Croesus Limited

 

Telephone: + 675 320 0630

Facsimile: + 675 320 0604

 

Head Office located:

Level 5, Defens Haus,

Cnr Hunter Street & Champion Pde

PO Box 1988 Port Moresby, NCD,

Papua New Guinea.

email: msaunders@croesus.com.pg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The concept of insurance is fairly simple it involves paying someone (the insurance company) to take on a certain risk. When you buy an insurance policy, you agree to pay a premium (the cost of the insurance) to an insurer.

The insurer, in turn, agrees to pay a specified amount of money in case something covered by your insurance is damaged, lost, or stolen.

For example, those of us who own cars are required to carry Motor Vehicle insurance.

We pay the premiums, whether or not we have accidents. When we do have an accident, our insurer is responsible for paying the bills related to the accident, in whatever amount is specified in the insurance policy.

You can buy insurance to cover almost any risk , the risk that you will die, or that you will become ill and require medical attention, or that you will have a car accident, among others.

When you buy insurance, there are lots of things to think about specific risks you are actually facing, where you are in your life, how much insurance coverage you can afford, and other factors. So before you get started making decisions about buying insurance, it’s helpful to know something about each of the types of insurance that are available to you.

 

There are several different categories of insurance:

 

 

Property Insurance - pays a benefit if your property is damaged

 

 

Liability Insurance - provides you with insurance protection if you are found to be at fault and cause damage to someone’s health or property

 

 

Workers Compensation - In the event of a work related injury, workers compensation insurance is designed to cover the cost of the injured worker’s medical treatment and rehabilitation in an effort to return the injured worker back to the workplace as soon as practicable. Workers compensation insurance provides workers who have suffered a work related injury with:
• weekly compensation payments based on their pre-injury earnings
• medical and hospital expenses and rehabilitation treatment.
• certain personal items (e.g. clothing and spectacles if they were lost or damaged in a work related accident);and
• lump sum payments for permanent injuries.

 

Engineering Insurance - This policy provides 'All Risks' cover for all civil engineering projects of any size. Material Damage to contract works, construction plant and equipment, construction machinery. Third Party Liability for accidental injury or illness or accidental damage to property.

 

Accident & Health Insurance - pays you income if you are unable to work and covers certain medical expenses and prescription medications

 

Marine Cargo Insurance - provides protection against loss or damage to goods and livestock in transit by sea. A wide range of covers are available to suit the circumstances and requirements of cargo owners and others within the transport chain ie carriers.

 

Marine Hull Insurance - provided by Croesus is a plain language policy providing cover for charter vessels, tug boats, barges and small work boats operating within 200NM from the Papuan coastline.

 

Motor Vehicle Insurance - For damage caused to someone else's vehicle or property as well as your vehicle as a result of an accident or fire. Comprehensive motor insurance also covers your vehicle for theft. In the event of a total loss, you may be entitled to a brand new replacement car depending on the age of the vehicle.