Assets / Property Insurance
Loss of Profit / Revenue
Professional Indemnity
Commercial General Liability
Cyber Risk Insurance
Directors’ and Officers’ liability
Pollution Legal Liability
Crime / Fidelity 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]
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.
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.
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.
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 "
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
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.
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.
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]
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.
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.
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.
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 "
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
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.
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IRDA Licence No. 603 | Licence Validity - 12/06/2017 to 11/06/2020