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FREQUENTLY ASKED QUESTIONS
Choose a category:
| 1. | I am just getting my business started. Do I need insurance right away? |
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Yes. The chance of suffering a loss begins from the very first day of business. It is advisable to be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they may cause.
| 2. | I do not have any major business assets. Why do I need insurance? |
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Every business has some property. When you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income. Generally, there are two types of insurance - property and liability. Liability insurance covers the legal liability which arises when a third party or an employee sues you for damages caused by you or your possessions (other than a vehicle covered by your insurance policy), the cost of the suit would be covered by your liability insurance.
| 3. | Who is covered under the Commercial Plan policy? |
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Retailers and traders (such as shopkeepers, offices, wholesalers and restaurants, etc.) covering various risks under one policy.
| 4. | What information must be provided for a quote to be obtained? |
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An appropriate proposal form must be completed. The information provided must include the trade or business in question, sums insured and any applicable limits, the overall layout of the premises, the security afforded by the premises, past insurance and loss history.
| 5. | Which sections are compulsory under the Commercial Plan policy? |
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In addition to any of the sections of the policy, the client must opt for either Section One “Trade Contents", or Section Nine "Buildings".
| 6. | What is the scope of cover under the Commercial Plan insurance policy? |
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The Commercial Plan policy consists of eleven sections:
Section 1: Trade Contents
Section 2: Loss of Income
Section 3: Money
Section 4: Personal Accident Assault
Section 5: Public Liability
Section 6: Tenants Liability
Section 7: Employers' Liability
Section 8: Plate Glass
Section 9: Buildings
Section 10: Deterioration of Stock
Section 11: Goods In Transit
| 7. | What are the benefits of a combined policy? |
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It is less costly from an administration point of view, it involves one premium and one renewal date and there is less chance of overlooking any form of cover.
| 8. | What is the procedure in the case of a loss? |
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The insured person is to inform the insurance company immediately on the discovery of the incident. The company may be informed via telephone, fax, e-mail or post. An appropriate claim form must be completed within 30 days of the incident. All relevant documentation must be attached to the claim form.
| 9. | What is an insurance policy? |
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| 10. | What is a contract of insurance? |
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It is an agreement of good faith between the insurer and one or more parties, called the insured, whereby the insurer undertakes in return for the payment of a certain consideration, called the premium, to pay to the insured a certain sum of money or to grant certain compensation on the happening of a specified event.
| 11. | What is a certificate of insurance? |
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It is a document that provides evidence of insurance, especially in the case of motor insurance, where it is required by law, and may be requested by the police and licensing authorities. It is also used in travel insurance and in some marine cargo insurance as evidence for particular shipments which are covered under a block policy or open cover. This is a very important document and is not transferable to other persons.
| 12. | What is a proposal form? |
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This document contains a set of questions requesting personal details and the risks you would like to cover. The form is completed prior to the purchase of an insurance policy. The proposal form must be signed and a copy kept.
| 13. | What is a summary of cover? |
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| 14. | What is a policy term? |
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It is the sum paid to an insurance company for the insurance protection provided by a policy of insurance.
| 16. | What are "exclusions" or "exceptions"? |
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Specific conditions or circumstances listed in the policy for which the policy will not provide cover.
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It is a request for payment of a loss, which may be included under the terms of an insurance policy.
| 18. | How do I lodge a claim? |
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To lodge a claim, obtain a claim form either by calling (356) 21339110, writing to Bonnici Insurance Agency Ltd, 222, The Strand, Gzira GZR1022, sending a fax to: (356) 21310390 or emailing claims@bonniciinsurance.com.
You can also download the respective Claim Form from the Claims section. Please click here for the Personal Insurance Claim Forms and here for the Business Insurance Claim Forms.
Retain your insurance policy and all necessary documents to support your claim. Instructions on how to proceed are included in the claim form.
| 19. | What is the "sum insured" in a home policy? |
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| 20. | How do I calculate the value I should insure my home for? |
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The Buildings are insured on a reinstatement basis. This means that your Buildings' sum insured should represent the full rebuilding cost at the time of reinstatement.
The Bonnici Home Policy provides cover on Contents on a New for Old basis. As a result the Contents sum insured should be adequate to replace all your contents as new at the time of the loss.
| 21. | How do I draw up a home inventory, and why? |
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Having an up-to-date home inventory will help you settle your insurance claim faster and will be of assistance to purchase the correct amount of insurance.
