and losses/damage to third party property. For example, an insured’s liability to a client going to the insured’s office that falls and injures himself from a faulty staircase may be compensated under this policy.
Products Liability Policy
Covers the insured’s legal liability arising from defects in products manufactured or supplied by him.
Professional Indemnity Policy
Covers a professional against his legal liability to third parties incurred whilst engaged in his profession. For example, a patient instituting a claim against a Medical Officer who negligently prescribed a wrong drug to him. The Medical Officer may fall on his professional indemnity insurers to bail him out.