Directors and Officers Liability
Asset / Property Insurance
Tech PI / Errors and Omissions Insurance
Commercial Crime Insurance
Cyber Risk Insurance
Commercial General Liability
Group Health Insurance
Group Personal Accident Insurance
Group Overseas Travel Insurance
Group Term Life Insurance
Key-man Insurance
Kidnap, Ransom & Extortion
Political and Trade Credit Risks
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.
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).
Money 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.
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.
Technology companies face unique risks and require specific insurance coverages to protect their business from financial loss. Technology professional indemnity insurance is a key element of risk management for a technology company in today’s world.
E&O insurance covers your legal liability arising from professional services in the event of a third party claim stemming from professional negligence. Professionals may owe a duty of care to anybody who might reasonably rely upon the service or advice they have provided. In today’s commercial world, clients expect high standards of service and are more inclined to resort to litigation when such standards have not been met.
Typical reasons that professional indemnity claims are made against a technology company include:
  • Programming error
  • Poor customer communication
  • Problems with large integration/installation projects
  • Development problems
  • Problems with combining or integrating software or hardware components
  • Customer changing project scope (often referred to as “project creep”)
  • Turnover of key personnel
  • Short cuts during testing
  • Poor accounts receivable controls that require the tech company to sue their customer for fees owed and this results in a countersuit for negligence in the performance of the tech services/products
  • Shortfall in externally furnished products or externally performed tasks

Scope of Cover:

