Industrial All Risk
Property Insurance
Consequential Loss of Profit
Marine Transit Insurance
Warehouse/Stock Insurance
Directors’ and Officers’ liability
Commercial General Liability
Public Liability Act Policy
Group Health Insurance
Group Personal Accident Insurance
Group Overseas Travel Insurance
Group Term Life Insurance
Key-man Insurance
Workers Compensation
Product Recall Liability
Product Liability
Pollution Legal Liability
Contaminated Product Insurance
Cyber Risk Insurance
Crime / Fidelity Insurance
Political and Trade Credit Risks
Industrial All Risk Insurance is an exclusion based package policy without any named perils. In this policy specific exclusions are incorporated with reference to the operating perils and properties. That means whatever is not excluded, is covered under this Insurance.
All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.100 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.
Coverage:
Section‐1: Material Damage
  • All Risk cover including Standard Fire & special perils viz Lightning, Explosion, Implosion,
  • Aircraft damage, impact damage, Riot strike & malicious damage, Storm tempest, flood, inundation, cyclone, typhoon, hurricane, tornado, Subsidence and landslide including rockslide, leakage from automatic sprinkler Installation, Bursting, etc
  • Theft & Burglary
  • Machinery Breakdown ‐ Mechanical and Electrical Breakdown
  • Boiler explosion ‐ Explosion and implosion of boiler and pressure plants, Explosion due to smelt water reaction for waste heat boilers, Flue gas explosion.
  • Electronic equipment insurance – Breakdown and all risk coverage of electronic equipment.
  • Transit risk and loading – unloading risks within the premises
Section‐2: Business Interruption
  • Loss of Profit due to Fire and Allied Perils
  • Section‐3: Machinery Loss of Profit
  • Loss of Profit or business interruption due to machinery breakdown Advantages of IAR policy
    • Under insurance up to 15% is waived
    • Reduced flat rate is applicable for Machinery breakdown cover
    • Transit risk within the premises is covered
    • Burglary & other accidental damage cover
    • No depreciation is deducted
    • Breakdown of Machinery, Electronic Equipments & explosion risk of Boiler are covered. So there is no need for separate MB, EEI & BPP policy (all insurance companies do not cover EEI)
    Property 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.
    There are different types of property Insurance as below:
    • 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).
    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.
    Marine insurance offers coverage in case of damage or loss of cargo, ships, terminals and any transport by which any property is acquired, transferred or held between the point of origin and its destination. It is an integral part of National / International Trade and is required by Importers, Exporters, Manufacturers, Distributors, Retailers, Wholesalers and others engaged in the movement of goods by sea, air, road, rail and post.
    Marine insurance covers property exposed either onshore/ offshore, marine casualty, marine liability and hull damages.
    Types of policies:
    Coverage
    • Specific Policy/Single Transit: a policy for a single shipment by sea/air/rail/post
    • Open / Declaration Policy: an annual policy subject to monthly declaration
    • Sales Turnover / Open Cover: an annual policy subject to a deposit premium and annual adjustment
    • Hull: It covers torso and hull of the vessel. Insurance is against the value of ship loss.
    Coverage
    • Export/Import – When exporting or importing goods the Institute Cargo Clause (ICC) A, B, or C of Institute of London Underwriters is applicable.
      1. ICC (A) is all risk cover.
      2. ICC (B) is broader cover excluding Malicious Damage, Theft/ Pilferage & War Risks.
      3. ICC (C) covers all risks covered in ICC (B) except for Loss overboard during loading or discharge, washing overboard, seawater entering ship, river water entering ship.
    • Inland – Goods transported to anyplace within India by Rail/ Road are subjected to Inland Transit Clause (ITC) A, B, C.
      1. ITC (A) is an all risk coverage barring exclusions.
      2. ITC (B) covers loss from fire, lightning, breakage of bridges, derailment, accident, etc. barring exclusions.
      3. ITC (C) covers loss due to fire and lightning only.
    Risk Institute Cargo Clauses
    ( Proximate Cause) A B C
    Stranding , Grounding, Sinking or Capsizing Yes Yes Yes
    Overturning or Derailment of Land Conveyance Yes Yes Yes
    Collision of Ship or Craft with another Ship or Craft Yes Yes Yes
    Contact of Ship, Craft or Conveyance with anything other than Yes Yes Yes
    Ship or Craft (excludes Water but not Ice) Yes Yes Yes
    Discharge of Cargo at Port of Distress Yes Yes Yes
    Loss overboard during Loading/Discharge (total loss only). Yes Yes No
    Fire or Explosion Yes Yes Yes
    Malicious Damage Yes No* No*
    Theft/ Pilferage Yes No* No*
    General Average Sacrifice Yes Yes Yes
    Jettison Yes Yes Yes
    Washing Overboard (deck cargo) Yes Yes No*
    War Risks No* No* No*
    Seawater entering Ship, Craft, Hold, Yes Yes No*
    Conveyance Container Lift Van or Place of Storage Yes Yes No*
    River or Lake Water entering same Yes Yes No*
    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.
