Contractors All Risk Insurance
Erection All Risk Insurance
Industrial All Risk
Property Insurance
Terrorism Insurance
Loss of Profit / Revenue / Rent
Directors’ and Officers’ liability
Commercial General Liability
Group Health Insurance
Group Personal Accident Insurance
Group Overseas Travel Insurance
Group Term Life Insurance
Key-man Insurance
Workers Compensation
Pollution Legal Liability
Crime / Fidelity Insurance
Marine Transit Insurance
Title Insurance
A construction site is susceptible to all sorts of accidents. Losses can mount from pilferage, theft, damage, legal claims and more. This policy provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, damage that happens during a renovation, damage to temporary work erected on-site and physical loss or damage to the contract works, construction plant & equipment or machinery. CAR insurance coverage is common for such construction projects as buildings, water tanks, sewage treatment plans, flyovers and airports.
Typically, both contractor and employer jointly take out CAR insurance policies, with other parties such as financing companies having the option of being named to the policy. Because multiple parties are included in the policy, each can retain the right to file a claim against the insurer, although all parties have the duty of informing the insurer of any injuries and damages that may result in a claim.
Coverages:
Risks often covered under a CAR policy include Fire perils, flood, earthquakes, water damage and mold, construction faults and negligence. They typically do not cover normal wear and tear, willful negligence or poor workmanship.
The policy can also be expanded to cover the following events:
  • Additional custom duty
  • Air freight
  • Damage to surrounding property
  • Debris removal
  • Escalation
  • Loss due to breakage of glass
  • Maintenance visits
  • Provision for escalation
  • Terrorism
  • Architect and Surveyor Fees
  • Third-party liability
Insured’s legal liability for compensation in respect of personal injury or property damage to third parties arising from the contract works is covered
A maintenance period is usually incorporated in most CAR policies and it is normal for the policy to cover this period in addition to the period of construction. The maintenance cover is for loss or damage to the works occurring during the maintenance period stipulated in the provisions of the maintenance clauses in the contract relating to the works.
The cover begins from the start except for items of Construction Plant and the like. These are generally covered only after they have been unloaded at the site. The cover terminates when the completed project is handed over or any completed part is taken over or put into service.
EAR policies are designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury (BI) or property damage (PD) arising out of these operations.
Examples of the types of projects for which EAR coverage is typically purchased include power plants, manufacturing and fabrication facilities, water and wastewater treatment facilities, and telecommunications centers (particularly where the erection of signal towers is involved). Some insurers combine EAR and contractors all risks (CAR) coverages into one form. Although these terms are sometimes used interchangeably, there are some substantive differences.
Coverage :
  • Fire, explosion, lightning, aircraft damage
  • Earthquake, Flood, storm, cyclone, landslide and allied perils
  • Riot, strike, malicious act
  • Faults in erections
  • Faulty workmanship,
  • Negligence, lack of skill, lack of experience
  • Excess pressure or vacuum, destruction due to centrifugal force
  • Burglary and theft
  • Human errors, act of negligence
  • Electrical and mechanical breakdown
  • Short circuiting, arcing, excess voltage
  • Collapse, damage due to foreign objects, impact damages
  • Any other sudden, unforeseen, accidental damages not explicitly excluded
EAR insurance cover can be extended to cover the following:
  • Removal of Debris
  • Surrounding property
  • Errors and Omissions
  • Loss minimization expenses
  • Professional Fees
  • Automatic Reinstatement of Sum Insured
  • Expediting Expenses
  • Prevention of Access
  • Offsite storage and fabrication
  • Removal to place of safety
  • Time Adjustment (72 Hours clause)
  • Waiver of subrogation
  • Free issue materials
  • Extended Maintenance etc.
Industrial All Risk Insurance is an exclusion based package policy without any named perils. In this policy specific exclusions are incorporated with reference to the operating perils and properties. That means whatever is not excluded, is covered under this Insurance.
All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.100 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.
Material Damage
  • All Risk cover including Standard Fire & special perils viz Lightning, Explosion, Implosion,
  • Aircraft damage, impact damage, Riot strike & malicious damage, Storm , tempest, flood, inundation, cyclone, typhoon, hurricane, tornado, Subsidence and landslide including rockslide, eakage from automatic sprinkler Installation, Bursting, etc
  • Theft & Burglary
  • Machinery Breakdown ‐ Mechanical and Electrical Breakdown
  • Boiler explosion ‐ Explosion and implosion of boiler and pressure plants, Explosion due to smelt water reaction for waste heat boilers, Flue gas explosion.
  • Electronic equipment insurance – Breakdown and all risk coverage of electronic equipment.
  • Transit risk and loading – unloading risks within the premises
Business Interruption
  • Loss of Profit due to Fire and Allied Perils
Machinery Loss of Profit
  • Loss of Profit or business interruption due to machinery breakdown
  • Advantages of IAR policy
  • Under insurance up to 15% is waived
  • Reduced flat rate is applicable for Machinery breakdown cover
  • Transit risk within the premises is covered
  • Burglary & other accidental damage cover
  • No depreciation is deducted
  • Breakdown of Machinery, Electronic Equipments & explosion risk of Boiler are covered.
  • So there is no need for separate MB, EEI & BPP policy (all insurance companies do not cover EEI)
  • Property of any kind whether manufacturing units,warehouses, shops, schools, hotels, hospitals, offices, residential, storage units, trading and services or c9ommercial complexes could be exposed to loss or damage due to Fire & Allied Perils Insurance and Fire Consequential Loss. In addition, we offer package policies against risks of burglary, money, employee Infidelity, all Risk Insurance (for portable equipment), machinery breakdown Insurance (for plant & machinery), electronic equipment insurance, plate glass, travel baggage covers etc..
    Standard Fire and Special Perils
    Perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide including landslide, riots, strikes, malicious damage, missile testing operations. Other perils which can be insured as add-on covers are earthquake, terrorism, removal of debris, spontaneous combustion etc.
    Consequential Loss of Profit
    This policy covers loss of profits of a business due to reduction in turnover caused by a loss or damage covered under Standard Fire Insurance. This also includes cover for Increased Cost of Working following the loss of standing charges.
    Burglary Insurance
    To the insured’s premises or contents caused by actual or attempted burglary/robbery (excluding valuables unless specifically insured).
    Insurance Money in Transit
    Loss of money in transit to the specified destinations against robbery, theft or any other unfortunate event. Transit for the purpose of this policy commences with the taking over of the money for the purpose of transit and ends as soon as the money reaches the place of delivery.
    Insurance Money in Safe
    Loss of money that is kept in safe which have to be paid as salaries towards employees or petty cash kept in safe.
    Fidelity Insurance
    Any direct pecuniary loss caused by the act of fraud or dishonesty committed by any salaried person employed by the insured during the course of the business provided: Such loss is committed by the employee with the primary intention to obtain personal financial gain and such loss is first discovered during the policy period
    Machinery Breakdown
    This section covers breakdown of any business appliances such as photocopying machine, deep freezers, money counting achines, AC’s, chillers, DG sets, lifts/elevators, sewage treatment plan, water treatment plan, etc. solely as a result of electrical or mechanical breakdown.
    Breakdown of Electronic Appliances
    This is an all risk cover and losses or damages due to any cause other than those specifically excluded are covered. Damage to media data and cost of reproduction of lost data can also be covered. Items insured under this section need not to be insured under Fire & Burglary sections.
    Neon / Glow Sign
    Covers any losses or damage due to accidents, fire and allied perils, riots and strikes to the neon / glow signs.
    All Risks (portable equipment)
    Insures the risk of accidental damage to portable equipments such as laptops and other electronic equipments, test & measuring instruments, etc. Also covers these equipments at any location and including whilst in transit in the personal custody of the employees of the business.
    Plate Glass
    Fixed plate glass in the interior of the business premises is expensive and is prone to accidental and/or malicious breakage. Plate glass insurance covers the risk of accidental damage to plate glass installed in the business premises. It covers repair/replacement of such glass and reasonable costs.
    In today’s volatile world, after the occurence of events such as the Mumbai Taj Mahal palace attack, 2013 Hyderabad Blast and other terrorist strikes around the world, global terrorism coverage is essential. This product offers a global solution to the risk of damage caused by act of terrorism.
    A terrorist attack can occur anytime, anywhere, with devastating consequences impacting not only those directly targeted but also those operating within the surrounding community. With the right protection, these damages an be limited and the security of having an insurance cover is comforting.
    Businesses do not need to be specifically targeted to suffer the impact of a terrorist attack.
    ISIS continues to threaten India as primary target. Recent terrorist attacks in the United States, Canada, France, Brussels and the United Kingdom illustrate ] the ongoing risk, harm and frequency of global terrorism.
    Coverages:
    • Covers worldwide property damage – Commercial and Residential resulting from terrorism and sabotage, including the risk of business interruption;
    • The coverage also includes debris removal costs.
    • Covers ingress/egress and service i
    • This coverage is provided either on full value or first loss basis as requested by the client
    • Material Damage – On all real & personal property of the insured or in insured’s care or custody or control or held by Insured in trust or commission for which they are responsible whilst situated at the specified locations including but not limited to building, contents, equipment, machinery, furniture, fixtures, fittings, plinth & foundation, road, leasehold improvements, stock, office c
    • Gross Profit / Rental / Revenue insured.
    • Loss due to denial of access by civil or military order.
    • Contingent business interruption.
    • Looting following an insured event.
    • Loss of valuable papers and records.
    • Increased cost of construction.
    • Professional fees.
    Property of any kind whether manufacturing units,warehouses, shops, schools, hotels, hospitals, offices, residential, storage units, trading and services or c9ommercial complexes could be exposed to loss or damage due to Fire & Allied Perils Insurance and Fire Consequential Loss. In addition, we offer package policies against risks of burglary, money, employee Infidelity, all Risk Insurance (for portable equipment), machinery breakdown Insurance (for plant & machinery), electronic equipment insurance, plate glass, travel baggage covers etc..
