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.
- 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.
- 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
Clinical Trials in research are vital in finding new, better and more
effective medication. Whenever any new medicine/therapy is to be launched, it must first be
tested in lab on animal or human cell. There are commercial advantages
to the firm that produce the first approved drug for a disease. That being the position,
there is dramatic increase of clinical trials. India has now become a favorable destination
for clinical trials because of availability
of expertise infrastructure, availability of a research subject and low costs. In today’s
litigant society, parties are sued regardless of who or what caused injury or death.
With such realities, insurance must form part of any risk management
philosophy of the company interested in clinical trial. As a part of any clinical trial
monitoring, an insurance cover is essential. Even then in spite of all
precautions being there, liability will arise because of the human element and other factor
and hence need insurance.
The Clinical Trials Insurance policy covers legal liability arising out
of:
- Lack of care, negligence, resulting in bodily Injury or death of a Research Subject
(person participating in the Trial)
- All reasonable Legal Costs & expenses including Defense cost as per the compensation
guidelines
- Broad definition of Insured under the policy
- Cover provided to the research subject in case of death/injury. Research subject
means dependents, heirs, executors, administrators and legal representatives.
- Provision to pay compensation as per guidelines of the policy
- Manslaughter Defense Costs (Ethics Committee)
- Cover can be extended to cover full medical expenses
Property insurance provides protection to property and stocks against
perils such as
fire, theft and named weather damages. This includes specialized form of insurance such as
fire
insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.
Property is
insured in two main ways—all perils and named perils.
All risk perils cover all the causes of loss not specifically excluded in
the policy.
Named perils require actual cause of loss to be listed in the policy for
insurance to be
provided. The more common named perils include such damage-causing events as fire,
lightning, explosion,
and theft.
- Industrial All Risks
- Standard Fire and Allied Perils Insurance
- Terrorism and Sabotage
- House holder’s/Hoteliers/Business package
- Loss of production [Renewable Energy]
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.
- 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* |
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
- 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.
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.
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
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.
" 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 "
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.
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
- 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.
- 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
It covers the cost of mistakes made when providing professional
services.
In today’s busy business world, anyone is at risk of making a
mistake no matter how professional or diligent they may be. Some mistakes are minor with
little or no financial cost or consequence, but others can be far more serious
and not having adequate insurance cover can financially destroy a company, its directors
or partners.
It covers negligence, errors & omissions, breach of duty and civil
liability. It also covers business interruption and significant legal costs incurred on
being sued. Extensions like defamation, loss of documents, dishonest
conduct of employees, unintentional breach of confidence, potential infringement of
intellectual property rights that arises.
Companies that perform professional services for others can make
mistakes overlook a critical piece of information, misstate a fact, be misunderstood,
forget to do something, misplace something, etc. and be sued by their clients
over allegations such as:
- Error, omission, or misrepresentation in providing a service.
- Failure to provide a service in a timely fashion, or at all.
- Failure to keep client information confidential.
- Solicitors
- Medical Practitioners
- Architects, Engineers, Interior designers, Property and Construction Consultants
etc.
- Financial Advisors
- Financial Institutions
- Charted Accountants
- Real Estate and Letting Agents
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.
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
- 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
- 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.
This indemnity policy typically covers for perils like kidnap,
extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay
ransoms on the behalf of the insured. Typically, the insured first pays the
ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under
the policy.
- Ransom monies – Money paid or loss incurred due to kidnapping
- Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful
appropriation of ransom monies being delivered to a covered kidnapping or extortion
- Accidental death or dismemberment – Death or permanent physical disablement
occurring during a kidnapping
- Judgements and legal liability – Cost resulting from any claim or suit brought by
any insured person against the insured.
- Additional expenses – Medical care, severe disruption of operations, potential
damage to company brand, PR counsel, wage and salary replacement, relocation and job
retraining, and other expenses related to a kidnapping
incident.
The policies also typically covers fees and expenses of crisis
management consultants. These consultants provide advice to the insured on how to best
respond to the incident. Even the most basic training for people traveling to
dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and
corporate employees conducting business outside their own countries expect to encounter
language barriers, exotic customs, and diverse negotiating styles.
What they cannot predict is political upheaval and the increasing danger of abduction and
extortion. The goal of our entire program is the safe return of the hostage or the
satisfactory resolution of a crisis—a goal from which
we do not deviate. Professional assistance before, during, and after a kidnapping or
extortion threat is a vital element of corporate risk management.
- Kidnap/Ransom Coverage responds whether a person is actually abducted or someone
paid a ransom.
- Extortion Coverage includes protection for threats such as:
- Damage to any premises or tangible property located on the insured’s
premises.
- Contamination of raw materials or products of the client.
- Disseminate, divulge, or utilize proprietary information of the insured.
- A computer virus against an insured.
- Delivery coverage: Insures money or other conveyed property used to pay a ransom or
extortion demand.
- The Policy extends coverage for additional expenses and legal costs accrued to gain
the release of a hostage. Those expenses may include fees of independent
negotiators, interest costs on loans taken for extortion or ransom
payment, salary continuation, consequential personal financial loss, and reasonable
medical expenses.
- Political Threat coverage: Covers expenses incurred when a person is wrongfully
detained by anyone acting for a government or with the government’s approval.
- Optional Threat Response expense coverage: Provides for expenses incurred when the
insured utilizes the additional services to investigate extortion threats when no
monetary ransom demand has been made.
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.
- 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