  • The Policy: provides indemnity for losses arising from civil liability (including liability for claimant’s costs and expenses incurred) arising in connection with your professional services including:
    • Breach of professional duty
    • Infringement of copyright or intellectual property rights
    • Breach of confidentiality
    • Defamation – and other types of civil liability.
  • Insured Person: cover extends to include you, partners (or members of limited liability partnerships), directors, employees and their personal representatives in the event of death, incapacity, insolvency or bankruptcy.
  • Fraud and Dishonesty Cover: liability of your business to any third party resulting from fraudulent or dishonest conduct.
  • Lost Documents Cover: costs of replacing or restoring documents lost or damaged ‘in transit’ or in your custody.
  • Specialist Consultants Cover: claims resulting from any wrongful act of your specialist consultants, designers or subcontractors engaged in the performance of your professional services.
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.
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) .
  • Reward Expenses, including informant costs. (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 negligent acts; Up to the prescribed limits fore-mentioned by the polic
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
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.
Group term life insurance is designed to offer life insurance to a group of people under a single policy. A group insurance is not limited to employer-employee group only because it extends to other groups like banks, NGOs, etc.; also.
Here are some of the benefits of group term life insurance policies:
  • Default insurance cover: Group policies provide ‘auto cover’ to members simply by being part of that group. The policy ensures at least a basic insurance cover for those who are without any life insurance policy.
  • Free cover limit: As the insurance is offered to all members of the group, irrespective of their health condition, it is of great value to people who belong to a high-risk group or find difficulty in buying a policy.
  • Tax benefits: As in many cases, employers get tax benefits on group insurance plans, and the policy can help them in reducing their tax liability.
  • No need to worry about premium payment: As the premium is directly deducted from the employee’s salary, there is any chance of missing the premium payment. It also reduces the chances of policy lapse due to non-payment of premium. In some cases, the policy is offered at free of cost.
  • Easy premium payment options for employers: Depending on the organization’s needs, the employer can choose monthly, quarterly, half-yearly and annual premium payment mode as per their convenience.
  • Useful for employees’ wellbeing: Group term life insurance policies play an important role in the employee welfare and retention scheme and it offers financial security to the family even in the absence of the employee.
  • Coverage can be extended with riders: By adding riders to the main group insurance policy, the insurer can expand the coverage. Riders like education allowance, repatriation allowance, accidental death, etc.; offer multitude of benefits and thus, can be bought along with the main insurance policy to get comprehensive coverage.
Benefits To employer
  • Life cover for all the group members under one policy.
  • Easy and hassle free financial help to the employee’s family, in case of an unfortunate event
  • Cost-effective method to buy a high cover at a low premium
  • GTI cover for future service gratuity liability
  • Serves as strong retention tool
  • Premiums paid by the employer is tax deductible u/s 37 (1) of the Income Tax Act, 1961
  • Simple procedures for addition and deletion of members in to the policy
Benefits To employer
  • Adequate financial support to loved ones against his accident, illness or untimely death
  • Convenience of no medical tests till free cover limits
  • Cover for housing or vehicle loans given by you to your employees
  • Death benefits exempt from tax under Section 10(10D)
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. 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.
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.
As a result of Globalization, there is a growth in trading opportunities and companies are faced with increasingly complex needs in terms of trade receivables management. Current economic conditions have increased pressure on companies trading on credit terms. With continuing concerns over the impact of unexpected levels of severe debt, companies need to fully understand their credit risk profile and ensure they have sufficient balance sheet and cash flow protection. Strong and effective credit risk management is essential to protect and promote business growth. Credit Insurance is a tool which helps the companies to expand business with peace of mind.
Credit Insurance protects the companies against customer defaults. It covers the sales of the companies to its buyers on credit against the risk of loss due to the insolvency of their customers.
Credit Insurance plays a vital role in the trade life -cycle of any company by protecting profit, cash flows, sales growth, the balance sheet and a company’s customer base. It can be of great help in growth of sales by allowing the secure development of new buyers, new markets and the credit extended to a buyer.
Whatever be the size of your company, Global Trade Credit provides innovative credit risk protection solutions to protect your business from unmanageable debt whilst maximizing profitability. We work on your behalf to make sure the most competitive terms are negotiated and secured in respect of cost, cover and service.
For companies with branches or subsidiaries in different regional locations or countries, there is an added risk of inconsistent credit management procedures leading to lack of awareness of your overall exposure to customer failures or politically unstable markets.
Credit insurance covers the risk of non-payment of trade debt. Protection for political and pre-credit risk can also be added, giving you the confidence to trade on credit terms in uncertain economic times.
Scope of cover
The policy covers loss due to any or all of the following risks:
  • Commercial Risk
    • Non payment by the buyer – protracted default
    • Insolvency of the buyer
  • Political Risk
    • Military or civil war, revolution, riot or insurrection
    • General moratorium on payment by the government of buyer’s country
    • Cancellation of import license
    • Government decision preventing performance
    • Political events, economic difficulties, legislative or administrative measures preventing payment
    • Non-payment by government buyer
Benefits:
  • Protects your profit & loss account and balance sheet against non-payment risk.
  • Underpins your credit management function and supports corporate governance best practices.
  • Gives security in new markets allowing exporters to grow their business.
  • Provides invaluable customer insight based on updated economic analysis from credit risk specialists.
Exclusions
  • Non-payment arising due to trade disputes
  • Sales to a private individual who intends to use the goods or service for non-professional purposes
  • Sales to an associate company (political and AOG risk can be covered)
  • Sales contracts where payment is received in advance
  • Sales under irrevocable and confirmed Letter of Credit
  • Loss due to foreign currency fluctuations
  • Nuclear risks
  • A war between two or more of the following countries: France, China, Russia, the United Kingdom and the United States of America
  • A war between the Insured’s country and the country of the buyer
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.
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).
Money 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.
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.
Technology companies face unique risks and require specific insurance coverages to protect their business from financial loss. Technology professional indemnity insurance is a key element of risk management for a technology company in today’s world.
E&O insurance covers your legal liability arising from professional services in the event of a third party claim stemming from professional negligence. Professionals may owe a duty of care to anybody who might reasonably rely upon the service or advice they have provided. In today’s commercial world, clients expect high standards of service and are more inclined to resort to litigation when such standards have not been met.
Typical reasons that professional indemnity claims are made against a technology company include:
  • Programming error
  • Poor customer communication
  • Problems with large integration/installation projects
  • Development problems
  • Problems with combining or integrating software or hardware components
  • Customer changing project scope (often referred to as “project creep”)
  • Turnover of key personnel
  • Short cuts during testing
  • Poor accounts receivable controls that require the tech company to sue their customer for fees owed and this results in a countersuit for negligence in the performance of the tech services/products
  • Shortfall in externally furnished products or externally performed tasks

Scope of Cover:

  • The Policy: provides indemnity for losses arising from civil liability (including liability for claimant’s costs and expenses incurred) arising in connection with your professional services including:
    • Breach of professional duty
    • Infringement of copyright or intellectual property rights
    • Breach of confidentiality
    • Defamation – and other types of civil liability.
  • Insured Person: cover extends to include you, partners (or members of limited liability partnerships), directors, employees and their personal representatives in the event of death, incapacity, insolvency or bankruptcy.
  • Fraud and Dishonesty Cover: liability of your business to any third party resulting from fraudulent or dishonest conduct.
  • Lost Documents Cover: costs of replacing or restoring documents lost or damaged ‘in transit’ or in your custody.
  • Specialist Consultants Cover: claims resulting from any wrongful act of your specialist consultants, designers or subcontractors engaged in the performance of your professional services.
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.
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) .
  • Reward Expenses, including informant costs. (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 negligent acts; Up to the prescribed limits fore-mentioned by the polic
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
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.
Group term life insurance is designed to offer life insurance to a group of people under a single policy. A group insurance is not limited to employer-employee group only because it extends to other groups like banks, NGOs, etc.; also.
Here are some of the benefits of group term life insurance policies:
  • Default insurance cover: Group policies provide ‘auto cover’ to members simply by being part of that group. The policy ensures at least a basic insurance cover for those who are without any life insurance policy.
  • Free cover limit: As the insurance is offered to all members of the group, irrespective of their health condition, it is of great value to people who belong to a high-risk group or find difficulty in buying a policy.
  • Tax benefits: As in many cases, employers get tax benefits on group insurance plans, and the policy can help them in reducing their tax liability.
  • No need to worry about premium payment: As the premium is directly deducted from the employee’s salary, there is any chance of missing the premium payment. It also reduces the chances of policy lapse due to non-payment of premium. In some cases, the policy is offered at free of cost.
  • Easy premium payment options for employers: Depending on the organization’s needs, the employer can choose monthly, quarterly, half-yearly and annual premium payment mode as per their convenience.
  • Useful for employees’ wellbeing: Group term life insurance policies play an important role in the employee welfare and retention scheme and it offers financial security to the family even in the absence of the employee.
  • Coverage can be extended with riders: By adding riders to the main group insurance policy, the insurer can expand the coverage. Riders like education allowance, repatriation allowance, accidental death, etc.; offer multitude of benefits and thus, can be bought along with the main insurance policy to get comprehensive coverage.
Benefits To employer
  • Life cover for all the group members under one policy.
  • Easy and hassle free financial help to the employee’s family, in case of an unfortunate event
  • Cost-effective method to buy a high cover at a low premium
  • GTI cover for future service gratuity liability
  • Serves as strong retention tool
  • Premiums paid by the employer is tax deductible u/s 37 (1) of the Income Tax Act, 1961
  • Simple procedures for addition and deletion of members in to the policy
Benefits To employer
  • Adequate financial support to loved ones against his accident, illness or untimely death
  • Convenience of no medical tests till free cover limits
  • Cover for housing or vehicle loans given by you to your employees
  • Death benefits exempt from tax under Section 10(10D)
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. 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.
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.
As a result of Globalization, there is a growth in trading opportunities and companies are faced with increasingly complex needs in terms of trade receivables management. Current economic conditions have increased pressure on companies trading on credit terms. With continuing concerns over the impact of unexpected levels of severe debt, companies need to fully understand their credit risk profile and ensure they have sufficient balance sheet and cash flow protection. Strong and effective credit risk management is essential to protect and promote business growth. Credit Insurance is a tool which helps the companies to expand business with peace of mind.
Credit Insurance protects the companies against customer defaults. It covers the sales of the companies to its buyers on credit against the risk of loss due to the insolvency of their customers.
Credit Insurance plays a vital role in the trade life -cycle of any company by protecting profit, cash flows, sales growth, the balance sheet and a company’s customer base. It can be of great help in growth of sales by allowing the secure development of new buyers, new markets and the credit extended to a buyer.
Whatever be the size of your company, Global Trade Credit provides innovative credit risk protection solutions to protect your business from unmanageable debt whilst maximizing profitability. We work on your behalf to make sure the most competitive terms are negotiated and secured in respect of cost, cover and service.
For companies with branches or subsidiaries in different regional locations or countries, there is an added risk of inconsistent credit management procedures leading to lack of awareness of your overall exposure to customer failures or politically unstable markets.
Credit insurance covers the risk of non-payment of trade debt. Protection for political and pre-credit risk can also be added, giving you the confidence to trade on credit terms in uncertain economic times.
Scope of cover
The policy covers loss due to any or all of the following risks:
  • Commercial Risk
    • Non payment by the buyer – protracted default
    • Insolvency of the buyer
  • Political Risk
    • Military or civil war, revolution, riot or insurrection
    • General moratorium on payment by the government of buyer’s country
    • Cancellation of import license
    • Government decision preventing performance
    • Political events, economic difficulties, legislative or administrative measures preventing payment
    • Non-payment by government buyer
Benefits:
  • Protects your profit & loss account and balance sheet against non-payment risk.
  • Underpins your credit management function and supports corporate governance best practices.
  • Gives security in new markets allowing exporters to grow their business.
  • Provides invaluable customer insight based on updated economic analysis from credit risk specialists.
Exclusions
  • Non-payment arising due to trade disputes
  • Sales to a private individual who intends to use the goods or service for non-professional purposes
  • Sales to an associate company (political and AOG risk can be covered)
  • Sales contracts where payment is received in advance
  • Sales under irrevocable and confirmed Letter of Credit
  • Loss due to foreign currency fluctuations
  • Nuclear risks
  • A war between two or more of the following countries: France, China, Russia, the United Kingdom and the United States of America
  • A war between the Insured’s country and the country of the buyer
INDUSTRIES
MORE PRODUCT

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