    Standard Fire and Special Perils
    Perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide including landslide, riots, strikes, malicious damage, missile testing operations. Other perils which can be insured as add-on covers are earthquake, terrorism, removal of debris, spontaneous combustion etc.
    Consequential Loss of Profit
    This policy covers loss of profits of a business due to reduction in turnover caused by a loss or damage covered under Standard Fire Insurance. This also includes cover for Increased Cost of Working following the loss of standing charges.
    Burglary Insurance
    To the insured’s premises or contents caused by actual or attempted burglary/robbery (excluding valuables unless specifically insured).
    Insurance Money in Transit
    Loss of money in transit to the specified destinations against robbery, theft or any other unfortunate event. Transit for the purpose of this policy commences with the taking over of the money for the purpose of transit and ends as soon as the money reaches the place of delivery.
    Insurance Money in Safe
    Loss of money that is kept in safe which have to be paid as salaries towards employees or petty cash kept in safe.
    Fidelity Insurance
    Any direct pecuniary loss caused by the act of fraud or dishonesty committed by any salaried person employed by the insured during the course of the business provided: Such loss is committed by the employee with the primary intention to obtain personal financial gain and such loss is first discovered during the policy period
    Machinery Breakdown
    This section covers breakdown of any business appliances such as photocopying machine, deep freezers, money counting achines, AC’s, chillers, DG sets, lifts/elevators, sewage treatment plan, water treatment plan, etc. solely as a result of electrical or mechanical breakdown.
    Breakdown of Electronic Appliances
    This is an all risk cover and losses or damages due to any cause other than those specifically excluded are covered. Damage to media data and cost of reproduction of lost data can also be covered. Items insured under this section need not to be insured under Fire & Burglary sections.
    Neon / Glow Sign
    Covers any losses or damage due to accidents, fire and allied perils, riots and strikes to the neon / glow signs.
    All Risks (portable equipment)
    Insures the risk of accidental damage to portable equipments such as laptops and other electronic equipments, test & measuring instruments, etc. Also covers these equipments at any location and including whilst in transit in the personal custody of the employees of the business.
    Plate Glass
    Fixed plate glass in the interior of the business premises is expensive and is prone to accidental and/or malicious breakage. Plate glass insurance covers the risk of accidental damage to plate glass installed in the business premises. It covers repair/replacement of such glass and reasonable costs.
    Directors’ and Officers’ Liability insurance provides cover for
    1. Personal liability arising out of a wrongful act
    2. The entity for reimbursement of those Directors and Officers
    3. The entity for liability arising out of securities related lawsuits
    Policies are underwritten on a worldwide jurisdiction basis to clients domiciled around the world.
    We advise organizations in diverse industry segments and offer tailored solutions to suit individual clients’ needs.
    NEED FOR D&O
    As a member of the board or an executive officer of a company, you may be personally held liable for any actual or alleged breach of duty, trust, breach warranty, authority, neglect, errors, misstatement, or omissions by anyone in company and can be sued for transactions alleging in financial losses. Exposure varies from shareholders, creditors, business partners, competitors, regulators and employees.
    COVERAGE
    The policy reimburses the company to the extent it has been insured with respect of such claims, under its Articles of Association or any other contract that effects its Directors and Officers.
    • An outside or non-executive or independent director in a company is also covered.
    • The policy can additionally be endorsed to cover the directors and officers of its subsidiaries, including those acquired or created during the policy period.
    • Specific coverage can be afforded to directorships held in outside boards/ nominee directorships held at the request of the company.
    • Defence costs shall be payable under alleged criminal cases, if the directors and officers are finally acquitted of the wrongful act.
    • The wrongful act is that are discovered after the director leaves the company.
    • Incase of a director’s death, the insurer will defend the director and prevent spillover liabilities from affecting their heirs, estates and legal representatives.
    This policy protects your business from financial losses, includes legal costs and compensations arising from property damage or bodily injury caused to any third party due to –
    • The services rendered
    • In-course of business operations
    • Negligence of any employee
    • Includes, non-professional neligent acts: Up to the precribed limits fore-mentioned by the policy
    Claims may arise
    • While visiting your business, a customer trips on loose flooring and is injured.
    • An employee in your painting or construction business accidentally leaves water running, causing substantial damage to a customer’s home.
    • A class action lawsuit is filed against your business, alleging advertisements constituted misleading information.
    Standard CGL includes :
    Coverage A: Bodily injury and property damage
    This cover provides protection against losses from the legal liability for bodily injury or property damage to others arising out of non-professional negligent acts or for liability arising out of their premises or business operations. Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm.
    Coverage B: Personal and advertising injury
    Personal and advertising injury protects an insured against liability arising out of offences, such as:
    • Libel
    • Slander
    • False arrest
    • Infringing on another’s copyright
    • Malicious prosecution
    • Use of another’s advertising idea
    • Wrongful eviction, entry or invasion of privacy
    Coverage C: Medical Payments
    Medical payments includes limited coverage for injuries sustained by a non-employee caused due to an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. CGL pays for all necessary and reasonable medical, surgical, ambulance, hospital, professional nursing and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations.
    Claims Made V/s Occurrence Based policy
    " A ‘Claims Made Policy’ is where the claim would occur and has to be lodged within the policy period. This is usually given in conventional CGL policy & would only become relevant when the policy is not renewed subsequently. "
    " Occurrence Based Policy is relevant to CGL Policy where the claims, which have taken place during the currency of the policy, can be lodged even after the expiry of the policy period, even if the policy is not renewed "
    Employees are key business strength and their good health will reflect on the profitability of your business. To ensure smooth and profitable business operations enterprises offer their employees and dependents access to timely medical care.
    The fact that any illness can strike us without warning and eat up our savings should not be overlooked.
    Key Benefits:
    • Covers hospitalization charges due to illness or accident of employees and dependents.
    • Covers any disease/ injury that can be treated medically/ surgically by hospitalization at nursing home/ hospital in India as in-patient.
    • Covers relevant medical expenses under pre and post hospitalization.
    • Covers Reasonable and necessary:
      • Room expenses in hospital/ nursing home
      • Ambulance charges
      • Nursing expenses
      • Medical practitioner fee
      • Treatment cost
      • Medicines/ diagnostic cost
      • Blood/ oxygen
      • Cost of pacemaker/ artificial limbs/ Organs transplantation charges
      • Operation theatre charges
      • Surgical appliances
      • Dressing, ordinary splints & plaster casts
      • Physiotherapy – Following a surgical event only
    • Covers maternity expenses of employees and spouses.
    • Covers Pre-existing ailments with no waiting period.
    • Sum insured are provided on individual as well as family floater basis.
    • Child is covered from the time of birth.
    Human life is very precious. However, eventualities like death, disability and loss of earning capacity cannot be eliminated and when such eventualities happen, it leaves the individual’s family devastated.
    Group Personal Accident Insurance policy covers the employees against death, disablement or loss of earning capacity due to unforeseen accidents.
    Accident or Accidental means a sudden, unforeseen and unexpected event happening by chance that results in the Insured Person suffering Death, Disablement or Bodily Injury.
    Geographical limit: 24-hour world-wide coverage.
    Capital Sum Insured (CSI) means the monetary amounts shown against insured person(s) which is maximum limit of liability against said insured person.
    Accidental Death(AD): Death due to accident
    Permanent Total Disablement(PTD): Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
    Permanent Partial Disablement(PPD): Similar to PTD with the only difference being that the disablement is partial e.g. loss of toe or a finger.
    The applicable compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s assessment.
    Temporary Total Disablement(TTD): Disablement is total but for a temporary period. Eg Fractures
    Children Education Grant: Children Education Grant is for 2 dependent children in case of death of employee. The cover can be 10% of Principal SI or INR 100,000/- whichever is lower.
    Additional Covers
    • Family Transportation Allowance: Family Transportation and House or Vehicle Modification expenses payable up to INR 50,000/-
    • Repatriation of Remains: The insurer provides reimbursement for expenses incurred for repatriation of remains up to maximum of INR 5,000/-
    • Animal attack or Snake Bite
    • Terrorism is included
    • Perils of Sea
    • Ambulance Charges
    Exclusions:
    Death, injury or disablement of insured person as a result of:
    • Intentional self-injury, suicide or attempted suicide
    • Influence of drugs or liquor
    • Committing breach of law with criminal intent
    • Insect Bite
    • War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds
    • Childbirth or pregnancy or in consequences thereof
    • Venereal diseases
    Many dream of taking their company public. Talent and passion transform the dream into reality. But the reality is fraught with risk. Investors who helped to achieve the dream can turn it into a testing reality. Directors of newly floated companies run the ever-increasing risk of being sued or investigated if investor expectations are not met.
    The road to a public offering is hazardous. Investors and their advisers must be presented with detailed information based on which the financial position and prospects of the company being floated, is analysed. Directors and others face a difficult task in ensuring that all relevant information and material facts regarding the company are presented accurately.
    Is it ever possible to be fully confident of total accuracy?
    Investors experiencing loss in the value of their shares will seize upon any mistake or misrepresentation made during such presentations, and make claim relating to defects in information, that encouraged them to invest in the company.
    Given the hype of a pre-IPO with most companies, there is increased scrutiny and accountability post-raising of capital.
    Before an IPO
    • IPO’s are a marketing event for the issuer
    • Can they live up to the hype ?
    After-Market Performance Issues
    • Is the management up to the challenge? Disappoint and the stock price will plunge!
    • Are the directors qualified to run a public listed company?
    • Can it beat analyst expectations? What are the analysts saying anyway?