    Directors’ and Officers’ Liability insurance provides cover for
    1. Personal liability arising out of a wrongful act
    2. The entity for reimbursement of those Directors and Officers
    3. The entity for liability arising out of securities related lawsuits
    Policies are underwritten on a worldwide jurisdiction basis to clients domiciled around the world.
    We advise organizations in diverse industry segments and offer tailored solutions to suit individual clients’ needs.
    NEED FOR D&O
    As a member of the board or an executive officer of a company, you may be personally held liable for any actual or alleged breach of duty, trust, breach warranty, authority, neglect, errors, misstatement, or omissions by anyone in company and can be sued for transactions alleging in financial losses. Exposure varies from shareholders, creditors, business partners, competitors, regulators and employees.
    COVERAGE
    The policy reimburses the company to the extent it has been insured with respect of such claims, under its Articles of Association or any other contract that effects its Directors and Officers.
    • An outside or non-executive or independent director in a company is also covered.
    • The policy can additionally be endorsed to cover the directors and officers of its subsidiaries, including those acquired or created during the policy period.
    • Specific coverage can be afforded to directorships held in outside boards/ nominee directorships held at the request of the company.
    • Defence costs shall be payable under alleged criminal cases, if the directors and officers are finally acquitted of the wrongful act.
    • The wrongful act is that are discovered after the director leaves the company.
    • Incase of a director’s death, the insurer will defend the director and prevent spillover liabilities from affecting their heirs, estates and legal representatives.
    This policy protects your business from financial losses, includes legal costs and compensations arising from property damage or bodily injury caused to any third party due to –
    • The services rendered
    • In-course of business operations
    • Negligence of any employee
    • Includes, non-professional neligent acts: Up to the precribed limits fore-mentioned by the policy
    Claims may arise
    • While visiting your business, a customer trips on loose flooring and is injured.
    • An employee in your painting or construction business accidentally leaves water running, causing substantial damage to a customer’s home.
    • A class action lawsuit is filed against your business, alleging advertisements constituted misleading information.
    Standard CGL includes :
    Coverage A: Bodily injury and property damage
    This cover provides protection against losses from the legal liability for bodily injury or property damage to others arising out of non-professional negligent acts or for liability arising out of their premises or business operations. Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm.
    Coverage B: Personal and advertising injury
    Personal and advertising injury protects an insured against liability arising out of offences, such as:
    • Libel
    • Slander
    • False arrest
    • Infringing on another’s copyright
    • Malicious prosecution
    • Use of another’s advertising idea
    • Wrongful eviction, entry or invasion of privacy
    Coverage C: Medical Payments
    Medical payments includes limited coverage for injuries sustained by a non-employee caused due to an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. CGL pays for all necessary and reasonable medical, surgical, ambulance, hospital, professional nursing and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations.
    Claims Made V/s Occurrence Based policy
    " A ‘Claims Made Policy’ is where the claim would occur and has to be lodged within the policy period. This is usually given in conventional CGL policy & would only become relevant when the policy is not renewed subsequently. "
    " Occurrence Based Policy is relevant to CGL Policy where the claims, which have taken place during the currency of the policy, can be lodged even after the expiry of the policy period, even if the policy is not renewed "
    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.
    Employees are key business strength and their good health will reflect on the profitability of your business. To ensure smooth and profitable business operations enterprises offer their employees and dependents access to timely medical care.
    The fact that any illness can strike us without warning and eat up our savings should not be overlooked.
    Key Benefits:
    • Covers hospitalization charges due to illness or accident of employees and dependents.
    • Covers any disease/ injury that can be treated medically/ surgically by hospitalization at nursing home/ hospital in India as in-patient.
    • Covers relevant medical expenses under pre and post hospitalization.
