Assets / Property Insurance
Professional Indemnity
Commercial General Liability
Cyber Risk Insurance
Directors’ and Officers’ liability
Crime / Fidelity Insurance
Kidnap Ransom and Extortion
Group Health Insurance
Group Personal Accident
School Transportation Insurance
Property insurance provides protection to property and stocks against perils such as fire, theft and named weather damages. This includes specialized form of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—all perils and named perils.
All risk perils cover all the causes of loss not specifically excluded in the policy.
Named perils require actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft.
  • Industrial All Risks
  • Standard Fire and Allied Perils Insurance
  • Terrorism and Sabotage
  • House holder’s/Hoteliers/Business package
  • Loss of production [Renewable Energy]
It covers the cost of mistakes made when providing professional services.
In today’s busy business world, anyone is at risk of making a mistake no matter how professional or diligent they may be. Some mistakes are minor with little or no financial cost or consequence, but others can be far more serious and not having adequate insurance cover can financially destroy a company, its directors or partners.
It covers negligence, errors & omissions, breach of duty and civil liability. It also covers business interruption and significant legal costs incurred on being sued. Extensions like defamation, loss of documents, dishonest conduct of employees, unintentional breach of confidence, potential infringement of intellectual property rights that arises.
Need for Professional Indemnity
Companies that perform professional services for others can make mistakes overlook a critical piece of information, misstate a fact, be misunderstood, forget to do something, misplace something, etc. and be sued by their clients over allegations such as:
  • Error, omission, or misrepresentation in providing a service.
  • Failure to provide a service in a timely fashion, or at all.
  • Failure to keep client information confidential.
Professionals who require PI
  • Solicitors
  • Medical Practitioners
  • Architects, Engineers, Interior designers, Property and Construction Consultants etc.
  • Financial Advisors
  • Financial Institutions
  • Charted Accountants
  • Real Estate and Letting Agents
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 "
Cyber Insurance is designed to protect commercial businesses against a wide range of first and third-party liability occurring out of cyber exposures associated with e-business, internet, networks and information assets. Companies with access to private & confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures. Cyber risk is steadily increasing concerns around data security affecting hundreds of millions of records a year and reporting of breaches continue to rise at a dramatic rate. The introduction of viruses and unauthorized access are well known examples.
Policy Features
First Party Cover:
  • E-Theft is a loss incurred in the process of transferring funds or property or any given value, due to the fraudulent input of data into a computer system or through a network into a computer system.
  • E-communication is a loss caused due to a customer having transferred funds or property or given any value, on the faith[1] of any fraudulent communication for which loss you are held legally liable.
  • E-Threat exemplifies loss including the cost of a professional negotiator and any payment made or any fund or property surrender intended as an extortion payment.
  • E-Vandalism covers losses even when the vandalism is caused by an employee.
  • E-Business interruption including extra expenses
  • Privacy Notification Expenses including the cost of credit monitoring services or similar services for affected customers. (Subject to a sub limit)[2]
  • Crisis Expenses including the cost of public relations consultants. (Subject to a sub limit) .
  • Crisis Expenses including the cost of public relations consultants. (Subject to a sub limit) .
Third party liability:
  • Disclosure Liability including customer claims due to system security failures resulting in unauthorized access to or dissemination of private information on the Internet.
  • Content Liability including claims for intellectual property, trademark and copyright infringement.
  • Reputational Liability includes claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy.
  • Conduit Liability including claims arising from system security failures that result in harm to third-party systems.
  • Impaired Access Liability includes claims due to system security failure resulting in systems being unavailable to customers.
  • Defense Costs cover any cost incurred in defending any claim brought by a government agency or licensing or regulatory organization.
  • Defence Costs in advance of the final disposition of any cyber liability claim and within 30 days of receipt of invoice for such costs.
  • Claims definition includes Extradition proceedings.
  • Prior Notice Exclusion: Excludes prior notice of a fact or circumstance that has been accepted by the previous insurer rather than notice given.
  • Full Severability of Exclusions : Knowledge of one Insured Person is not imputed to another and only knowledge possessed by the Chief Executive Officer, Chief Financial Officer or the Chief Operating Officer of the Organization will be imputed to the Organization.
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.
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.
This indemnity policy typically covers for perils like kidnap, extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay ransoms on the behalf of the insured. Typically, the insured first pays the ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under the policy.
Losses typically reimbursed by K&R insurance include:
  • Ransom monies – Money paid or loss incurred due to kidnapping
  • Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.
  • Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.
The policies also typically covers fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and corporate employees conducting business outside their own countries expect to encounter language barriers, exotic customs, and diverse negotiating styles. What they cannot predict is political upheaval and the increasing danger of abduction and extortion. The goal of our entire program is the safe return of the hostage or the satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion threat is a vital element of corporate risk management.