    • Can they fulfill Regulatory reporting laws? – stock exchange and / or securities commissions.
    • Failure to report accurately, late reporting or just telling plain lies?
    What are the exposures?
    • What are they using the money raised for?
    • Overcompensated or over matched management?
    • Failure to disclose
    • Forward looking statements
    • Profile and accuracy of resumes of directors and management
    • False promises!
    • Quality of investment bank/adviser to the IPO.
    Who can sue?
    • Investors may bring an action against for an alleged misrepresentation, error, or omission in the prospectus on which they had relied to make their investment.
    • Regulatory bodies have authority to initiate proceedings against the parties to an offering, for allegations of wrongdoing or breach of the listing rules.
    Why take a POSI policy?
    • POSI gives companies the opportunity to ring-fence the significant and long-term exposure presented by security
    • POSI, being a transaction specific product ensures suitable coverage to the insureds and protects the existing D&O contract.
    • Accounting rules may allow the premium of a POSI to be capitalized against the offer proceeds, without being considered as a bottom line deduction of the company’s financials .
    Public offering of securities insurance is a specialist product which is tailored to indemnify Insured against claims arising due to errors, omissions, misrepresentation, or non-disclosure in documents issued to potential investors and cover costs involved in defending such allegations.
    The policy can provide the directors, the selling shareholders and the company with a number of separate and distinct benefits including:
    • Protection against some of the potential statutory exposures.
    • The option of a stand-alone policy, specifically tailored to ‘ring-fence’ the exposures from the transaction, which does not dilute or erode existing directors and officer’s liability insurance arrangements.
    • Coverage is typically negotiated to include protection against the liabilities arising from the issue of the path finder or ‘red-herring’ prospectus, the roadshow presentation, and any press releases.
    • Policy coverage cannot be cancelled by insurers without the insureds’ consent, and is typically arranged for 3-6 years’ duration, with a one-off premium levied for the full period of the policy.
    • The policy can be designed to cover exposures arising from other jurisdictions.
    Costs Covered: The insurance covers legal costs incurred in defending civil and criminal proceedings relating to prospectus liability as well as any judgements or settlements entered into.
    Period of Cover: It is purchased for a period of three to six years for a single premium payment. However, other lengths of time can be considered by Underwriters.
    Who should buy a POSI policy?
    POSI is designed for any company that is raising capital through the publication of a prospectus. It can provide cover for introductory offerings (IPO), secondary offerings and can also cover private placements. The POSI policy covers the company and its directors, officers and employees for securities claims raised against them with regard the offering.
    Isn’t this also covered under the Directors’ and Officers’ Insurance?
    Whilst a D&O policy may cover some of the claims that might arise they are not designed to address all the risks arising from a prospectus and listing process. Typically they do not cover claims against the company. Even if the policy is suitably worded, these policies are renewable annually for a new premium. Claims relating to a prospectus most often arise in the period 12 to 24 months after the prospectus was issued. In an annual D&O policy, premium may be increased or cover withheld on renewal if there is a potential prospectus claim.
    Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
    Term life insurance can be contrasted to permanent life insurance such as whole life which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.

    Why Do You Need to Buy Term Insurance?

    Term insurance is generally overlooked in comparison to other insurance products. The main reason for this is the belief that term insurance plans do not offer significant returns or any additional benefits besides the Sum Assured on the policyholder’s demise.
    However, there are several advantages of buying a term insurance policy. These include:
    • Financial security– Term insurance plans are an excellent way to build a financial safety net. This is especially true in today’s world, as such a plan makes provision for the financial security of the policyholder’s dependents in the event of his/her demise.
    • Basic insurance product– Instead of opting for a plan with a host of other add-ons and ending up paying a high premium, opt for a term insurance plan with a fixed, affordable premium for almost the same features.
    • Sufficient coverage– You can choose the sum assured under term insurance policies so that it offers you sufficient coverage. Financial advisors are of the opinion that sufficient cover is equal to 10 times your annual income. It should be noted that inadequate coverage defeats the purpose of being insured. Along the same lines, it is important that you review your insurance cover and identify areas where you can cut down, so that you are not over-insured.
    • Survival benefits– While a regular term insurance plan does not have any survival benefits, a number of insurers have designed plans, i.e., Term Return of Premium Plans (TROPs), that offer survival benefits in the form of premium refunds at maturity.
    • Riders– Term plans can be enhanced through the use of riders that offer extra protection. These riders can be bought from the insurance company at nominal costs. Some of the riders available under term plans are accidental death benefit, critical illness, partial or permanent disability, waiver of premium, etc.
    • Flexible payment options– Term insurance policies offer flexible premium payment options, allowing policyholders to choose a payment plan based on their convenience. Premiums can be either limited pay, single pay or regular pay. Policyholders who choose limited or regular pay plans can pay their premiums either monthly, quarterly, half-yearly, or annually.
    • Choice of plan– A number of insurers offer policy holders a choice when it comes to the type of plan they wish to opt for. Policyholders can choose between single or joint life plans, depending on their need. They can thus choose to extend coverage for dependent spouses or choose a plan exclusively for the breadwinner of the family.
    • Tax benefits– Last, but not the least, premium paid towards a term plan is eligible for tax benefits under Section 80C of the Income Tax Act. The death benefit received by the nominee under the plan is eligible for tax deductions under Section 10(10D) as well.
    >
    Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the same employer’s key employee (Keyman) and the benefit, in case of a claim, goes to the employer.
    Keyman insurance helps a business recover from the loss of its valuable assets viz the persons who run it and/or own it. Individual talents are becoming critical to the success of many companies and employees are also becoming an important factor in investors’ valuation of the entities. Every business has at least a few very valuable employees who contribute significantly to the running and growth of the company. It makes sense to insure against the unfortunate event of their untimely demise. It is here that Keyman insurance comes into play.
    Benefits of Key-man insurance to the company
      1. It protects against business risk in the event of unfortunate death of the key person.
      2. The premium paid will be treated as business expenses and the company would save 30% plus surcharge on every rupee of premium paid for such a policy as per current tax law.
      3. Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. Here, the insurance money can help as a guarantee of loan repayment in case of death of the key person.
      4. The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
      5. It helps in keeping the market price of the company’s shares stable in case of death of the keyman. If the keyman dies the price of the company’s shares is likely to fall but if the investors know that any financial loss can be made up through the insurance proceeds, they may not start offloading the shares immediately.
      6. It protects the company’s valuation. For example, in case of the company being put up for sale, prospective buyers are likely to put a higher value to the company if they know that it has a monetary back-up (insurance) to meet the cost of replacement of its key person.
    It is a compensation payable under a scheme set out in the workmen Compensation Act of India, monitored by the Ministry of Labor. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the insured’s immediate service and during the course of employment. Costs or expenses incurred by the insured employer, with the consent of the company, to defend any claims are paid in addition to the above.
    Laws under WC Policy
    The policy covers legal liability of an employer under
    • Workmen Compensation Act 1923 and subsequent amendments of the said Act prior to the date of issue of the policy
    • Indian Fatal Accidents Act 1855, and subsequent amendments of the said Act prior to the date of issue of the policy
    • Common Law
    Need for policy
    • Any employer, whether as principal or contractor, engaging “workmen” as defined in the workmen compensation Act
    • Any Employer of employees who do not qualify as “workmen” but share an employee-employer relationship
    Scope of coverage
    • Death
    • Permanent Total Disability
    • Permanent Partial Disability
    • Legal cost and Expenses incurred with the companies’ consent
    The amount of compensation payable is calculated as per the WC Act using factors like age of the individual, the nature of disability and the last drawn salary. Premium rates are based on the nature of duties performed and on the basis of annual estimated wages disbursed to the workmen,
    This insurance does not cover any interest and/or penalty which may be imposed on account of failure to comply with the statutory requirements laid out.
    Title insurance is a cover that protects a potential owner of a property against loss from defects in title.
    Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.
    A title insurance policy insures against events that occurred in the past and the people who owned it, for a one-time premium paid at the closure of the escrow.
    Coverage
    Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.
    Who is Insured
    1. Initially insures the promoter/builder acquiring ownership of the property
    2. Eventually benefits the transferee at the event of a sale agreementbetween the buyer(s) or allottee(s) of the said property.
    What is Insured
    1. The Policy protects the rights of an owner, of the property, thereon against a range of risks that may affect the ownership of the land/building
    2. Covers any legal or defense costs against insured risks in the event of a claim.
    How does Title Insurance Work
    After the escrow officer or lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. After recordings has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.
    What is an Escrow
    Owner policy : Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.
    During the purchase of a property, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title” to their property, to the buyer. Title insurance provide protection against law suits and claim against the property covered and purchased. Common claims come from a previous owner’s failure to pay taxes or from contractors not being paid for their services and labour on the property before you purchased it.
    Lender’s policy: Most lenders require and insist the mortgagees to purchase a lender’s title insurance policy, which protects the amount they lend to pay for its legal defense costs and reimburse any mortgage payments mortgagee can’t make because he/she has lost the house to someone else’s claim on it. Lenders might alternatively want to buy an owner’s title insurance policy, which can help protect their financial investment in the property covering their legal fees and other losses, as yet another step toward protecting the lender’s collateral.
    Construction Loan policy In many situations, separate policies exist for construction loans. Title insurance for construction loans requires a Date Down endorsement that recognizes that the insured amount for the property has increased due to construction funds that have been vested into the property.
    Scope of cover:
    1. Regulatory Risks
      1. Revocation of clearances given by authorities like the State Revenue Dept, Municipality, Environment Dept., etc. cleared by them as per existing rules
    2. Ownership Risks
      1. Challenges to the Ownership of the property arising from Title dispute, Partition dispute, Illegal Possession, Landlord-Tenant dispute, Succession dispute, Contractual disputes, Developer-Landlord dispute, Mortgage-Loan dispute, etc.