Go through your home, from room to room, and make a list of your possessions, describing each item and noting where you bought it, its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have.
| 22. | What is covered under the "Third Party Liability"? |
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This section covers you and your family members against legal liabilities, as an owner, tenant or occupier of a home, that arise if an accident causes bodily injury or property damage to a third party. This cover applies in and around your home and is subject to a limit. The buildings section covers your liability as the owner of your home whereas the contents section covers you as the occupier of your home.
| 23. | What does "All Risks" cover offer? |
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It provides cover if personal effects are accidentally lost, damaged or stolen while they are in your home or whilst they are temporarily removed from anywhere else in the Maltese Islands.
| 24. | How do I lodge a home claim? |
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Contact you insurer at your earliest. Ask if a survey is required and obtain a claim form. Complete the form and sign it. Submit it to your insurer and keep a copy.
If you have a liability claim, advise your insurer of any impending prosecution you are aware of.
If you are the victim of a theft or your home has been vandalised, obtain a police report. After the police have seen the premises, take reasonable steps to protect your property from further damage and make it as secure as possible. Keep copies of receipts if costs are incurred to present to your insurers.
If you have suffered water damage, try to minimise the loss or damage by removing the water, shutting off the water supply or drying out the damaged items. Refrain from throwing away damaged items or starting repairs without referring to your insurer.
Draw up a list of damaged items to and substantiate your loss and photograph or videotape the damage. Prepare a home inventory, make a copy for your professional surveyor or architect and supply him/her with copies of receipts of the damaged items. Keep records of expenses incurred.
| 25. | There are three types of Motor cover: |
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1.Third Party Only
- This cover is the minimum required by law. It covers your liability to third parties for injury or damage to property arising from the use of your car anywhere within the EU, Norway, Switzerland, Iceland and Liechtenstein.
2. Third Party Fire and Theft- In addition to Third Party liability cover, you can also protect yourself against loss or damage to your car caused by fire or theft.
3. Comprehensive- It protects you against accidental damage to your vehicle in addition to the cover described above.
| 26. | What determines the price of my motor insurance policy? |
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The cost of motor insurance cover will be greatly influenced by:
a. The age, condition and type of vehicle - If you require cover beyond Third Party Only, the condition and age of your vehicle will affect the availability of spare parts and repair costs.
b. The age of the drivers - This is not just your age but that of any person you allow to drive your car.
c. Your past accident record - A clean driving record will result in a lower premium than that for a person with a track record of accidents or serious traffic violations.
d. The purpose of the car - Social, domestic and pleasure purposes, business purposes, commercial purposes, etc.
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This is the amount of each claim that you pay yourself. Generally, you are subject to €58.23 (Lm25) excess for third part liability or damage claims. If the driver is under 25 years of age the excess tends to be higher. For claims under the theft sections, the excess could be in the region of €232.94 (Lm100).
| 28. | What is a "No Claims Discount?" |
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| 29. | Will I lose my No Claims Discount when I claim? |
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If you have the minimum cover of Third Party Only and you lodge a claim, you will lose your No Claims Discount (NCD). However, if you have a higher level of cover such as Third Party Fire and Theft or Comprehensive, then you will only lose part of your NCD if you make one claim.
| 30. | What should I do if I am involved in an accident? |
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If there are casualties call an ambulance immediately. If there are injured persons or if government property is involved, call the police. If you have a camera in your car, take photographs of the accident. Take photos from different angles. Give a copy of the photos to your claims handler.
If it is a front to rear collision "bumper to bumper", make sure you fill in the relevant form at the scene of the accident. If you do not have a form, you may obtain it from your insurer or insurance intermediary. The form is in duplicate. Keep a copy of the form for your own records. If the accident is not front to rear, call the police.
| 31. | How do I lodge a motor claim? |
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To lodge a motor claim, call Bonnici Insurance Agency Ltd at your earliest. If you were involved in a front to rear collision provide a copy of the front to rear collision form and any photos of the accident scene you may have.
