Corporate Insurance Services

It offers cover against fire and allied perils named in the policy. The policy can cover a building (including plinth and foundation), plant and machinery, stocks, furniture, fixtures and fittings and other contents. Properties which can be covered under Standard Fire and Special Perils includes industrial and manufacturing risks, dwellings, hotels, offices, shops, utilities and the like.

General Exclusions:

• Loss, destruction or damage caused by war, invasion, act of foreign enemy hostilities
• Nuclear risks
• Damage due to radioactive materials
• Damage to boilers from explosion
• Loss or damage due to its own fermentation, natural heating, and undergoing any heating or drying process
• Loss or damage to electrical machinery or equipment from electrical fire

Covers damage arising out of a faulty product that harms someone’s life or property, and for which the manufacturer, supplier or vendor is legally liable. This policy covers all costs, including defence costs, that the insured becomes legally liable to pay for

• Accidental death/bodily injury or disease to any third party
• Accidental damage to property belonging to third party

This is applicable when the damage was caused by a defect in the product manufactured by the insured, and specifically mentioned in the policy, after the product left the insured’s premises.

Products like pharmaceuticals, automobile parts, and aviation parts can be covered under this.

It is health insurance that covers a group of people who can be members of a society, employees or professionals of a company. It helps companies identify and mitigate risks faced by employees.

Some features of Group Mediclaim Insurance

• Covers medical costs for the insured (self), spouse, children and dependent parents
• Can cover pre-existing diseases and maternity with additional premium
• Can be customised based on your requirements
• Offers cashless hospitalisation at network hospitals

Standard Exclusions:

• Experimental and unproven treatment
• Disease, illness, injury, caused directly or indirectly by nuclear weapons/materials or radioactive contamination
• Dental treatment or surgery of any kind unless otherwise specified in the schedule to the policy

In the event any interruption to the business as result of damage to insured’s premises due to any peril insured under the Fire Material Damage policy. It is a secondary policy to the Fire and Material Damage policy and so the fire material damage claims admissibility is a condition precedent to the admissibility of Fire Business Interruption claim. This policy enables insured to recover:

• Loss of gross profit due to a reduction in turnover/output
• Increased cost of working incurred in minimising the loss of gross profit

This insurance is also known as Consequential Loss or Business Interruption Insurance.

Standard Exclusions:

• All exclusions under the Primary Fire Material damage policy
• Third party claims

Provides cover on an annual basis to a contractor who may be using his plant and machinery for several projects, during the course of the year. The cover under the policy is not limited to a specific project site. It is operative at all sites where the plant and machinery is in use, even when the same is lying at the contractor’s premises. It offers comprehensive coverage against fire and allied perils, burglary, theft, riot and strike, and malicious acts or accidental damage.

Standard Exclusions:

• Loss or damage due to explosion of any boiler or pressure vessel subject to internal steam or fluid pressure, or explosion of any internal combustion engine
• Loss of or damage to vehicles designed and licensed for general road use unless these vehicles are exclusively used on construction sites
• Loss or damage to the hull and machinery of water borne vessels in transit
• Loss or damage due to wear and tear corrosion, rust

This policy is designed for companies that sell their goods and/or services on credit to domestic/overseas buyers. It provides coverage to companies for outstanding receivables that are within approved credit terms, thereby protecting the insured against non-payment risk by its buyers. The policy covers loss due to commercial risks and political risks.

Standard Exclusions:

• Non-payment arising due to trade disputes
• Nuclear risks
• Sales contracts where payment is received in advance
• Sales under irrevocable and confirmed Letter of Credit
• Willful defaulters

We handle treaty programs and facultative reinsurances for domestic as well as international clients. Our large network of associates in Lloyds and other international markets guarantees competitive terms for our clients, for any class of business such as property, liability, aviation and marine.

Facultative

• Marine
• Property
• Engineering
• Liability
• Aviation

Treaty

• Proportional
• Excess of loss

Covers business premises such as a godown, factory or office. The policy can be taken on the full value or on first loss basis. The policy covers loss or damage to the property insured by theft following actual, forcible and violent entry into the premises including damage caused to the premises.

Standard Exclusions :

• Damage due to fire or riots/strike, terrorism
• Depreciation, wear and tear and consequential losses
• Gold, watches, jewellery, precious stones, plans, designs, money, business books etc. unless specifically insured

Covers the employer for any direct financial loss he may suffer as a result of employees’ dishonesty. The basis of fidelity guarantee originates from the employer and employee relationship or a fiduciary relationship where confidence or trust reposed plays a crucial part.

Standard Exclusions:

• Losses such as stock taking shortages, trading losses, not caused by fraud or dishonesty
• Discovered more than 12 months after the termination either of the guarantee or the service of the employee concerned
• Where there has been any change in the agreed system of check of accounting precautions without the insurer’s prior consent

Covers loss of money in transit between the insured’s premises and bank or post office or other specified places, due to robbery, theft or any other fortuitous cause. It also covers loss from burglary or housebreaking when the money is at the insured’s premises in a safe or strong room.

Standard Exclusions:

• Shortage due to error or omission
• Loss of cash entrusted to any person other than the insured or an employee of the insured
• Losses arising from war and allied risks
• Money carried under contract of affreightment

Crime insurance indemnifies the insured against any loss sustained due to the fraud or dishonesty committed by any employee (acting alone or in collusion with others); or a fraudulent act committed by any other person which is committed with the principal intent to cause the insured to sustain such loss and is first discovered by the insured during the policy period or the discovery period.

Standard Exclusions:

• Losses arising out of consequential loss, credit risks
• Loss resulting directly or indirectly from any act or series of acts committed by any director or partner of the insured, whether acting alone or in collusion
• Nuclear risks

Cyber insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. It indemnifies against loss of personal information, loss of corporate information, loss due to alleged breach of duty by the outsourcer, network security.

Standard Exclusions:

• Losses arising out of contractual liability
• Losses arising out of criminal, dishonest or fraudulent acts by the insured
• Losses arising out of any infringement of patents and trade secrets