    • Covers Reasonable and necessary:
      • Room expenses in hospital/ nursing home
      • Ambulance charges
      • Nursing expenses
      • Medical practitioner fee
      • Treatment cost
      • Medicines/ diagnostic cost
      • Blood/ oxygen
      • Cost of pacemaker/ artificial limbs/ Organs transplantation charges
      • Operation theatre charges
      • Surgical appliances
      • Dressing, ordinary splints & plaster casts
      • Physiotherapy – Following a surgical event only
    • Covers maternity expenses of employees and spouses.
    • Covers Pre-existing ailments with no waiting period.
    • Sum insured are provided on individual as well as family floater basis.
    • Child is covered from the time of birth.
    Human life is very precious. However, eventualities like death, disability and loss of earning capacity cannot be eliminated and when such eventualities happen, it leaves the individual’s family devastated.
    Group Personal Accident Insurance policy covers the employees against death, disablement or loss of earning capacity due to unforeseen accidents.
    Accident or Accidental means a sudden, unforeseen and unexpected event happening by chance that results in the Insured Person suffering Death, Disablement or Bodily Injury.
    Geographical limit: 24-hour world-wide coverage.
    Capital Sum Insured (CSI) means the monetary amounts shown against insured person(s) which is maximum limit of liability against said insured person.
    Accidental Death(AD): Death due to accident
    Permanent Total Disablement(PTD): Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
    Permanent Partial Disablement(PPD): Similar to PTD with the only difference being that the disablement is partial e.g. loss of toe or a finger.
    The applicable compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s assessment.
    Temporary Total Disablement(TTD): Disablement is total but for a temporary period. Eg Fractures
    Children Education Grant: Children Education Grant is for 2 dependent children in case of death of employee. The cover can be 10% of Principal SI or INR 100,000/- whichever is lower.
    Additional Covers
    • Family Transportation Allowance: Family Transportation and House or Vehicle Modification expenses payable up to INR 50,000/-
    • Repatriation of Remains: The insurer provides reimbursement for expenses incurred for repatriation of remains up to maximum of INR 5,000/-
    • Animal attack or Snake Bite
    • Terrorism is included
    • Perils of Sea
    • Ambulance Charges
    Exclusions:
    Death, injury or disablement of insured person as a result of:
    • Intentional self-injury, suicide or attempted suicide
    • Influence of drugs or liquor
    • Committing breach of law with criminal intent
    • Insect Bite
    • War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds
    • Childbirth or pregnancy or in consequences thereof
    • Venereal diseases
    Many dream of taking their company public. Talent and passion transform the dream into reality. But the reality is fraught with risk. Investors who helped to achieve the dream can turn it into a testing reality. Directors of newly floated companies run the ever-increasing risk of being sued or investigated if investor expectations are not met.
    The road to a public offering is hazardous. Investors and their advisers must be presented with detailed information based on which the financial position and prospects of the company being floated, is analysed. Directors and others face a difficult task in ensuring that all relevant information and material facts regarding the company are presented accurately.
    Is it ever possible to be fully confident of total accuracy?
    Investors experiencing loss in the value of their shares will seize upon any mistake or misrepresentation made during such presentations, and make claim relating to defects in information, that encouraged them to invest in the company.
    Given the hype of a pre-IPO with most companies, there is increased scrutiny and accountability post-raising of capital.
    Before an IPO
    • IPO’s are a marketing event for the issuer
    • Can they live up to the hype ?
    After-Market Performance Issues
    • Is the management up to the challenge? Disappoint and the stock price will plunge!
    • Are the directors qualified to run a public listed company?
    • Can it beat analyst expectations? What are the analysts saying anyway?
    • Can they fulfill Regulatory reporting laws? – stock exchange and / or securities commissions.
    • Failure to report accurately, late reporting or just telling plain lies?
    What are the exposures?
    • What are they using the money raised for?
    • Overcompensated or over matched management?
    • Failure to disclose
    • Forward looking statements
    • Profile and accuracy of resumes of directors and management
    • False promises!
    • Quality of investment bank/adviser to the IPO.
    Who can sue?
    • Investors may bring an action against for an alleged misrepresentation, error, or omission in the prospectus on which they had relied to make their investment.
    • Regulatory bodies have authority to initiate proceedings against the parties to an offering, for allegations of wrongdoing or breach of the listing rules.
    Why take a POSI policy?
    • POSI gives companies the opportunity to ring-fence the significant and long-term exposure presented by security
    • POSI, being a transaction specific product ensures suitable coverage to the insureds and protects the existing D&O contract.
