Product Liability Insurance
Product Recall insurance
Clinical Trials Insurance
Assets / Stock Insurance
Marine Transit Insurance
Commercial General Liability
Political and Trade Credit Risks
Professional Indemnity
Cyber Risk Insurance
Workmen Compensation
Public Liability Act Insurance
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
Why clinical trial Insurance policy?
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.
Scope of Cover
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
Some of the other highlights of the policy are:
  • 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.
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*
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 "
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
It covers the cost of mistakes made when providing professional services.
In today’s busy business world, anyone is at risk of making a mistake no matter how professional or diligent they may be. Some mistakes are minor with little or no financial cost or consequence, but others can be far more serious and not having adequate insurance cover can financially destroy a company, its directors or partners.
It covers negligence, errors & omissions, breach of duty and civil liability. It also covers business interruption and significant legal costs incurred on being sued. Extensions like defamation, loss of documents, dishonest conduct of employees, unintentional breach of confidence, potential infringement of intellectual property rights that arises.
Need for Professional Indemnity
Companies that perform professional services for others can make mistakes overlook a critical piece of information, misstate a fact, be misunderstood, forget to do something, misplace something, etc. and be sued by their clients over allegations such as:
  • Error, omission, or misrepresentation in providing a service.
  • Failure to provide a service in a timely fashion, or at all.
  • Failure to keep client information confidential.
Professionals who require PI
  • Solicitors
  • Medical Practitioners
  • Architects, Engineers, Interior designers, Property and Construction Consultants etc.
  • Financial Advisors
  • Financial Institutions
  • Charted Accountants
  • Real Estate and Letting Agents
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.
This indemnity policy typically covers for perils like kidnap, extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay ransoms on the behalf of the insured. Typically, the insured first pays the ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under the policy.
Losses typically reimbursed by K&R insurance include:
  • Ransom monies – Money paid or loss incurred due to kidnapping
  • Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.
  • Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.
The policies also typically covers fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and corporate employees conducting business outside their own countries expect to encounter language barriers, exotic customs, and diverse negotiating styles. What they cannot predict is political upheaval and the increasing danger of abduction and extortion. The goal of our entire program is the safe return of the hostage or the satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion threat is a vital element of corporate risk management.
  • Kidnap/Ransom Coverage responds whether a person is actually abducted or someone paid a ransom.
  • Extortion Coverage includes protection for threats such as:
    • Damage to any premises or tangible property located on the insured’s premises.
    • Contamination of raw materials or products of the client.
    • Disseminate, divulge, or utilize proprietary information of the insured.
    • A computer virus against an insured.
  • Delivery coverage: Insures money or other conveyed property used to pay a ransom or extortion demand.
  • The Policy extends coverage for additional expenses and legal costs accrued to gain the release of a hostage. Those expenses may include fees of independent negotiators, interest costs on loans taken for extortion or ransom payment, salary continuation, consequential personal financial loss, and reasonable medical expenses.
  • Political Threat coverage: Covers expenses incurred when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
  • Optional Threat Response expense coverage: Provides for expenses incurred when the insured utilizes the additional services to investigate extortion threats when no monetary ransom demand has been made.
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
Why clinical trial Insurance policy?
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.
Scope of Cover
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
Some of the other highlights of the policy are:
  • 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.
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*
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 "
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
It covers the cost of mistakes made when providing professional services.
In today’s busy business world, anyone is at risk of making a mistake no matter how professional or diligent they may be. Some mistakes are minor with little or no financial cost or consequence, but others can be far more serious and not having adequate insurance cover can financially destroy a company, its directors or partners.
It covers negligence, errors & omissions, breach of duty and civil liability. It also covers business interruption and significant legal costs incurred on being sued. Extensions like defamation, loss of documents, dishonest conduct of employees, unintentional breach of confidence, potential infringement of intellectual property rights that arises.
Need for Professional Indemnity
Companies that perform professional services for others can make mistakes overlook a critical piece of information, misstate a fact, be misunderstood, forget to do something, misplace something, etc. and be sued by their clients over allegations such as:
  • Error, omission, or misrepresentation in providing a service.
  • Failure to provide a service in a timely fashion, or at all.
  • Failure to keep client information confidential.
Professionals who require PI
  • Solicitors
  • Medical Practitioners
  • Architects, Engineers, Interior designers, Property and Construction Consultants etc.
  • Financial Advisors
  • Financial Institutions
  • Charted Accountants
  • Real Estate and Letting Agents
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.
This indemnity policy typically covers for perils like kidnap, extortion, wrongful detention, hijacking, insuring loss incurred. The policy do not pay ransoms on the behalf of the insured. Typically, the insured first pays the ransom, and seek reimbursement for the losses incurred, and then seek reimbursement under the policy.
Losses typically reimbursed by K&R insurance include:
  • Ransom monies – Money paid or loss incurred due to kidnapping
  • Transit/delivery – Loss due to destruction, disappearance, confiscation, or wrongful appropriation of ransom monies being delivered to a covered kidnapping or extortion
  • Accidental death or dismemberment – Death or permanent physical disablement occurring during a kidnapping
  • Judgements and legal liability – Cost resulting from any claim or suit brought by any insured person against the insured.
  • Additional expenses – Medical care, severe disruption of operations, potential damage to company brand, PR counsel, wage and salary replacement, relocation and job retraining, and other expenses related to a kidnapping incident.
The policies also typically covers fees and expenses of crisis management consultants. These consultants provide advice to the insured on how to best respond to the incident. Even the most basic training for people traveling to dangerous places is not easily provided nor is obtained by small to mid-sized companies.
Companies recognize the need to be a part of the global marketplace, and corporate employees conducting business outside their own countries expect to encounter language barriers, exotic customs, and diverse negotiating styles. What they cannot predict is political upheaval and the increasing danger of abduction and extortion. The goal of our entire program is the safe return of the hostage or the satisfactory resolution of a crisis—a goal from which we do not deviate. Professional assistance before, during, and after a kidnapping or extortion threat is a vital element of corporate risk management.
  • Kidnap/Ransom Coverage responds whether a person is actually abducted or someone paid a ransom.
  • Extortion Coverage includes protection for threats such as:
    • Damage to any premises or tangible property located on the insured’s premises.
    • Contamination of raw materials or products of the client.
    • Disseminate, divulge, or utilize proprietary information of the insured.
    • A computer virus against an insured.
  • Delivery coverage: Insures money or other conveyed property used to pay a ransom or extortion demand.
  • The Policy extends coverage for additional expenses and legal costs accrued to gain the release of a hostage. Those expenses may include fees of independent negotiators, interest costs on loans taken for extortion or ransom payment, salary continuation, consequential personal financial loss, and reasonable medical expenses.
  • Political Threat coverage: Covers expenses incurred when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
  • Optional Threat Response expense coverage: Provides for expenses incurred when the insured utilizes the additional services to investigate extortion threats when no monetary ransom demand has been made.
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
INDUSTRIES

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