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]
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
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 "
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.
- 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) .
- 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.
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.
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.
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.
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.
- 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.
- 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.
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.
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.
- 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.
- 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
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
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.