    3. Error & Omission Risks
      1. Errors and Omissions committed at the time of conducting Title Search by the Conveyance Practitioner or in conferring appropriate permits or sanctions by the relevant authority provided by law
    At the most extreme, the seller may knowingly sell you a property he or she doesn’t own.
    What is the Sum Insured for Title Insurance?
    Typically, Title Insurance pays for the loss incurred due to title defects up to the sum insured, which generally is the value of the property or legal expenses to defend the case. However, additional coverage could be structured based on client requirements.
    Sum Insured will include
    1. The Market Value of the Land
      1. Completed Cost of Construction
      2. Can be taken on Full Value or Loss Limit basis
    2. Provision for Escalation
    What are the parameters considered to arrive at the premium for Title Insurance
    1. Property Type (whether Residential or Commercial)
    2. Location of the risk
    3. Purchase Price of the Property
    4. Loan amount involved
    5. Amount of coverage Opted
    6. Transaction Type and Title Service Fees
    Exclusions –
    1. Violation of any existing Law(s) or bye-law(s), or future action by the government concerning
      1. Land use
      2. Structures built on the Land
      3. Environmental protection
      4. Conservation
    1. This exclusion does not apply to violations or the enforcement of those matters which appear in the Public Records at the Policy Date and does not limit the coverage provided in the policy
      1. Risks that are created, allowed, or agreed to by Insured
      2. Structures which have not been built in accordance with applicable building codes and standards, or the infestation or dilapidation of those structures.
    Basis of Indemnity to include :
    1. Pecuniary loss from dispute / revocation of Title including Market Value of the Lost Property
    2. Legal costs to defend proceedings
    Proposal & Duty of Disclosure :
    1. Disclosure of all material facts and documentation in respect of the Title to the property true to the best of their knowledge that would affect the acceptance of the risk by the insurer or enhance them.
    2. Any failure may compel the Insurer to reduce its liability under the Policy in respect of a claim, or may cancel the contract of insurance.
    A commercial crime policy typically provides several different types of crime coverage including employee dishonesty, forgery or alteration, computer fraud, funds transfer fraud, money & securities and money orders and counterfeit money.
    Every company is susceptible to white collar crime. Initially offences may seem inconsequential, over time however, they multiply and cause significant losses to an organization.
    Need for Crime Policy
    • Theft by employees or management includes direct theft of cash or business assets, falsification of claim expenses or payroll fraud.
    • Collusion between employee and a third party receiving bribes or commissions from a supplier for awarding of a contract, failure of an employee to disclose financial interest in a transaction.
    • Computer fraud such as diverting funds from bank accounts, stealing intellectual property, posing as a legitimate business on the Internet and obtaining payment for goods or services.
    Coverages:
    • Employee Theft Coverage: Loss of money, securities or other property by theft or forgery by an identifiable employee of the Insured.
    • Premises Coverage: Losses from destruction, disappearance or wrongful abstraction or computer theft of money or securities from the Insured premises by third parties.
    • Transit Coverage: Losses sustained due to the destruction, disappearance or abstraction of money and securities outside the Insured’s premises by a third party, while being conveyed by the Insured, an armoured motor vehicle company or any person authorised by the Insured.
    • Depositors Forgery Coverage: Losses from instruments such as cheques fraudulently drawn on Insured’s accounts by a third party.
    • Computer Fraud Coverage: An extension to cover losses sustained and expenses incurred by an insured due to a computer fraud or violation by a third party.
    Marine insurance offers coverage in case of damage or loss of cargo, ships, terminals and any transport by which any property is acquired, transferred or held between the point of origin and its destination. It is an integral part of National / International Trade and is required by Importers, Exporters, Manufacturers, Distributors, Retailers, Wholesalers and others engaged in the movement of goods by sea, air, road, rail and post.
    Marine insurance covers property exposed either onshore/ offshore, marine casualty, marine liability and hull damages.
    Coverage
    • Export/Import – When exporting or importing goods the Institute Cargo Clause (ICC) A, B, or C of Institute of London Underwriters is applicable.
      1. ICC (A) is all risk cover.
      2. ICC (B) is broader cover excluding Malicious Damage, Theft/ Pilferage & War Risks.
      3. ICC (C) covers all risks covered in ICC (B) except for Loss overboard during loading or discharge, washing overboard, seawater entering ship, river water entering ship.
    • Inland – Goods transported to anyplace within India by Rail/ Road are subjected to Inland Transit Clause (ITC) A, B, C.
      1. ITC (A) is an all risk coverage barring exclusions.
      2. ITC (B) covers loss from fire, lightning, breakage of bridges, derailment, accident, etc. barring exclusions.
      3. ITC (C) covers loss due to fire and lightning only.
    Risk Institute Cargo Clauses
    ( Proximate Cause) A B C
    Stranding , Grounding, Sinking or Capsizing Yes Yes Yes
    Overturning or Derailment of Land Conveyance Yes Yes Yes
    Collision of Ship or Craft with another Ship or Craft Yes Yes Yes
    Contact of Ship, Craft or Conveyance with anything other than Yes Yes Yes
    Ship or Craft (excludes Water but not Ice) Yes Yes Yes
    Discharge of Cargo at Port of Distress Yes Yes Yes
    Loss overboard during Loading/Discharge (total loss only). Yes Yes No
    Fire or Explosion Yes Yes Yes
    Malicious Damage Yes No* No*
    Theft/ Pilferage Yes No* No*
    General Average Sacrifice Yes Yes Yes
    Jettison Yes Yes Yes
    Washing Overboard (deck cargo) Yes Yes No*
    War Risks No* No* No*
    Seawater entering Ship, Craft, Hold, Yes Yes No*
    Conveyance Container Lift Van or Place of Storage Yes Yes No*
    River or Lake Water entering same Yes Yes No*
    Title insurance is a cover that protects a potential owner of a property against loss from defects in title.
    Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.
    A title insurance policy insures against events that occurred in the past and the people who owned it, for a one-time premium paid at the closure of the escrow.
    Coverage
    Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.
    Who is Insured
    1. Initially insures the promoter/builder acquiring ownership of the property
    2. Eventually benefits the transferee at the event of a sale agreementbetween the buyer(s) or allottee(s) of the said property.
    What is Insured
    1. The Policy protects the rights of an owner, of the property, thereon against a range of risks that may affect the ownership of the land/building
    2. Covers any legal or defense costs against insured risks in the event of a claim.
    How does Title Insurance Work
    After the escrow officer or lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. After recordings has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.
    What is an Escrow
    Owner policy : Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.
    During the purchase of a property, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title” to their property, to the buyer. Title insurance provide protection against law suits and claim against the property covered and purchased. Common claims come from a previous owner’s failure to pay taxes or from contractors not being paid for their services and labour on the property before you purchased it.
    Lender’s policy: Most lenders require and insist the mortgagees to purchase a lender’s title insurance policy, which protects the amount they lend to pay for its legal defense costs and reimburse any mortgage payments mortgagee can’t make because he/she has lost the house to someone else’s claim on it. Lenders might alternatively want to buy an owner’s title insurance policy, which can help protect their financial investment in the property covering their legal fees and other losses, as yet another step toward protecting the lender’s collateral.
    Construction Loan policy In many situations, separate policies exist for construction loans. Title insurance for construction loans requires a Date Down endorsement that recognizes that the insured amount for the property has increased due to construction funds that have been vested into the property.
    Scope of cover:
    1. Regulatory Risks
      1. Revocation of clearances given by authorities like the State Revenue Dept, Municipality, Environment Dept., etc. cleared by them as per existing rules
    2. Ownership Risks
      1. Challenges to the Ownership of the property arising from Title dispute, Partition dispute, Illegal Possession, Landlord-Tenant dispute, Succession dispute, Contractual disputes, Developer-Landlord dispute, Mortgage-Loan dispute, etc.
    3. Error & Omission Risks
      1. Errors and Omissions committed at the time of conducting Title Search by the Conveyance Practitioner or in conferring appropriate permits or sanctions by the relevant authority provided by law
    At the most extreme, the seller may knowingly sell you a property he or she doesn’t own.
    What is the Sum Insured for Title Insurance?
    Typically, Title Insurance pays for the loss incurred due to title defects up to the sum insured, which generally is the value of the property or legal expenses to defend the case. However, additional coverage could be structured based on client requirements.
    Sum Insured will include
    1. The Market Value of the Land
      1. Completed Cost of Construction
      2. Can be taken on Full Value or Loss Limit basis
    2. Provision for Escalation
    What are the parameters considered to arrive at the premium for Title Insurance
    1. Property Type (whether Residential or Commercial)
    2. Location of the risk
    3. Purchase Price of the Property
    4. Loan amount involved
    5. Amount of coverage Opted
    6. Transaction Type and Title Service Fees
    Exclusions –
    1. Violation of any existing Law(s) or bye-law(s), or future action by the government concerning
      1. Land use
      2. Structures built on the Land
      3. Environmental protection
      4. Conservation
    1. This exclusion does not apply to violations or the enforcement of those matters which appear in the Public Records at the Policy Date and does not limit the coverage provided in the policy
      1. Risks that are created, allowed, or agreed to by Insured
      2. Structures which have not been built in accordance with applicable building codes and standards, or the infestation or dilapidation of those structures.
    Basis of Indemnity to include :
    1. Pecuniary loss from dispute / revocation of Title including Market Value of the Lost Property
    2. Legal costs to defend proceedings
    Proposal & Duty of Disclosure :
    1. Disclosure of all material facts and documentation in respect of the Title to the property true to the best of their knowledge that would affect the acceptance of the risk by the insurer or enhance them.
    2. Any failure may compel the Insurer to reduce its liability under the Policy in respect of a claim, or may cancel the contract of insurance.