    • Accounting rules may allow the premium of a POSI to be capitalized against the offer proceeds, without being considered as a bottom line deduction of the company’s financials .
    Public offering of securities insurance is a specialist product which is tailored to indemnify Insured against claims arising due to errors, omissions, misrepresentation, or non-disclosure in documents issued to potential investors and cover costs involved in defending such allegations.
    The policy can provide the directors, the selling shareholders and the company with a number of separate and distinct benefits including:
    • Protection against some of the potential statutory exposures.
    • The option of a stand-alone policy, specifically tailored to ‘ring-fence’ the exposures from the transaction, which does not dilute or erode existing directors and officer’s liability insurance arrangements.
    • Coverage is typically negotiated to include protection against the liabilities arising from the issue of the path finder or ‘red-herring’ prospectus, the roadshow presentation, and any press releases.
    • Policy coverage cannot be cancelled by insurers without the insureds’ consent, and is typically arranged for 3-6 years’ duration, with a one-off premium levied for the full period of the policy.
    • The policy can be designed to cover exposures arising from other jurisdictions.
    Costs Covered: The insurance covers legal costs incurred in defending civil and criminal proceedings relating to prospectus liability as well as any judgements or settlements entered into.
    Period of Cover: It is purchased for a period of three to six years for a single premium payment. However, other lengths of time can be considered by Underwriters.
    Who should buy a POSI policy?
    POSI is designed for any company that is raising capital through the publication of a prospectus. It can provide cover for introductory offerings (IPO), secondary offerings and can also cover private placements. The POSI policy covers the company and its directors, officers and employees for securities claims raised against them with regard the offering.
    Isn’t this also covered under the Directors’ and Officers’ Insurance?
    Whilst a D&O policy may cover some of the claims that might arise they are not designed to address all the risks arising from a prospectus and listing process. Typically they do not cover claims against the company. Even if the policy is suitably worded, these policies are renewable annually for a new premium. Claims relating to a prospectus most often arise in the period 12 to 24 months after the prospectus was issued. In an annual D&O policy, premium may be increased or cover withheld on renewal if there is a potential prospectus claim.
    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 employee
    • 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 employee
    • 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. It protects against business risk in the event of unfortunate death of the key person.
      2. The premium paid will be treated as business expenses and the company would save 30% plus surcharge on every rupee of premium paid for such a policy as per current tax law.
      3. Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. Here, the insurance money can help as a guarantee of loan repayment in case of death of the key person.
      4. The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
      5. It helps in keeping the market price of the company’s shares stable in case of death of the keyman. If the keyman dies the price of the company’s shares is likely to fall but if the investors know that any financial loss can be made up through the insurance proceeds, they may not start offloading the shares immediately.
      6. It protects the company’s valuation. For example, in case of the company being put up for sale, prospective buyers are likely to put a higher value to the company if they know that it has a monetary back-up (insurance) to meet the cost of replacement of its key person.
    It is a compensation payable under a scheme set out in the workmen Compensation Act of India, monitored by the Ministry of Labor. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the insured’s immediate service and during the course of employment. Costs or expenses incurred by the insured employer, with the consent of the company, to defend any claims are paid in addition to the above.
    Laws under WC Policy
    The policy covers legal liability of an employer under
    • Workmen Compensation Act 1923 and subsequent amendments of the said Act prior to the date of issue of the policy
    • Indian Fatal Accidents Act 1855, and subsequent amendments of the said Act prior to the date of issue of the policy
    • Common Law
    Need for policy
    • Any employer, whether as principal or contractor, engaging “workmen” as defined in the workmen compensation Act
    • Any Employer of employees who do not qualify as “workmen” but share an employee-employer relationship
    Scope of coverage
    • Death
    • Permanent Total Disability
    • Permanent Partial Disability
    • Legal cost and Expenses incurred with the companies’ consent
    The amount of compensation payable is calculated as per the WC Act using factors like age of the individual, the nature of disability and the last drawn salary. Premium rates are based on the nature of duties performed and on the basis of annual estimated wages disbursed to the workmen,
    This insurance does not cover any interest and/or penalty which may be imposed on account of failure to comply with the statutory requirements laid out.
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    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.
    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.
    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
    Industrial All Risk Insurance is an exclusion based package policy without any named perils. In this policy specific exclusions are incorporated with reference to the operating perils and properties. That means whatever is not excluded, is covered under this Insurance.