  • Kidnap/Ransom Coverage responds whether a person is actually abducted or someone paid a ransom.
  • Extortion Coverage includes protection for threats such as:
    • Damage to any premises or tangible property located on the insured’s premises.
    • Contamination of raw materials or products of the client.
    • Disseminate, divulge, or utilize proprietary information of the insured.
    • A computer virus against an insured.
  • Delivery coverage: Insures money or other conveyed property used to pay a ransom or extortion demand.
  • The Policy extends coverage for additional expenses and legal costs accrued to gain the release of a hostage. Those expenses may include fees of independent negotiators, interest costs on loans taken for extortion or ransom payment, salary continuation, consequential personal financial loss, and reasonable medical expenses.
  • Political Threat coverage: Covers expenses incurred when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
  • Optional Threat Response expense coverage: Provides for expenses incurred when the insured utilizes the additional services to investigate extortion threats when no monetary ransom demand has been made.
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
This indemnity policy typically covers for perils like kidnap, extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay ransoms on the behalf of the insured. Typically, the insured first pays the ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under the policy.
Losses typically reimbursed by K&R insurance include:
  • Ransom monies – Money paid or loss incurred due to kidnapping
  • Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.
  • Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.
The policies also typically covers fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and corporate employees conducting business outside their own countries expect to encounter language barriers, exotic customs, and diverse negotiating styles. What they cannot predict is political upheaval and the increasing danger of abduction and extortion. The goal of our entire program is the safe return of the hostage or the satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion threat is a vital element of corporate risk management.
  • Kidnap/Ransom Coverage responds whether a person is actually abducted or someone paid a ransom.
  • Extortion Coverage includes protection for threats such as:
    • Damage to any premises or tangible property located on the insured’s premises.
    • Contamination of raw materials or products of the client.
    • Disseminate, divulge, or utilize proprietary information of the insured.
    • A computer virus against an insured.
  • Delivery coverage: Insures money or other conveyed property used to pay a ransom or extortion demand.
  • The Policy extends coverage for additional expenses and legal costs accrued to gain the release of a hostage. Those expenses may include fees of independent negotiators, interest costs on loans taken for extortion or ransom payment, salary continuation, consequential personal financial loss, and reasonable medical expenses.
  • Political Threat coverage: Covers expenses incurred when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
  • Optional Threat Response expense coverage: Provides for expenses incurred when the insured utilizes the additional services to investigate extortion threats when no monetary ransom demand has been made.
Property insurance provides protection to property and stocks against perils such as fire, theft and named weather damages. This includes specialized form of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—all perils and named perils.
All risk perils cover all the causes of loss not specifically excluded in the policy.
Named perils require actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft.
  • Industrial All Risks
  • Standard Fire and Allied Perils Insurance
  • Terrorism and Sabotage
  • House holder’s/Hoteliers/Business package
  • Loss of production [Renewable Energy]
It covers the cost of mistakes made when providing professional services.
In today’s busy business world, anyone is at risk of making a mistake no matter how professional or diligent they may be. Some mistakes are minor with little or no financial cost or consequence, but others can be far more serious and not having adequate insurance cover can financially destroy a company, its directors or partners.
It covers negligence, errors & omissions, breach of duty and civil liability. It also covers business interruption and significant legal costs incurred on being sued. Extensions like defamation, loss of documents, dishonest conduct of employees, unintentional breach of confidence, potential infringement of intellectual property rights that arises.
Need for Professional Indemnity
Companies that perform professional services for others can make mistakes overlook a critical piece of information, misstate a fact, be misunderstood, forget to do something, misplace something, etc. and be sued by their clients over allegations such as:
  • Error, omission, or misrepresentation in providing a service.
  • Failure to provide a service in a timely fashion, or at all.
  • Failure to keep client information confidential.
Professionals who require PI
  • Solicitors
  • Medical Practitioners
  • Architects, Engineers, Interior designers, Property and Construction Consultants etc.
  • Financial Advisors
  • Financial Institutions
  • Charted Accountants
  • Real Estate and Letting Agents
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 "
Cyber Insurance is designed to protect commercial businesses against a wide range of first and third-party liability occurring out of cyber exposures associated with e-business, internet, networks and information assets. Companies with access to private & confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures. Cyber risk is steadily increasing concerns around data security affecting hundreds of millions of records a year and reporting of breaches continue to rise at a dramatic rate. The introduction of viruses and unauthorized access are well known examples.
Policy Features
First Party Cover:
  • E-Theft is a loss incurred in the process of transferring funds or property or any given value, due to the fraudulent input of data into a computer system or through a network into a computer system.
  • E-communication is a loss caused due to a customer having transferred funds or property or given any value, on the faith[1] of any fraudulent communication for which loss you are held legally liable.
