Euro Insurances provide a full suite of motor related insurance products for both the private and commercial fleet market.
Third Party Liability
Third Party Liability insurance covers the legal liability for Third Party Property Damage and injury or death caused by the insured driver arising from the use of the insured vehicle.
Personal Indemnity insurance covers certain events as a result of death or bodily injury causing a disability to any insured passenger/driver travelling in or getting into or out of the insured car.
Own Damage insurance covers accidental loss or damage, including damage by fire, theft or glass breakage, to the insured vehicle. The cover includes loss or damage to parts and/or accessories in or on the insured vehicle. The service includes vehicle assessment following a loss, claims payment and recovery from Third Parties when not at fault. In addition, Catastrophe cover in respect of Own Damage can also be arranged.
A Catastrophe is a hazard of large loss by reason of occurrence of a peril to which a very large number of insured vehicles are subject. An example would be widespread loss due to a flooding, landslide, hurricane, earthquake or tornado, etc.
Guaranteed Auto Protection
This insurance covers the difference between the actual cash value, (as in wreckage - or market value, in case of a stolen vehicle), and the book value of the vehicle. In the event that the insured vehicle becomes an “insurance write-off”, Guaranteed Auto Protection will pay the difference between the amount paid by the insurance company and any finance outstanding on the insured vehicle.
Legal Assistance (or Defence)
This insurance provides assistance when the insured party wishes to commence legal action for damages against liable third parties.
Used Car Guarantees
Euro Insurances also offers Used Car Guarantees for up to two years to private individuals. This cover allows private individuals buying a used car to increase residual value and to aid steering of maintenance and repairs towards our preferred supplier network.
Solvency II; Is it about risk?
The Solvency II framework will without any doubt ensure that risks are more comprehensively managed by the insurance industry as a whole. The widely quoted challenge regarding data capture and system enhancements will also be a daunting challenge many insurers need to face. However, behind all of this there is a key notion that seems to be forgotten; it is also about creating a competitive edge!