    A construction site is susceptible to all sorts of accidents. Losses can mount from pilferage, theft, damage, legal claims and more. This policy provides coverage for property damage and third-party injury or damage claims, the two primary types of risks on construction projects. Damage to property can include improper construction of structures, damage that happens during a renovation, damage to temporary work erected on-site and physical loss or damage to the contract works, construction plant & equipment or machinery. CAR insurance coverage is common for such construction projects as buildings, water tanks, sewage treatment plans, flyovers and airports.
    Typically, both contractor and employer jointly take out CAR insurance policies, with other parties such as financing companies having the option of being named to the policy. Because multiple parties are included in the policy, each can retain the right to file a claim against the insurer, although all parties have the duty of informing the insurer of any injuries and damages that may result in a claim.
    Coverages:
    Risks often covered under a CAR policy include Fire perils, flood, earthquakes, water damage and mold, construction faults and negligence. They typically do not cover normal wear and tear, willful negligence or poor workmanship.
    The policy can also be expanded to cover the following events:
    • Additional custom duty
    • Air freight
    • Damage to surrounding property
    • Debris removal
    • Escalation
    • Loss due to breakage of glass
    • Maintenance visits
    • Provision for escalation
    • Terrorism
    • Architect and Surveyor Fees
    • Third-party liability
    Insured’s legal liability for compensation in respect of personal injury or property damage to third parties arising from the contract works is covered
    A maintenance period is usually incorporated in most CAR policies and it is normal for the policy to cover this period in addition to the period of construction. The maintenance cover is for loss or damage to the works occurring during the maintenance period stipulated in the provisions of the maintenance clauses in the contract relating to the works.
    The cover begins from the start except for items of Construction Plant and the like. These are generally covered only after they have been unloaded at the site. The cover terminates when the completed project is handed over or any completed part is taken over or put into service.
    EAR policies are designed to cover the risk of loss arising out of the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery, and liability for third-party bodily injury (BI) or property damage (PD) arising out of these operations.
    Examples of the types of projects for which EAR coverage is typically purchased include power plants, manufacturing and fabrication facilities, water and wastewater treatment facilities, and telecommunications centers (particularly where the erection of signal towers is involved). Some insurers combine EAR and contractors all risks (CAR) coverages into one form. Although these terms are sometimes used interchangeably, there are some substantive differences.
    Coverage :
    • Fire, explosion, lightning, aircraft damage
    • Earthquake, Flood, storm, cyclone, landslide and allied perils
    • Riot, strike, malicious act
    • Faults in erections
    • Faulty workmanship,
    • Negligence, lack of skill, lack of experience
    • Excess pressure or vacuum, destruction due to centrifugal force
    • Burglary and theft
    • Human errors, act of negligence
    • Electrical and mechanical breakdown
    • Short circuiting, arcing, excess voltage
    • Collapse, damage due to foreign objects, impact damages
    • Any other sudden, unforeseen, accidental damages not explicitly excluded
    EAR insurance cover can be extended to cover the following:
    • Removal of Debris
    • Surrounding property
    • Errors and Omissions
    • Loss minimization expenses
    • Professional Fees
    • Automatic Reinstatement of Sum Insured
    • Expediting Expenses
    • Prevention of Access
    • Offsite storage and fabrication
    • Removal to place of safety
    • Time Adjustment (72 Hours clause)
    • Waiver of subrogation
    • Free issue materials
    • Extended Maintenance etc.
    Industrial All Risk Insurance is an exclusion based package policy without any named perils. In this policy specific exclusions are incorporated with reference to the operating perils and properties. That means whatever is not excluded, is covered under this Insurance.
    All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.100 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.
    Material Damage
    • All Risk cover including Standard Fire & special perils viz Lightning, Explosion, Implosion,
    • Aircraft damage, impact damage, Riot strike & malicious damage, Storm , tempest, flood, inundation, cyclone, typhoon, hurricane, tornado, Subsidence and landslide including rockslide, eakage from automatic sprinkler Installation, Bursting, etc
    • Theft & Burglary
    • Machinery Breakdown ‐ Mechanical and Electrical Breakdown
    • Boiler explosion ‐ Explosion and implosion of boiler and pressure plants, Explosion due to smelt water reaction for waste heat boilers, Flue gas explosion.
    • Electronic equipment insurance – Breakdown and all risk coverage of electronic equipment.
    • Transit risk and loading – unloading risks within the premises
    Business Interruption
    • Loss of Profit due to Fire and Allied Perils
    Machinery Loss of Profit
  • Loss of Profit or business interruption due to machinery breakdown
  • Advantages of IAR policy
  • Under insurance up to 15% is waived
  • Reduced flat rate is applicable for Machinery breakdown cover
  • Transit risk within the premises is covered
  • Burglary & other accidental damage cover
  • No depreciation is deducted
  • Breakdown of Machinery, Electronic Equipments & explosion risk of Boiler are covered.
  • So there is no need for separate MB, EEI & BPP policy (all insurance companies do not cover EEI)
  • Property of any kind whether manufacturing units,warehouses, shops, schools, hotels, hospitals, offices, residential, storage units, trading and services or c9ommercial complexes could be exposed to loss or damage due to Fire & Allied Perils Insurance and Fire Consequential Loss. In addition, we offer package policies against risks of burglary, money, employee Infidelity, all Risk Insurance (for portable equipment), machinery breakdown Insurance (for plant & machinery), electronic equipment insurance, plate glass, travel baggage covers etc..
    Standard Fire and Special Perils
    Perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide including landslide, riots, strikes, malicious damage, missile testing operations. Other perils which can be insured as add-on covers are earthquake, terrorism, removal of debris, spontaneous combustion etc.
    Consequential Loss of Profit
    This policy covers loss of profits of a business due to reduction in turnover caused by a loss or damage covered under Standard Fire Insurance. This also includes cover for Increased Cost of Working following the loss of standing charges.
    Burglary Insurance
    To the insured’s premises or contents caused by actual or attempted burglary/robbery (excluding valuables unless specifically insured).
    Insurance Money in Transit
    Loss of money in transit to the specified destinations against robbery, theft or any other unfortunate event. Transit for the purpose of this policy commences with the taking over of the money for the purpose of transit and ends as soon as the money reaches the place of delivery.
    Insurance Money in Safe
    Loss of money that is kept in safe which have to be paid as salaries towards employees or petty cash kept in safe.
    Fidelity Insurance
    Any direct pecuniary loss caused by the act of fraud or dishonesty committed by any salaried person employed by the insured during the course of the business provided: Such loss is committed by the employee with the primary intention to obtain personal financial gain and such loss is first discovered during the policy period
    Machinery Breakdown
    This section covers breakdown of any business appliances such as photocopying machine, deep freezers, money counting achines, AC’s, chillers, DG sets, lifts/elevators, sewage treatment plan, water treatment plan, etc. solely as a result of electrical or mechanical breakdown.
    Breakdown of Electronic Appliances
    This is an all risk cover and losses or damages due to any cause other than those specifically excluded are covered. Damage to media data and cost of reproduction of lost data can also be covered. Items insured under this section need not to be insured under Fire & Burglary sections.
    Neon / Glow Sign
    Covers any losses or damage due to accidents, fire and allied perils, riots and strikes to the neon / glow signs.
    All Risks (portable equipment)
    Insures the risk of accidental damage to portable equipments such as laptops and other electronic equipments, test & measuring instruments, etc. Also covers these equipments at any location and including whilst in transit in the personal custody of the employees of the business.
    Plate Glass
    Fixed plate glass in the interior of the business premises is expensive and is prone to accidental and/or malicious breakage. Plate glass insurance covers the risk of accidental damage to plate glass installed in the business premises. It covers repair/replacement of such glass and reasonable costs.
    In today’s volatile world, after the occurence of events such as the Mumbai Taj Mahal palace attack, 2013 Hyderabad Blast and other terrorist strikes around the world, global terrorism coverage is essential. This product offers a global solution to the risk of damage caused by act of terrorism.
    A terrorist attack can occur anytime, anywhere, with devastating consequences impacting not only those directly targeted but also those operating within the surrounding community. With the right protection, these damages an be limited and the security of having an insurance cover is comforting.
    Businesses do not need to be specifically targeted to suffer the impact of a terrorist attack.
    ISIS continues to threaten India as primary target. Recent terrorist attacks in the United States, Canada, France, Brussels and the United Kingdom illustrate ] the ongoing risk, harm and frequency of global terrorism.
    Coverages:
    • Covers worldwide property damage – Commercial and Residential resulting from terrorism and sabotage, including the risk of business interruption;
    • The coverage also includes debris removal costs.
    • Covers ingress/egress and service i
    • This coverage is provided either on full value or first loss basis as requested by the client
    • Material Damage – On all real & personal property of the insured or in insured’s care or custody or control or held by Insured in trust or commission for which they are responsible whilst situated at the specified locations including but not limited to building, contents, equipment, machinery, furniture, fixtures, fittings, plinth & foundation, road, leasehold improvements, stock, office c
    • Gross Profit / Rental / Revenue insured.
    • Loss due to denial of access by civil or military order.
    • Contingent business interruption.
    • Looting following an insured event.
    • Loss of valuable papers and records.
    • Increased cost of construction.
    • Professional fees.
    Property of any kind whether manufacturing units,warehouses, shops, schools, hotels, hospitals, offices, residential, storage units, trading and services or c9ommercial complexes could be exposed to loss or damage due to Fire & Allied Perils Insurance and Fire Consequential Loss. In addition, we offer package policies against risks of burglary, money, employee Infidelity, all Risk Insurance (for portable equipment), machinery breakdown Insurance (for plant & machinery), electronic equipment insurance, plate glass, travel baggage covers etc..