  • E-Threat exemplifies loss including the cost of a professional negotiator and any payment made or any fund or property surrender intended as an extortion payment.
  • E-Vandalism covers losses even when the vandalism is caused by an employee.
  • E-Business interruption including extra expenses
  • Privacy Notification Expenses including the cost of credit monitoring services or similar services for affected customers. (Subject to a sub limit)[2]
  • Crisis Expenses including the cost of public relations consultants. (Subject to a sub limit) .
  • Crisis Expenses including the cost of public relations consultants. (Subject to a sub limit) .
Third party liability:
  • Disclosure Liability including customer claims due to system security failures resulting in unauthorized access to or dissemination of private information on the Internet.
  • Content Liability including claims for intellectual property, trademark and copyright infringement.
  • Reputational Liability includes claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy.
  • Conduit Liability including claims arising from system security failures that result in harm to third-party systems.
  • Impaired Access Liability includes claims due to system security failure resulting in systems being unavailable to customers.
  • Defense Costs cover any cost incurred in defending any claim brought by a government agency or licensing or regulatory organization.
  • Defence Costs in advance of the final disposition of any cyber liability claim and within 30 days of receipt of invoice for such costs.
  • Claims definition includes Extradition proceedings.
  • Prior Notice Exclusion: Excludes prior notice of a fact or circumstance that has been accepted by the previous insurer rather than notice given.
  • Full Severability of Exclusions : Knowledge of one Insured Person is not imputed to another and only knowledge possessed by the Chief Executive Officer, Chief Financial Officer or the Chief Operating Officer of the Organization will be imputed to the Organization.
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.
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.
This indemnity policy typically covers for perils like kidnap, extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay ransoms on the behalf of the insured. Typically, the insured first pays the ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under the policy.
Losses typically reimbursed by K&R insurance include:
  • Ransom monies – Money paid or loss incurred due to kidnapping
  • Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.
  • Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.
The policies also typically covers fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and corporate employees conducting business outside their own countries expect to encounter language barriers, exotic customs, and diverse negotiating styles. What they cannot predict is political upheaval and the increasing danger of abduction and extortion. The goal of our entire program is the safe return of the hostage or the satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion threat is a vital element of corporate risk management.
  • Kidnap/Ransom Coverage responds whether a person is actually abducted or someone paid a ransom.
  • Extortion Coverage includes protection for threats such as:
    • Damage to any premises or tangible property located on the insured’s premises.
    • Contamination of raw materials or products of the client.
    • Disseminate, divulge, or utilize proprietary information of the insured.
    • A computer virus against an insured.
  • Delivery coverage: Insures money or other conveyed property used to pay a ransom or extortion demand.
  • The Policy extends coverage for additional expenses and legal costs accrued to gain the release of a hostage. Those expenses may include fees of independent negotiators, interest costs on loans taken for extortion or ransom payment, salary continuation, consequential personal financial loss, and reasonable medical expenses.
  • Political Threat coverage: Covers expenses incurred when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
  • Optional Threat Response expense coverage: Provides for expenses incurred when the insured utilizes the additional services to investigate extortion threats when no monetary ransom demand has been made.
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
This indemnity policy typically covers for perils like kidnap, extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay ransoms on the behalf of the insured. Typically, the insured first pays the ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under the policy.
Losses typically reimbursed by K&R insurance include:
  • Ransom monies – Money paid or loss incurred due to kidnapping
  • Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.
  • Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.
The policies also typically covers fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and corporate employees conducting business outside their own countries expect to encounter language barriers, exotic customs, and diverse negotiating styles. What they cannot predict is political upheaval and the increasing danger of abduction and extortion. The goal of our entire program is the safe return of the hostage or the satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion threat is a vital element of corporate risk management.
  • Kidnap/Ransom Coverage responds whether a person is actually abducted or someone paid a ransom.
  • Extortion Coverage includes protection for threats such as:
    • Damage to any premises or tangible property located on the insured’s premises.
    • Contamination of raw materials or products of the client.
    • Disseminate, divulge, or utilize proprietary information of the insured.
    • A computer virus against an insured.
  • Delivery coverage: Insures money or other conveyed property used to pay a ransom or extortion demand.
  • The Policy extends coverage for additional expenses and legal costs accrued to gain the release of a hostage. Those expenses may include fees of independent negotiators, interest costs on loans taken for extortion or ransom payment, salary continuation, consequential personal financial loss, and reasonable medical expenses.
  • Political Threat coverage: Covers expenses incurred when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
  • Optional Threat Response expense coverage: Provides for expenses incurred when the insured utilizes the additional services to investigate extortion threats when no monetary ransom demand has been made.
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IRDA Licence No. 603 | Licence Validity - 12/06/2017 to 11/06/2020