    All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.100 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.
    Coverage:
    Section‐1: Material Damage
    • All Risk cover including Standard Fire & special perils viz Lightning, Explosion, Implosion,
    • Aircraft damage, impact damage, Riot strike & malicious damage, Storm tempest, flood, inundation, cyclone, typhoon, hurricane, tornado, Subsidence and landslide including rockslide, leakage from automatic sprinkler Installation, Bursting, etc
    • Theft & Burglary
    • Machinery Breakdown ‐ Mechanical and Electrical Breakdown
    • Boiler explosion ‐ Explosion and implosion of boiler and pressure plants, Explosion due to smelt water reaction for waste heat boilers, Flue gas explosion.
    • Electronic equipment insurance – Breakdown and all risk coverage of electronic equipment.
    • Transit risk and loading – unloading risks within the premises
    Section‐2: Business Interruption
  • Loss of Profit due to Fire and Allied Perils
  • Section‐3: Machinery Loss of Profit
  • Loss of Profit or business interruption due to machinery breakdown Advantages of IAR policy
    • Under insurance up to 15% is waived
    • Reduced flat rate is applicable for Machinery breakdown cover
    • Transit risk within the premises is covered
    • Burglary & other accidental damage cover
    • No depreciation is deducted
    • Breakdown of Machinery, Electronic Equipments & explosion risk of Boiler are covered. So there is no need for separate MB, EEI & BPP policy (all insurance companies do not cover EEI)
    Property 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.
    There are different types of property Insurance as below:
    • 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).
    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.
    Marine insurance offers coverage in case of damage or loss of cargo, ships, terminals and any transport by which any property is acquired, transferred or held between the point of origin and its destination. It is an integral part of National / International Trade and is required by Importers, Exporters, Manufacturers, Distributors, Retailers, Wholesalers and others engaged in the movement of goods by sea, air, road, rail and post.
    Marine insurance covers property exposed either onshore/ offshore, marine casualty, marine liability and hull damages.
    Types of policies:
    Coverage
    • Specific Policy/Single Transit: a policy for a single shipment by sea/air/rail/post
    • Open / Declaration Policy: an annual policy subject to monthly declaration
    • Sales Turnover / Open Cover: an annual policy subject to a deposit premium and annual adjustment
    • Hull: It covers torso and hull of the vessel. Insurance is against the value of ship loss.
    Coverage
    • Export/Import – When exporting or importing goods the Institute Cargo Clause (ICC) A, B, or C of Institute of London Underwriters is applicable.
      1. ICC (A) is all risk cover.
      2. ICC (B) is broader cover excluding Malicious Damage, Theft/ Pilferage & War Risks.
      3. ICC (C) covers all risks covered in ICC (B) except for Loss overboard during loading or discharge, washing overboard, seawater entering ship, river water entering ship.
    • Inland – Goods transported to anyplace within India by Rail/ Road are subjected to Inland Transit Clause (ITC) A, B, C.
      1. ITC (A) is an all risk coverage barring exclusions.
      2. ITC (B) covers loss from fire, lightning, breakage of bridges, derailment, accident, etc. barring exclusions.
      3. ITC (C) covers loss due to fire and lightning only.
    Risk Institute Cargo Clauses
    ( Proximate Cause) A B C
    Stranding , Grounding, Sinking or Capsizing Yes Yes Yes
    Overturning or Derailment of Land Conveyance Yes Yes Yes
    Collision of Ship or Craft with another Ship or Craft Yes Yes Yes
    Contact of Ship, Craft or Conveyance with anything other than Yes Yes Yes
    Ship or Craft (excludes Water but not Ice) Yes Yes Yes
    Discharge of Cargo at Port of Distress Yes Yes Yes
    Loss overboard during Loading/Discharge (total loss only). Yes Yes No
    Fire or Explosion Yes Yes Yes
    Malicious Damage Yes No* No*
    Theft/ Pilferage Yes No* No*
    General Average Sacrifice Yes Yes Yes
    Jettison Yes Yes Yes
    Washing Overboard (deck cargo) Yes Yes No*
    War Risks No* No* No*
    Seawater entering Ship, Craft, Hold, Yes Yes No*
    Conveyance Container Lift Van or Place of Storage Yes Yes No*
    River or Lake Water entering same Yes Yes No*
    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.