    Standard Fire and Special Perils
    Perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide including landslide, riots, strikes, malicious damage, missile testing operations. Other perils which can be insured as add-on covers are earthquake, terrorism, removal of debris, spontaneous combustion etc.
    Consequential Loss of Profit
    This policy covers loss of profits of a business due to reduction in turnover caused by a loss or damage covered under Standard Fire Insurance. This also includes cover for Increased Cost of Working following the loss of standing charges.
    Burglary Insurance
    To the insured’s premises or contents caused by actual or attempted burglary/robbery (excluding valuables unless specifically insured).
    Insurance Money in Transit
    Loss of money in transit to the specified destinations against robbery, theft or any other unfortunate event. Transit for the purpose of this policy commences with the taking over of the money for the purpose of transit and ends as soon as the money reaches the place of delivery.
    Insurance Money in Safe
    Loss of money that is kept in safe which have to be paid as salaries towards employees or petty cash kept in safe.
    Fidelity Insurance
    Any direct pecuniary loss caused by the act of fraud or dishonesty committed by any salaried person employed by the insured during the course of the business provided: Such loss is committed by the employee with the primary intention to obtain personal financial gain and such loss is first discovered during the policy period
    Machinery Breakdown
    This section covers breakdown of any business appliances such as photocopying machine, deep freezers, money counting achines, AC’s, chillers, DG sets, lifts/elevators, sewage treatment plan, water treatment plan, etc. solely as a result of electrical or mechanical breakdown.
    Breakdown of Electronic Appliances
    This is an all risk cover and losses or damages due to any cause other than those specifically excluded are covered. Damage to media data and cost of reproduction of lost data can also be covered. Items insured under this section need not to be insured under Fire & Burglary sections.
    Neon / Glow Sign
    Covers any losses or damage due to accidents, fire and allied perils, riots and strikes to the neon / glow signs.
    All Risks (portable equipment)
    Insures the risk of accidental damage to portable equipments such as laptops and other electronic equipments, test & measuring instruments, etc. Also covers these equipments at any location and including whilst in transit in the personal custody of the employees of the business.
    Plate Glass
    Fixed plate glass in the interior of the business premises is expensive and is prone to accidental and/or malicious breakage. Plate glass insurance covers the risk of accidental damage to plate glass installed in the business premises. It covers repair/replacement of such glass and reasonable costs.
    Directors’ and Officers’ Liability insurance provides cover for
    1. Personal liability arising out of a wrongful act
    2. The entity for reimbursement of those Directors and Officers
    3. The entity for liability arising out of securities related lawsuits
    Policies are underwritten on a worldwide jurisdiction basis to clients domiciled around the world.
    We advise organizations in diverse industry segments and offer tailored solutions to suit individual clients’ needs.
    NEED FOR D&O
    As a member of the board or an executive officer of a company, you may be personally held liable for any actual or alleged breach of duty, trust, breach warranty, authority, neglect, errors, misstatement, or omissions by anyone in company and can be sued for transactions alleging in financial losses. Exposure varies from shareholders, creditors, business partners, competitors, regulators and employees.
    COVERAGE
    The policy reimburses the company to the extent it has been insured with respect of such claims, under its Articles of Association or any other contract that effects its Directors and Officers.
    • An outside or non-executive or independent director in a company is also covered.
    • The policy can additionally be endorsed to cover the directors and officers of its subsidiaries, including those acquired or created during the policy period.
    • Specific coverage can be afforded to directorships held in outside boards/ nominee directorships held at the request of the company.
    • Defence costs shall be payable under alleged criminal cases, if the directors and officers are finally acquitted of the wrongful act.
    • The wrongful act is that are discovered after the director leaves the company.
    • Incase of a director’s death, the insurer will defend the director and prevent spillover liabilities from affecting their heirs, estates and legal representatives.
    This policy protects your business from financial losses, includes legal costs and compensations arising from property damage or bodily injury caused to any third party due to –
    • The services rendered
    • In-course of business operations
    • Negligence of any employee
    • Includes, non-professional neligent acts: Up to the precribed limits fore-mentioned by the policy
    Claims may arise
    • While visiting your business, a customer trips on loose flooring and is injured.
    • An employee in your painting or construction business accidentally leaves water running, causing substantial damage to a customer’s home.
    • A class action lawsuit is filed against your business, alleging advertisements constituted misleading information.
    Standard CGL includes :
    Coverage A: Bodily injury and property damage
    This cover provides protection against losses from the legal liability for bodily injury or property damage to others arising out of non-professional negligent acts or for liability arising out of their premises or business operations. Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm.
    Coverage B: Personal and advertising injury
    Personal and advertising injury protects an insured against liability arising out of offences, such as:
    • Libel
    • Slander
    • False arrest
    • Infringing on another’s copyright
    • Malicious prosecution
    • Use of another’s advertising idea
    • Wrongful eviction, entry or invasion of privacy
    Coverage C: Medical Payments
    Medical payments includes limited coverage for injuries sustained by a non-employee caused due to an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. CGL pays for all necessary and reasonable medical, surgical, ambulance, hospital, professional nursing and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations.
    Claims Made V/s Occurrence Based policy
    " A ‘Claims Made Policy’ is where the claim would occur and has to be lodged within the policy period. This is usually given in conventional CGL policy & would only become relevant when the policy is not renewed subsequently. "
    " Occurrence Based Policy is relevant to CGL Policy where the claims, which have taken place during the currency of the policy, can be lodged even after the expiry of the policy period, even if the policy is not renewed "
    Employees are key business strength and their good health will reflect on the profitability of your business. To ensure smooth and profitable business operations enterprises offer their employees and dependents access to timely medical care.
    The fact that any illness can strike us without warning and eat up our savings should not be overlooked.
    Key Benefits:
    • Covers hospitalization charges due to illness or accident of employees and dependents.
    • Covers any disease/ injury that can be treated medically/ surgically by hospitalization at nursing home/ hospital in India as in-patient.
    • Covers relevant medical expenses under pre and post hospitalization.
    • Covers Reasonable and necessary:
      • Room expenses in hospital/ nursing home
      • Ambulance charges
      • Nursing expenses
      • Medical practitioner fee
      • Treatment cost
      • Medicines/ diagnostic cost
      • Blood/ oxygen
      • Cost of pacemaker/ artificial limbs/ Organs transplantation charges
      • Operation theatre charges
      • Surgical appliances
      • Dressing, ordinary splints & plaster casts
      • Physiotherapy – Following a surgical event only
    • Covers maternity expenses of employees and spouses.
    • Covers Pre-existing ailments with no waiting period.
    • Sum insured are provided on individual as well as family floater basis.
    • Child is covered from the time of birth.
    Human life is very precious. However, eventualities like death, disability and loss of earning capacity cannot be eliminated and when such eventualities happen, it leaves the individual’s family devastated.
    Group Personal Accident Insurance policy covers the employees against death, disablement or loss of earning capacity due to unforeseen accidents.
    Accident or Accidental means a sudden, unforeseen and unexpected event happening by chance that results in the Insured Person suffering Death, Disablement or Bodily Injury.
    Geographical limit: 24-hour world-wide coverage.
    Capital Sum Insured (CSI) means the monetary amounts shown against insured person(s) which is maximum limit of liability against said insured person.
    Accidental Death(AD): Death due to accident
    Permanent Total Disablement(PTD): Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
    Permanent Partial Disablement(PPD): Similar to PTD with the only difference being that the disablement is partial e.g. loss of toe or a finger.
    The applicable compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s assessment.
    Temporary Total Disablement(TTD): Disablement is total but for a temporary period. Eg Fractures
    Children Education Grant: Children Education Grant is for 2 dependent children in case of death of employee. The cover can be 10% of Principal SI or INR 100,000/- whichever is lower.
    Additional Covers
    • Family Transportation Allowance: Family Transportation and House or Vehicle Modification expenses payable up to INR 50,000/-
    • Repatriation of Remains: The insurer provides reimbursement for expenses incurred for repatriation of remains up to maximum of INR 5,000/-
    • Animal attack or Snake Bite
    • Terrorism is included
    • Perils of Sea
    • Ambulance Charges
    Exclusions:
    Death, injury or disablement of insured person as a result of:
    • Intentional self-injury, suicide or attempted suicide
    • Influence of drugs or liquor
    • Committing breach of law with criminal intent
    • Insect Bite
    • War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds
    • Childbirth or pregnancy or in consequences thereof
    • Venereal diseases
    Many dream of taking their company public. Talent and passion transform the dream into reality. But the reality is fraught with risk. Investors who helped to achieve the dream can turn it into a testing reality. Directors of newly floated companies run the ever-increasing risk of being sued or investigated if investor expectations are not met.
    The road to a public offering is hazardous. Investors and their advisers must be presented with detailed information based on which the financial position and prospects of the company being floated, is analysed. Directors and others face a difficult task in ensuring that all relevant information and material facts regarding the company are presented accurately.
    Is it ever possible to be fully confident of total accuracy?
    Investors experiencing loss in the value of their shares will seize upon any mistake or misrepresentation made during such presentations, and make claim relating to defects in information, that encouraged them to invest in the company.
    Given the hype of a pre-IPO with most companies, there is increased scrutiny and accountability post-raising of capital.
    Before an IPO
    • IPO’s are a marketing event for the issuer
    • Can they live up to the hype ?
    After-Market Performance Issues
    • Is the management up to the challenge? Disappoint and the stock price will plunge!
    • Are the directors qualified to run a public listed company?
    • Can it beat analyst expectations? What are the analysts saying anyway?
    • Can they fulfill Regulatory reporting laws? – stock exchange and / or securities commissions.
    • Failure to report accurately, late reporting or just telling plain lies?
    What are the exposures?
    • What are they using the money raised for?
    • Overcompensated or over matched management?
    • Failure to disclose
    • Forward looking statements
    • Profile and accuracy of resumes of directors and management
    • False promises!
