It’s not something you want to think about, but what would happen if a burglar cleans out your inventory? That’s where the burglary insurance policy chips in. This policy covers property contained in business premises, stocks owned or held in trust against the risk of burglary. It also covers cash, valuables, securities kept in a locked safe or cash box in locked steel cupboard on specific request..

Marine policies are generally either “specific-voyage” policies or “declaration” policies for either imports, exports, indigenous transits of raw material or finished goods, customs duty, transits from anywhere to anywhere in the world and to and from job works. While for a specific policy, the cover is issued from commencement to landing at the final destination, the other policies are generally continuous policies issued on an annual basis or for a specified period of time for an agreed value of transits based on the insured’s estimate of goods movement for the specified period. It is mandatory for all transits in the agreed period to be declared.

There have been operational lapses resulting in claims getting repudiated for declarations not made or insufficient balance of Sum insured at the time of claim and many a client has been caught unaware. Discovering that a particular damaged or lost consignment was unfortunately not covered, and hence the claim not payable, can be very frustrating for an otherwise diligent Insured.

In this context, a marine turnover policy has come in as a blessing for companies. It covers a company’s sales turnover unlike the other marine open policies which cover the value of goods which are offered for insurance. The company’s annual estimated turnover can be covered as a single amount and all a company needs to do is to provide sales turnover figures periodically to the insurance company (usually quarterly). All the requirements of a company’s Marine policies can be met by a single comprehensive policy.

Public liability insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or ‘pure economic’ loss resulting from your negligence. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions. This type of insurance will only cover third party claims (i.e. not your own employees).

The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable. This is a mandatory policy to be taken by owners, users or transporters of hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991.

Protecting a company’s income flow has been a major cause of concern in the recent past and this has become constant source of worry for risk managers. While almost everyone is aware that insurance to a great extent helps putting back a company on its feet after the loss, it is the intangible or the consequential loss which is difficult to perceive and in several cases forces the company to shut down without even making an attempt to recover.

While a normal fire or machinery insurance policy does help the company recover the material loss sustained, it does not protect them against all the losses incurred due to the fire or breakdown. The financial loss due to the loss of profits and the standing charges still being incurred after the loss with reduced or no income now being generated is what gets covered under the machinery loss of profits insurance.

Machinery loss of profit policy gives cover against consequential losses following loss or damage to the property insured under machinery breakdown and/or boiler and pressure plant insurance. This policy covers actual financial losses suffered by the insured due to business interruption arising from:

a) Reduction in turnover and
b) Increase in cost of working

A machinery LOP policy can be purchased only in conjunction with a Machinery policy and cannot be taken as a stand alone policy. While it is a suitable means of protecting oneself completely against relevant losses, care should be taken in ascertaining the sum insured. The criticality of each machinery in the way it contributes to the overall turnover needs to be studied carefully as also the period required to get back to normal work

World over, terrorist activities have been increasing substantially over the last few years. Kidnapping for ransom money is also on the upswing. Whilst certain countries are more notorious for their criminal and terrorist activity, today no part of the world is immune from this threat. Kidnap, Extortion and Detention are real dangers for companies today. They are, however, often overlooked by managements on the grounds that “it won’t ever happen to us”, but the damage this can inflict on a business can be very severe – as the annual roll call of corporate and individual victims around the world testifies.

While no insurance cover can ease the emotional and physical pain, Kidnap & Ransom cover can help ease the financial burden and resolve issues smoothly. Kidnap and Ransom insurance provides assistance to the family and business with regard to independent investigations, negotiations, arrangement and delivery of funds, and numerous other services vital to a safe, speedy and satisfactory resolution.

Extortion Insurance will help you manage the costs associated with an extortion threat against your products, proprietary information, computer system or your people – these costs can be enough to push a small to medium-sized company to its financial limits. Consequently, adequate protection against these events in the form of specialist advice and the safety net of an insurance policy has quickly become essential for vulnerable families and an integral part of every company’s risk management portfolio. The specific policy details may be tailored to meet specific needs. Access to a specialist crisis management company is a key benefit under the policy.

Considering the fact that modern-day life is so dangerous, perhaps it would be a good idea to take a look at personal accident insurance policies that are on offer. Accidents that disable can threaten livelihood and accidents that cause death can leave your family in a financial mess. Personal Accident Policies can be helpful in such times. Personal Accident policy provides coverage and security to a person in case of death / bodily injury due to an accident. Organizations take these policies for their employees.

The subject matter insured is the life of the insured. This insurance policy is ideal for insuring a group of people against the risk of any accidental death / injury during the policy period. Broadly, personal accident policies cover you for one or more of four contingencies in the event of an accident: death, permanent total disability, permanent partial disability and temporary total disability. It also covers the loss of your income during the period of temporary disability by payment of additional premium.

If any accidental injury being the sole and direct cause (within 12 calendar months) results in Death/ Permanent total disability, 100% of the Sum Insured will be payable. For permanent partial disability and temporary total disability, the benefits vary from insurer to insurer. Also note that the policy operates on a world wide basis.

In any company only a few individuals make the important decisions. The implementation of these decisions down the line makes or breaks the business. Thanks to their specialized knowledge, skills, vision and business acumen, these are the people who bring higher revenues, profits and loyalty. Skills of a person may not be replaceable, but the business can certainly compensate the financial loss by providing insurance to its key person – THE KEY MAN. The brand power of individuals can sometimes be bigger than that of their organizations. These are individuals who are the most indispensable human asset of an organization.

Thus, it is only natural that the sudden exit of such individuals (for whatever reasons) will not only cause financial distress but also a loss of goodwill – if not permanently, then at least temporarily – till such time that a suitable candidate of the same calibre is found, trained and acclimatized to the work culture of the organization.

Key-man insurance is a life insurance policy taken on the life of a key-man with a view to providing liquidity, financial strength and indemnity to the business organization in case of losses on account of death, absence or exit otherwise of its key-men from the business.