    Directors’ and Officers’ Liability insurance provides cover for
    1. Personal liability arising out of a wrongful act
    2. The entity for reimbursement of those Directors and Officers
    3. The entity for liability arising out of securities related lawsuits
    Policies are underwritten on a worldwide jurisdiction basis to clients domiciled around the world.
    We advise organizations in diverse industry segments and offer tailored solutions to suit individual clients’ needs.
    NEED FOR D&O
    As a member of the board or an executive officer of a company, you may be personally held liable for any actual or alleged breach of duty, trust, breach warranty, authority, neglect, errors, misstatement, or omissions by anyone in company and can be sued for transactions alleging in financial losses. Exposure varies from shareholders, creditors, business partners, competitors, regulators and employees.
    COVERAGE
    The policy reimburses the company to the extent it has been insured with respect of such claims, under its Articles of Association or any other contract that effects its Directors and Officers.
    • An outside or non-executive or independent director in a company is also covered.
    • The policy can additionally be endorsed to cover the directors and officers of its subsidiaries, including those acquired or created during the policy period.
    • Specific coverage can be afforded to directorships held in outside boards/ nominee directorships held at the request of the company.
    • Defence costs shall be payable under alleged criminal cases, if the directors and officers are finally acquitted of the wrongful act.
    • The wrongful act is that are discovered after the director leaves the company.
    • Incase of a director’s death, the insurer will defend the director and prevent spillover liabilities from affecting their heirs, estates and legal representatives.
    This policy protects your business from financial losses, includes legal costs and compensations arising from property damage or bodily injury caused to any third party due to –
    • The services rendered
    • In-course of business operations
    • Negligence of any employee
    • Includes, non-professional neligent acts: Up to the precribed limits fore-mentioned by the policy
    Claims may arise
    • While visiting your business, a customer trips on loose flooring and is injured.
    • An employee in your painting or construction business accidentally leaves water running, causing substantial damage to a customer’s home.
    • A class action lawsuit is filed against your business, alleging advertisements constituted misleading information.
    Standard CGL includes :
    Coverage A: Bodily injury and property damage
    This cover provides protection against losses from the legal liability for bodily injury or property damage to others arising out of non-professional negligent acts or for liability arising out of their premises or business operations. Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm.
    Coverage B: Personal and advertising injury
    Personal and advertising injury protects an insured against liability arising out of offences, such as:
    • Libel
    • Slander
    • False arrest
    • Infringing on another’s copyright
    • Malicious prosecution
    • Use of another’s advertising idea
    • Wrongful eviction, entry or invasion of privacy
    Coverage C: Medical Payments
    Medical payments includes limited coverage for injuries sustained by a non-employee caused due to an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. CGL pays for all necessary and reasonable medical, surgical, ambulance, hospital, professional nursing and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations.
    Claims Made V/s Occurrence Based policy
    " A ‘Claims Made Policy’ is where the claim would occur and has to be lodged within the policy period. This is usually given in conventional CGL policy & would only become relevant when the policy is not renewed subsequently. "
    " Occurrence Based Policy is relevant to CGL Policy where the claims, which have taken place during the currency of the policy, can be lodged even after the expiry of the policy period, even if the policy is not renewed "
    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.
    Employees are key business strength and their good health will reflect on the profitability of your business. To ensure smooth and profitable business operations enterprises offer their employees and dependents access to timely medical care.
    The fact that any illness can strike us without warning and eat up our savings should not be overlooked.
    Key Benefits:
    • Covers hospitalization charges due to illness or accident of employees and dependents.
    • Covers any disease/ injury that can be treated medically/ surgically by hospitalization at nursing home/ hospital in India as in-patient.
    • Covers relevant medical expenses under pre and post hospitalization.
    • Covers Reasonable and necessary:
      • Room expenses in hospital/ nursing home
      • Ambulance charges
      • Nursing expenses
      • Medical practitioner fee
      • Treatment cost
      • Medicines/ diagnostic cost
      • Blood/ oxygen
      • Cost of pacemaker/ artificial limbs/ Organs transplantation charges
      • Operation theatre charges
      • Surgical appliances
      • Dressing, ordinary splints & plaster casts
      • Physiotherapy – Following a surgical event only
    • Covers maternity expenses of employees and spouses.
    • Covers Pre-existing ailments with no waiting period.
    • Sum insured are provided on individual as well as family floater basis.
    • Child is covered from the time of birth.
    Human life is very precious. However, eventualities like death, disability and loss of earning capacity cannot be eliminated and when such eventualities happen, it leaves the individual’s family devastated.