    • Quality of investment bank/adviser to the IPO.
    Who can sue?
    • Investors may bring an action against for an alleged misrepresentation, error, or omission in the prospectus on which they had relied to make their investment.
    • Regulatory bodies have authority to initiate proceedings against the parties to an offering, for allegations of wrongdoing or breach of the listing rules.
    Why take a POSI policy?
    • POSI gives companies the opportunity to ring-fence the significant and long-term exposure presented by security
    • POSI, being a transaction specific product ensures suitable coverage to the insureds and protects the existing D&O contract.
    • Accounting rules may allow the premium of a POSI to be capitalized against the offer proceeds, without being considered as a bottom line deduction of the company’s financials .
    Public offering of securities insurance is a specialist product which is tailored to indemnify Insured against claims arising due to errors, omissions, misrepresentation, or non-disclosure in documents issued to potential investors and cover costs involved in defending such allegations.
    The policy can provide the directors, the selling shareholders and the company with a number of separate and distinct benefits including:
    • Protection against some of the potential statutory exposures.
    • The option of a stand-alone policy, specifically tailored to ‘ring-fence’ the exposures from the transaction, which does not dilute or erode existing directors and officer’s liability insurance arrangements.
    • Coverage is typically negotiated to include protection against the liabilities arising from the issue of the path finder or ‘red-herring’ prospectus, the roadshow presentation, and any press releases.
    • Policy coverage cannot be cancelled by insurers without the insureds’ consent, and is typically arranged for 3-6 years’ duration, with a one-off premium levied for the full period of the policy.
    • The policy can be designed to cover exposures arising from other jurisdictions.
    Costs Covered: The insurance covers legal costs incurred in defending civil and criminal proceedings relating to prospectus liability as well as any judgements or settlements entered into.
    Period of Cover: It is purchased for a period of three to six years for a single premium payment. However, other lengths of time can be considered by Underwriters.
    Who should buy a POSI policy?
    POSI is designed for any company that is raising capital through the publication of a prospectus. It can provide cover for introductory offerings (IPO), secondary offerings and can also cover private placements. The POSI policy covers the company and its directors, officers and employees for securities claims raised against them with regard the offering.
    Isn’t this also covered under the Directors’ and Officers’ Insurance?
    Whilst a D&O policy may cover some of the claims that might arise they are not designed to address all the risks arising from a prospectus and listing process. Typically they do not cover claims against the company. Even if the policy is suitably worded, these policies are renewable annually for a new premium. Claims relating to a prospectus most often arise in the period 12 to 24 months after the prospectus was issued. In an annual D&O policy, premium may be increased or cover withheld on renewal if there is a potential prospectus claim.
    Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
    Term life insurance can be contrasted to permanent life insurance such as whole life which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.

    Why Do You Need to Buy Term Insurance?

    Term insurance is generally overlooked in comparison to other insurance products. The main reason for this is the belief that term insurance plans do not offer significant returns or any additional benefits besides the Sum Assured on the policyholder’s demise.
    However, there are several advantages of buying a term insurance policy. These include:
    • Financial security– Term insurance plans are an excellent way to build a financial safety net. This is especially true in today’s world, as such a plan makes provision for the financial security of the policyholder’s dependents in the event of his/her demise.
    • Basic insurance product– Instead of opting for a plan with a host of other add-ons and ending up paying a high premium, opt for a term insurance plan with a fixed, affordable premium for almost the same features.
    • Sufficient coverage– You can choose the sum assured under term insurance policies so that it offers you sufficient coverage. Financial advisors are of the opinion that sufficient cover is equal to 10 times your annual income. It should be noted that inadequate coverage defeats the purpose of being insured. Along the same lines, it is important that you review your insurance cover and identify areas where you can cut down, so that you are not over-insured.
    • Survival benefits– While a regular term insurance plan does not have any survival benefits, a number of insurers have designed plans, i.e., Term Return of Premium Plans (TROPs), that offer survival benefits in the form of premium refunds at maturity.
    • Riders– Term plans can be enhanced through the use of riders that offer extra protection. These riders can be bought from the insurance company at nominal costs. Some of the riders available under term plans are accidental death benefit, critical illness, partial or permanent disability, waiver of premium, etc.
    • Flexible payment options– Term insurance policies offer flexible premium payment options, allowing policyholders to choose a payment plan based on their convenience. Premiums can be either limited pay, single pay or regular pay. Policyholders who choose limited or regular pay plans can pay their premiums either monthly, quarterly, half-yearly, or annually.
    • Choice of plan– A number of insurers offer policy holders a choice when it comes to the type of plan they wish to opt for. Policyholders can choose between single or joint life plans, depending on their need. They can thus choose to extend coverage for dependent spouses or choose a plan exclusively for the breadwinner of the family.
    • Tax benefits– Last, but not the least, premium paid towards a term plan is eligible for tax benefits under Section 80C of the Income Tax Act. The death benefit received by the nominee under the plan is eligible for tax deductions under Section 10(10D) as well.
    >
    Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the same employer’s key employee (Keyman) and the benefit, in case of a claim, goes to the employer.
    Keyman insurance helps a business recover from the loss of its valuable assets viz the persons who run it and/or own it. Individual talents are becoming critical to the success of many companies and employees are also becoming an important factor in investors’ valuation of the entities. Every business has at least a few very valuable employees who contribute significantly to the running and growth of the company. It makes sense to insure against the unfortunate event of their untimely demise. It is here that Keyman insurance comes into play.
    Benefits of Key-man insurance to the company
      1. It protects against business risk in the event of unfortunate death of the key person.
      2. The premium paid will be treated as business expenses and the company would save 30% plus surcharge on every rupee of premium paid for such a policy as per current tax law.
      3. Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. Here, the insurance money can help as a guarantee of loan repayment in case of death of the key person.
      4. The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
      5. It helps in keeping the market price of the company’s shares stable in case of death of the keyman. If the keyman dies the price of the company’s shares is likely to fall but if the investors know that any financial loss can be made up through the insurance proceeds, they may not start offloading the shares immediately.
      6. It protects the company’s valuation. For example, in case of the company being put up for sale, prospective buyers are likely to put a higher value to the company if they know that it has a monetary back-up (insurance) to meet the cost of replacement of its key person.
    It is a compensation payable under a scheme set out in the workmen Compensation Act of India, monitored by the Ministry of Labor. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the insured’s immediate service and during the course of employment. Costs or expenses incurred by the insured employer, with the consent of the company, to defend any claims are paid in addition to the above.
    Laws under WC Policy
    The policy covers legal liability of an employer under
    • Workmen Compensation Act 1923 and subsequent amendments of the said Act prior to the date of issue of the policy
    • Indian Fatal Accidents Act 1855, and subsequent amendments of the said Act prior to the date of issue of the policy
    • Common Law
    Need for policy
    • Any employer, whether as principal or contractor, engaging “workmen” as defined in the workmen compensation Act
    • Any Employer of employees who do not qualify as “workmen” but share an employee-employer relationship
    Scope of coverage
    • Death
    • Permanent Total Disability
    • Permanent Partial Disability
    • Legal cost and Expenses incurred with the companies’ consent
    The amount of compensation payable is calculated as per the WC Act using factors like age of the individual, the nature of disability and the last drawn salary. Premium rates are based on the nature of duties performed and on the basis of annual estimated wages disbursed to the workmen,
    This insurance does not cover any interest and/or penalty which may be imposed on account of failure to comply with the statutory requirements laid out.
    Title insurance is a cover that protects a potential owner of a property against loss from defects in title.
    Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.
    A title insurance policy insures against events that occurred in the past and the people who owned it, for a one-time premium paid at the closure of the escrow.
    Coverage
    Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.
    Who is Insured
    1. Initially insures the promoter/builder acquiring ownership of the property
    2. Eventually benefits the transferee at the event of a sale agreementbetween the buyer(s) or allottee(s) of the said property.
    What is Insured
    1. The Policy protects the rights of an owner, of the property, thereon against a range of risks that may affect the ownership of the land/building
    2. Covers any legal or defense costs against insured risks in the event of a claim.
    How does Title Insurance Work
    After the escrow officer or lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. After recordings has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.
    What is an Escrow
    Owner policy : Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.
    During the purchase of a property, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title” to their property, to the buyer. Title insurance provide protection against law suits and claim against the property covered and purchased. Common claims come from a previous owner’s failure to pay taxes or from contractors not being paid for their services and labour on the property before you purchased it.
    Lender’s policy: Most lenders require and insist the mortgagees to purchase a lender’s title insurance policy, which protects the amount they lend to pay for its legal defense costs and reimburse any mortgage payments mortgagee can’t make because he/she has lost the house to someone else’s claim on it. Lenders might alternatively want to buy an owner’s title insurance policy, which can help protect their financial investment in the property covering their legal fees and other losses, as yet another step toward protecting the lender’s collateral.
    Construction Loan policy In many situations, separate policies exist for construction loans. Title insurance for construction loans requires a Date Down endorsement that recognizes that the insured amount for the property has increased due to construction funds that have been vested into the property.
    Scope of cover:
    1. Regulatory Risks
      1. Revocation of clearances given by authorities like the State Revenue Dept, Municipality, Environment Dept., etc. cleared by them as per existing rules
    2. Ownership Risks
      1. Challenges to the Ownership of the property arising from Title dispute, Partition dispute, Illegal Possession, Landlord-Tenant dispute, Succession dispute, Contractual disputes, Developer-Landlord dispute, Mortgage-Loan dispute, etc.
    3. Error & Omission Risks
      1. Errors and Omissions committed at the time of conducting Title Search by the Conveyance Practitioner or in conferring appropriate permits or sanctions by the relevant authority provided by law
    At the most extreme, the seller may knowingly sell you a property he or she doesn’t own.