If you were not involved in a front to rear collision you will be required to complete a claim form, sign it and keep a copy. Provide any additional information you may have collected at the accident scene.
| 32. | If I am injured or sustain illness while abroad, during the period of insurance, will my medical expenses be covered? |
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Bonnici Insurance Agency Ltd will pay you or your legal representative the cost of treatment, including that of medical supplies and ambulance hire, and reasonable additional expenses for accommodation and travel which you might incur as a result of having to stay beyond your intended return date or due to being unable to use your return ticket. The additional expenses include the expenses of one relative or friend required on medical advice to travel with, remain with or escort you. Please check your travel policy for exclusions.
| 33. | What is the procedure in the event of delayed baggage while abroad during the period of insurance? |
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If your baggage is temporary lost or delayed and not returned to you for at least 12 hours from the time of arrival at your destination on your outward journey during the period of insurance, Bonnici Insurance Agency Ltd will pay the costs incurred to purchase emergency essential items.
| 34. | Will I be covered in the event of losing my passport and/or travel ticket while abroad? |
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The Company will pay the costs incurred by you for additional accommodation and the required travel expenses incurred if you lose your passport and/or ticket during the period of insurance while abroad.
The lost passport must be reported within twenty- four (24) hours from discovery
a. To the Police
b. To the consular representative of the relevant issuing country.
| 35. | How do I lodge a claim under my travel insurance policy? |
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Report any losses or thefts to the police authorities of the country in question. If a loss or theft occurred in a particular establishment such as your hotel, report it to the hotel management within 24 hours of your discovering the loss. Keep a copy of the police report to present to your insurers on your return.
If your baggage is lost or gets damaged during the flight, report it at the airline desk prior to leaving the airport. You will be given a Property Irregularity Report that you will need to present to Bonnici Insurance Agency Ltd Should you discover the damage after leaving the airport, notify the airline in writing within seven days. This also applies to other forms of travel (by sea, train, etc.)
Keep the receipts of all expenses incurred as a consequence of the event which you might claim on your return. These could include the cost of replacing essential personal effects or receipts of the purchase of foreign currency.
| 36. | How do I choose health insurance cover? |
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There are three levels of cover:
> Basic Scheme
> Hospital Scheme
> International Scheme
To assist you to choose the level of cover that is right for you kindly view the 'summary of cover' under the health insurance section.
Should you require further information you can either call us on 21339110, email us on info@bonniciinsurance.com, fill in your contact details in the 'contact us' form or fill in your phone number in the 'request ring back' button.
Our representitive will discuss with you all the options available and answer any questions you might have.
| 37. | Are the mentioned health insurance policies valid in Malta only? |
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The BASIC SCHEME and the HOSPITAL SCHEME are designed to give cover in Malta only.
However if you or members of your family require emergency treatment whilst overseas, then the scheme will cover the eligible cost of treatment up to the same level as what would have been paid had the same treatment been received in Malta.
The INTERNATIONAL SCHEME is valid anywhere in the world except USA and Canada.
| 38. | Can anyone join these mentioned schemes? |
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| 39. | How can I save on my annual premium? |
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You may reduce your annual premium by either applying for an excess and / or by purchasing an 'In-Patient Only' scheme.
| 40. | How does an excess work? |
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An excess is the amount of each and every claim that you will have to pay. The choice of an excess enables you take advantage of a further reduction in your annual premium.
Upon presentation of a claim we would still need to have all the relative original documentation as evidence of the costs of the treatment you have undergone. This will enable us to assess your entitlement under the applicable scheme and table of benefits. Once your entitlement is calculated we pay our own proportion of the claim and you will bear the percentage applicable in your case. The amount of the entitlement is deducted from the annual benefits under your scheme and the balance remaining may be utilised for any future treatment for the year.
In the case of treatment requiring hospitalisation, a request for direct settlement is usually made by the hospital to us. In the case that an excess is applicable, we will advise the hospital that such an arrangement applies and confirmation of direct settlement shall be made for our own proportion of the Treatment costs.
| 41. | Is my health insurance cover renewed every year? |
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We will write to you at least 28 days before your renewal date, and your annual cover will be renewed upon payment of the renewal premium.
| 42. | What is the difference between a traditional health insurance scheme and an in-patient only scheme? |
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A health insurance policy usually offers a refund for all eligible medical costs for the treatment of acute medical conditions both on an in-patient and on an out-patient basis.
By removing the out-patient benefits, a substantial discount may be applied to standard premiums.
| 43. | Will the price go up if I claim? |
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| 44. | Can I add other members of my family to my policy? |
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You may apply to add your spouse / partner and / or your children including newborns as dependants onto your policy at any time.
| 45. | May I change my type of policy during the year? |
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A health insurance policy is an annual policy and any change in cover, such as upgrading or downgrading of schemes, may only be effected on the annual renewal of your policy.
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