    Group Personal Accident Insurance policy covers the employees against death, disablement or loss of earning capacity due to unforeseen accidents.
    Accident or Accidental means a sudden, unforeseen and unexpected event happening by chance that results in the Insured Person suffering Death, Disablement or Bodily Injury.
    Geographical limit: 24-hour world-wide coverage.
    Capital Sum Insured (CSI) means the monetary amounts shown against insured person(s) which is maximum limit of liability against said insured person.
    Accidental Death(AD): Death due to accident
    Permanent Total Disablement(PTD): Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
    Permanent Partial Disablement(PPD): Similar to PTD with the only difference being that the disablement is partial e.g. loss of toe or a finger.
    The applicable compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s assessment.
    Temporary Total Disablement(TTD): Disablement is total but for a temporary period. Eg Fractures
    Children Education Grant: Children Education Grant is for 2 dependent children in case of death of employee. The cover can be 10% of Principal SI or INR 100,000/- whichever is lower.
    Additional Covers
    • Family Transportation Allowance: Family Transportation and House or Vehicle Modification expenses payable up to INR 50,000/-
    • Repatriation of Remains: The insurer provides reimbursement for expenses incurred for repatriation of remains up to maximum of INR 5,000/-
    • Animal attack or Snake Bite
    • Terrorism is included
    • Perils of Sea
    • Ambulance Charges
    Exclusions:
    Death, injury or disablement of insured person as a result of:
    • Intentional self-injury, suicide or attempted suicide
    • Influence of drugs or liquor
    • Committing breach of law with criminal intent
    • Insect Bite
    • War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds
    • Childbirth or pregnancy or in consequences thereof
    • Venereal diseases
    Many dream of taking their company public. Talent and passion transform the dream into reality. But the reality is fraught with risk. Investors who helped to achieve the dream can turn it into a testing reality. Directors of newly floated companies run the ever-increasing risk of being sued or investigated if investor expectations are not met.
    The road to a public offering is hazardous. Investors and their advisers must be presented with detailed information based on which the financial position and prospects of the company being floated, is analysed. Directors and others face a difficult task in ensuring that all relevant information and material facts regarding the company are presented accurately.
    Is it ever possible to be fully confident of total accuracy?
    Investors experiencing loss in the value of their shares will seize upon any mistake or misrepresentation made during such presentations, and make claim relating to defects in information, that encouraged them to invest in the company.
    Given the hype of a pre-IPO with most companies, there is increased scrutiny and accountability post-raising of capital.
    Before an IPO
    • IPO’s are a marketing event for the issuer
    • Can they live up to the hype ?
    After-Market Performance Issues
    • Is the management up to the challenge? Disappoint and the stock price will plunge!
    • Are the directors qualified to run a public listed company?
    • Can it beat analyst expectations? What are the analysts saying anyway?
    • Can they fulfill Regulatory reporting laws? – stock exchange and / or securities commissions.
    • Failure to report accurately, late reporting or just telling plain lies?
    What are the exposures?
    • What are they using the money raised for?
    • Overcompensated or over matched management?
    • Failure to disclose
    • Forward looking statements
    • Profile and accuracy of resumes of directors and management
    • False promises!
    • Quality of investment bank/adviser to the IPO.
    Who can sue?
    • Investors may bring an action against for an alleged misrepresentation, error, or omission in the prospectus on which they had relied to make their investment.
    • Regulatory bodies have authority to initiate proceedings against the parties to an offering, for allegations of wrongdoing or breach of the listing rules.
    Why take a POSI policy?
    • POSI gives companies the opportunity to ring-fence the significant and long-term exposure presented by security
    • POSI, being a transaction specific product ensures suitable coverage to the insureds and protects the existing D&O contract.
    • Accounting rules may allow the premium of a POSI to be capitalized against the offer proceeds, without being considered as a bottom line deduction of the company’s financials .
    Public offering of securities insurance is a specialist product which is tailored to indemnify Insured against claims arising due to errors, omissions, misrepresentation, or non-disclosure in documents issued to potential investors and cover costs involved in defending such allegations.
    The policy can provide the directors, the selling shareholders and the company with a number of separate and distinct benefits including:
    • Protection against some of the potential statutory exposures.
    • The option of a stand-alone policy, specifically tailored to ‘ring-fence’ the exposures from the transaction, which does not dilute or erode existing directors and officer’s liability insurance arrangements.
