Security Company Liability

security company liability

GENRIC Insurance Company Limited offers a specific product which focuses on providing liability insurance cover developed for the unique needs of the security industry.

Security companies, whether they be full service guarding, cash-in-transit, alarm and electronic protection system installers, special event guarding services or providers of all these services, face the risk of significant damages claims and legal costs resulting from liability exposures.

These claims can be of a magnitude that may bankrupt a security company if it has none or inadequate security liability cover. An important aspect to remember is that of litigation – we will mount a vigorous defence of our client in instances where it is justified.

We place enormous emphasis on the client’s risk management and processes in place. It is our belief that insurance cover should only be called upon in extreme circumstances and adequate risk management procedures should be in place to mitigate or avoid all other potential liabilities to the client.

Our success is vested in our knowledgeable underwriters who review all procedures put in place by prospective clients, as well as their general contracts, to ensure that the client is not leaving themselves open to admission of liability unreasonably or unfairly.

Cover Provided:

General Public Liability

  • The insured is indemnified in respect of liability for and/or arising out of injury and/or property damage but not against liability arising out of or in connection with pollution, any product, security claims or professional negligence.
  • The cover can be extended to include Defamation, Statutory Defence Costs and Employers Liability.

Pollution Liability

The insured is indemnified in respect of liability for and/or arising out of injury and/or property damage arising out of pollution, which was as a direct result of a sudden, specific and identifiable event and which was not the result of the Insured failing to take reasonable precautions to prevent such pollution. 

Products Liability

The insured is indemnified in respect of liability for and/or arising out of injury and/or property damage arising out of or in connection with any product.
The cover does however exclude Product Guarantee, Product Recall, Aircraft Products and Product Warranty.

Security Claims

The insured is indemnified in respect of liability for claims arising out of:

  • Injury to persons
  • Damage to property on or in the vicinity of the security site and in the care, custody or control of the insured or which would, but for the failure of the insured to provide the necessary security personnel, have been in the care, custody or control of the Insured
  • Wrongful arrest of persons whilst the security personnel are carrying out their duties in the provision of the security services

Professional Negligence

The insured is indemnified in respect of liability for claims arising out of injury to persons and/or damage to property arising out of professional negligence, but only in respect of training centres or recognised medical personnel.

Benefits To Policyholders:

There are a number of factors that have led to the increasing need for Professional Indemnity cover and these include:

  • Bespoke wording for the industry
  • This type of Insurance is usually difficult and expensive to obtain
  • Risks covered under our policies are not usually covered by the general insurance market
  • Access to and support of international markets
  • Excellent Reinsurance backing
  • Costly liability claims do not influence other commercial exposures or insurance covers
  • Provision of certificates for tenders
  • Streamlined processes with fantastic turnaround times
  • Unique approach to risks of this nature

This is only a guide. The full terms and conditions are contained in the policy wording.