    What is the Sum Insured for Title Insurance?
    Typically, Title Insurance pays for the loss incurred due to title defects up to the sum insured, which generally is the value of the property or legal expenses to defend the case. However, additional coverage could be structured based on client requirements.
    Sum Insured will include
    1. The Market Value of the Land
      1. Completed Cost of Construction
      2. Can be taken on Full Value or Loss Limit basis
    2. Provision for Escalation
    What are the parameters considered to arrive at the premium for Title Insurance
    1. Property Type (whether Residential or Commercial)
    2. Location of the risk
    3. Purchase Price of the Property
    4. Loan amount involved
    5. Amount of coverage Opted
    6. Transaction Type and Title Service Fees
    Exclusions –
    1. Violation of any existing Law(s) or bye-law(s), or future action by the government concerning
      1. Land use
      2. Structures built on the Land
      3. Environmental protection
      4. Conservation
    1. This exclusion does not apply to violations or the enforcement of those matters which appear in the Public Records at the Policy Date and does not limit the coverage provided in the policy
      1. Risks that are created, allowed, or agreed to by Insured
      2. Structures which have not been built in accordance with applicable building codes and standards, or the infestation or dilapidation of those structures.
    Basis of Indemnity to include :
    1. Pecuniary loss from dispute / revocation of Title including Market Value of the Lost Property
    2. Legal costs to defend proceedings
    Proposal & Duty of Disclosure :
    1. Disclosure of all material facts and documentation in respect of the Title to the property true to the best of their knowledge that would affect the acceptance of the risk by the insurer or enhance them.
    2. Any failure may compel the Insurer to reduce its liability under the Policy in respect of a claim, or may cancel the contract of insurance.
    A commercial crime policy typically provides several different types of crime coverage including employee dishonesty, forgery or alteration, computer fraud, funds transfer fraud, money & securities and money orders and counterfeit money.
    Every company is susceptible to white collar crime. Initially offences may seem inconsequential, over time however, they multiply and cause significant losses to an organization.
    Need for Crime Policy
    • Theft by employees or management includes direct theft of cash or business assets, falsification of claim expenses or payroll fraud.
    • Collusion between employee and a third party receiving bribes or commissions from a supplier for awarding of a contract, failure of an employee to disclose financial interest in a transaction.
    • Computer fraud such as diverting funds from bank accounts, stealing intellectual property, posing as a legitimate business on the Internet and obtaining payment for goods or services.
    Coverages:
    • Employee Theft Coverage: Loss of money, securities or other property by theft or forgery by an identifiable employee of the Insured.
    • Premises Coverage: Losses from destruction, disappearance or wrongful abstraction or computer theft of money or securities from the Insured premises by third parties.
    • Transit Coverage: Losses sustained due to the destruction, disappearance or abstraction of money and securities outside the Insured’s premises by a third party, while being conveyed by the Insured, an armoured motor vehicle company or any person authorised by the Insured.
    • Depositors Forgery Coverage: Losses from instruments such as cheques fraudulently drawn on Insured’s accounts by a third party.
    • Computer Fraud Coverage: An extension to cover losses sustained and expenses incurred by an insured due to a computer fraud or violation by a third party.
    Marine insurance offers coverage in case of damage or loss of cargo, ships, terminals and any transport by which any property is acquired, transferred or held between the point of origin and its destination. It is an integral part of National / International Trade and is required by Importers, Exporters, Manufacturers, Distributors, Retailers, Wholesalers and others engaged in the movement of goods by sea, air, road, rail and post.
    Marine insurance covers property exposed either onshore/ offshore, marine casualty, marine liability and hull damages.
    Coverage
    • Export/Import – When exporting or importing goods the Institute Cargo Clause (ICC) A, B, or C of Institute of London Underwriters is applicable.
      1. ICC (A) is all risk cover.
      2. ICC (B) is broader cover excluding Malicious Damage, Theft/ Pilferage & War Risks.
      3. ICC (C) covers all risks covered in ICC (B) except for Loss overboard during loading or discharge, washing overboard, seawater entering ship, river water entering ship.
    • Inland – Goods transported to anyplace within India by Rail/ Road are subjected to Inland Transit Clause (ITC) A, B, C.
      1. ITC (A) is an all risk coverage barring exclusions.
      2. ITC (B) covers loss from fire, lightning, breakage of bridges, derailment, accident, etc. barring exclusions.
      3. ITC (C) covers loss due to fire and lightning only.
    Risk Institute Cargo Clauses
    ( Proximate Cause) A B C
    Stranding , Grounding, Sinking or Capsizing Yes Yes Yes
    Overturning or Derailment of Land Conveyance Yes Yes Yes
    Collision of Ship or Craft with another Ship or Craft Yes Yes Yes
    Contact of Ship, Craft or Conveyance with anything other than Yes Yes Yes
    Ship or Craft (excludes Water but not Ice) Yes Yes Yes
    Discharge of Cargo at Port of Distress Yes Yes Yes
    Loss overboard during Loading/Discharge (total loss only). Yes Yes No
    Fire or Explosion Yes Yes Yes
    Malicious Damage Yes No* No*
    Theft/ Pilferage Yes No* No*
    General Average Sacrifice Yes Yes Yes
    Jettison Yes Yes Yes
    Washing Overboard (deck cargo) Yes Yes No*
    War Risks No* No* No*
    Seawater entering Ship, Craft, Hold, Yes Yes No*
    Conveyance Container Lift Van or Place of Storage Yes Yes No*
    River or Lake Water entering same Yes Yes No*
    Title insurance is a cover that protects a potential owner of a property against loss from defects in title.
    Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property.
    A title insurance policy insures against events that occurred in the past and the people who owned it, for a one-time premium paid at the closure of the escrow.
    Coverage
    Title insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.
    Who is Insured
    1. Initially insures the promoter/builder acquiring ownership of the property
    2. Eventually benefits the transferee at the event of a sale agreementbetween the buyer(s) or allottee(s) of the said property.
    What is Insured
    1. The Policy protects the rights of an owner, of the property, thereon against a range of risks that may affect the ownership of the land/building
    2. Covers any legal or defense costs against insured risks in the event of a claim.
    How does Title Insurance Work
    After the escrow officer or lender opens the title order, the title agent or attorney begins a title search. A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction. After recordings has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.
    What is an Escrow
    Owner policy : Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company or an attorney in the case of real estate, pending the fulfillment of the transaction.
    During the purchase of a property, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title” to their property, to the buyer. Title insurance provide protection against law suits and claim against the property covered and purchased. Common claims come from a previous owner’s failure to pay taxes or from contractors not being paid for their services and labour on the property before you purchased it.
    Lender’s policy: Most lenders require and insist the mortgagees to purchase a lender’s title insurance policy, which protects the amount they lend to pay for its legal defense costs and reimburse any mortgage payments mortgagee can’t make because he/she has lost the house to someone else’s claim on it. Lenders might alternatively want to buy an owner’s title insurance policy, which can help protect their financial investment in the property covering their legal fees and other losses, as yet another step toward protecting the lender’s collateral.
    Construction Loan policy In many situations, separate policies exist for construction loans. Title insurance for construction loans requires a Date Down endorsement that recognizes that the insured amount for the property has increased due to construction funds that have been vested into the property.
    Scope of cover:
    1. Regulatory Risks
      1. Revocation of clearances given by authorities like the State Revenue Dept, Municipality, Environment Dept., etc. cleared by them as per existing rules
    2. Ownership Risks
      1. Challenges to the Ownership of the property arising from Title dispute, Partition dispute, Illegal Possession, Landlord-Tenant dispute, Succession dispute, Contractual disputes, Developer-Landlord dispute, Mortgage-Loan dispute, etc.
    3. Error & Omission Risks
      1. Errors and Omissions committed at the time of conducting Title Search by the Conveyance Practitioner or in conferring appropriate permits or sanctions by the relevant authority provided by law
    At the most extreme, the seller may knowingly sell you a property he or she doesn’t own.
    What is the Sum Insured for Title Insurance?
    Typically, Title Insurance pays for the loss incurred due to title defects up to the sum insured, which generally is the value of the property or legal expenses to defend the case. However, additional coverage could be structured based on client requirements.
    Sum Insured will include
    1. The Market Value of the Land
      1. Completed Cost of Construction
      2. Can be taken on Full Value or Loss Limit basis
    2. Provision for Escalation
    What are the parameters considered to arrive at the premium for Title Insurance
    1. Property Type (whether Residential or Commercial)
    2. Location of the risk
    3. Purchase Price of the Property
    4. Loan amount involved
    5. Amount of coverage Opted
    6. Transaction Type and Title Service Fees
    Exclusions –
    1. Violation of any existing Law(s) or bye-law(s), or future action by the government concerning
      1. Land use
      2. Structures built on the Land
      3. Environmental protection
      4. Conservation
    1. This exclusion does not apply to violations or the enforcement of those matters which appear in the Public Records at the Policy Date and does not limit the coverage provided in the policy
      1. Risks that are created, allowed, or agreed to by Insured
      2. Structures which have not been built in accordance with applicable building codes and standards, or the infestation or dilapidation of those structures.
    Basis of Indemnity to include :
    1. Pecuniary loss from dispute / revocation of Title including Market Value of the Lost Property
    2. Legal costs to defend proceedings
    Proposal & Duty of Disclosure :
    1. Disclosure of all material facts and documentation in respect of the Title to the property true to the best of their knowledge that would affect the acceptance of the risk by the insurer or enhance them.
    2. Any failure may compel the Insurer to reduce its liability under the Policy in respect of a claim, or may cancel the contract of insurance.
    INDUSTRIES

    Copyright @ 2020 WMG Risk Advisory and Insurance Broking LLP.
    IRDA Licence No. 603 | Licence Validity - 12/06/2017 to 11/06/2020