    • Coverage is typically negotiated to include protection against the liabilities arising from the issue of the path finder or ‘red-herring’ prospectus, the roadshow presentation, and any press releases.
    • Policy coverage cannot be cancelled by insurers without the insureds’ consent, and is typically arranged for 3-6 years’ duration, with a one-off premium levied for the full period of the policy.
    • The policy can be designed to cover exposures arising from other jurisdictions.
    Costs Covered: The insurance covers legal costs incurred in defending civil and criminal proceedings relating to prospectus liability as well as any judgements or settlements entered into.
    Period of Cover: It is purchased for a period of three to six years for a single premium payment. However, other lengths of time can be considered by Underwriters.
    Who should buy a POSI policy?
    POSI is designed for any company that is raising capital through the publication of a prospectus. It can provide cover for introductory offerings (IPO), secondary offerings and can also cover private placements. The POSI policy covers the company and its directors, officers and employees for securities claims raised against them with regard the offering.
    Isn’t this also covered under the Directors’ and Officers’ Insurance?
    Whilst a D&O policy may cover some of the claims that might arise they are not designed to address all the risks arising from a prospectus and listing process. Typically they do not cover claims against the company. Even if the policy is suitably worded, these policies are renewable annually for a new premium. Claims relating to a prospectus most often arise in the period 12 to 24 months after the prospectus was issued. In an annual D&O policy, premium may be increased or cover withheld on renewal if there is a potential prospectus claim.
    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 employee
    • 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 employee
    • 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. It protects against business risk in the event of unfortunate death of the key person.
      2. The premium paid will be treated as business expenses and the company would save 30% plus surcharge on every rupee of premium paid for such a policy as per current tax law.
      3. Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. Here, the insurance money can help as a guarantee of loan repayment in case of death of the key person.
      4. The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
      5. It helps in keeping the market price of the company’s shares stable in case of death of the keyman. If the keyman dies the price of the company’s shares is likely to fall but if the investors know that any financial loss can be made up through the insurance proceeds, they may not start offloading the shares immediately.
      6. It protects the company’s valuation. For example, in case of the company being put up for sale, prospective buyers are likely to put a higher value to the company if they know that it has a monetary back-up (insurance) to meet the cost of replacement of its key person.
    It is a compensation payable under a scheme set out in the workmen Compensation Act of India, monitored by the Ministry of Labor. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the insured’s immediate service and during the course of employment. Costs or expenses incurred by the insured employer, with the consent of the company, to defend any claims are paid in addition to the above.
    Laws under WC Policy
    The policy covers legal liability of an employer under
    • Workmen Compensation Act 1923 and subsequent amendments of the said Act prior to the date of issue of the policy
    • Indian Fatal Accidents Act 1855, and subsequent amendments of the said Act prior to the date of issue of the policy
    • Common Law
    Need for policy
    • Any employer, whether as principal or contractor, engaging “workmen” as defined in the workmen compensation Act
    • Any Employer of employees who do not qualify as “workmen” but share an employee-employer relationship
    Scope of coverage
    • Death
    • Permanent Total Disability
    • Permanent Partial Disability
    • Legal cost and Expenses incurred with the companies’ consent
    The amount of compensation payable is calculated as per the WC Act using factors like age of the individual, the nature of disability and the last drawn salary. Premium rates are based on the nature of duties performed and on the basis of annual estimated wages disbursed to the workmen,
    This insurance does not cover any interest and/or penalty which may be imposed on account of failure to comply with the statutory requirements laid out.
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    Product Recall insurance covers expenses associated with recalling a product from the market that would be responsible for possible bodily injury or property damage from its continued use or existence. Standard product liability insurance does not cover this exposure. This cover is typically purchased by manufacturers such as food and beverage, toy and electronics, automobiles and automobile components, aviation parts etc. to cover costs such as customer notification, shipping costs and disposal costs.
    Scope of Cover
    • Recall expenses, such as disposal, replacement, advertising and transport
    • Pre-recall expenses
    • Third party recall expenses
    • Government recalls
    • Business interruption
    • Loss of gross profits/revenue
    • Accidental contamination
    • Product rehabilitation
    • Increased cost of working after a recall
    • Extortion demands related to malicious tampering
    • Terrorism cover
    • Terrorism cover
    • Consultancy costs
    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.
    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.
    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

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    IRDA Licence No. 603 | Licence Validity - 12/06/2017 to 11/06/2020