2017-12-27 01:30:00 UTC
This writeup talks about Tata AIG Liability policies. Liability or Casualty Insurance is often a necessary requirement for companies, especially if you do business with international clients. There are many types of liability insurance policies, and this writeup goes into detail on the policies Tata AIG provides. You can get quotes for all liability lines of insurance through Perilwise, just click here
Public Liability Insurance offers cover for third party liabilities (Bodily Injury / Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith.
Tata AIG General Insurance Company Limited offers following three products:
Depending upon your nature of operations Tata AIG General Insurance Company Limited can offer one of the following Public Liability Insurance Policies:
Business is an inherently risky proposition; a manufacturer or a trader can fall victim to complicated and expensive law suits due to a possibility that a product could cause damage to a third party. This policy covers claims, which the insured becomes legally liable to pay to third parties as a result of bodily injury or property damage arising out of the use or consumption of products manufactured, sold and /or distributed by the Insured. For details or quotes, just click here
In view of new dimensions of legal liability exposures any business can fall victim to the high cost of liability from simple slip and fall accidents to personal injury and reputation damage claims. That’s why every business needs the type of coverage that Tata AIG General Insurance Company Limited’s Commercial General Liability insurance offers and it is generally a company’s first line of defence against liability arising out of its operations. Commercial General Liability (CGL) policy covers third party liabilities arising from various business operations, be it premises, products and completed operations and/or advertising and personal injury. It is a wide ranging cover with multiple extensions, and is well suited to organisations of all sizes.
Unique Policy - 3 Coverages in 1. For quotes or queries, just click here
With a broad-based wording that has withstood scrutiny in the most litigious jurisdictions of the world, Comprehensive General Liability provides comprehensive protection against:
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.For quotes or queries on liability insurance, just click here
One of the key responsibilities of a company is to provide a safe and healthy working environment. In an unfortunate event of an Employee suffering a bodily injury (temporary or permanent), or death during the course of employment ,Employer is legally liable to pay compensation to the Employee under the Employee’s Compensation Act 1923 and subsequent amendments of the said Act, The Fatal Accidents Act 1855, and at Common Law. Our policy provides protection to the employer against this statutory liability. In Indian context with the advent of global work environment and increased employee right awareness which can translate into costly law suits and exorbitant compensation the policy provides protection to the employers.
While not often classfied as a liability product, WC still meets some of the riteria to be called as one. It is often filed as a health insurance or a miscellaneous line product.
Why Tata AIG?
Indian multinationals that have Workmen's Compensation needs in various countries around the world can opt for global policies from Tata AIG General Insurance Company Limited, which leverage AIG's presence in more than 130 countries. Tata AIG General Insurance Company Limited can arrange locally admitted and non-admitted policies as per the demands of the jurisdiction in which the multinational operates.
The policy covers statutory liability of an Employer for death or bodily injuries caused to employees due to accidents arising out of and in the course of employment.
Covers legal liability of the insured arising out of bodily injury, property damage, personal injury or advertising injury. This product is often all the cover that one firm needs. For quotes or queries on liability insurance, just click here
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.
In this fast paced world products reach customers in less time and in greater volumes than ever before. To meet rising demands, businesses rely on mass production, diverse vendors and suppliers, as well as complex manufacturing processes. Product contamination can occur anywhere in the supply chain and is a prevalent risk for many organizations. Food, drink, cosmetics and other ingestible products are susceptible to accidental or deliberate contamination for political or financial gain. Accidental contamination, malicious product tamper and product extortion can have far reaching implications on the existence of the product and even organization. Disgruntled employees, political and social activism and sabotage can all potentially result in malicious contamination. Considerable costs can be incurred in both recalling and replacing the damaged product as well as in rebuilding public confidence. It is imperative to have a comprehensive cover in place to avert such dangerous situations. Tata AIG General Insurance Company Limited’s Contaminated Product Insurance offers innovative crisis management solutions safeguarding clients against potential recall costs, loss in profits and extortion costs. Contamination is often excluded from standard liability covers, and this is a product that specifically addresses contamination risk. For advice or queries on liability insurance, just click here.
What is unique about Tata AIG General Insurance Company Limited Contaminated Product Insurance?
Tata AIG General Insurance Company Limited has one of the most extensive worldwide network , with presence in more than 130 jurisdictions. A crisis situation warrants an expert who can guide the organization through the troubled times, minimising the potential impact of the crisis through time tested solutions. Tata AIG's consultants help clients to streamline their crisis management and product recall plans, ensuring effective preparedness and significantly reducing the impact of a crisis.
Tata AIG clients can access NSF International's network of food safety and crisis management specialists. NSF are crisis management and food safety experts, offering pre-incident and crisis response, product recall, crisis management, food safety services and retrieval services.
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions
Companies operating in the field of chemicals, petrochemicals, energy and construction are exposed to increased environmental legislation. With the rise in environmental consciousness they have to face various legislative challenges posed by regulators, non-governmental organizations, stake-holder groups and media. Tata AIG General Insurance Company Limited’s Pollution Legal Liability Policy is well equipped to address various concerns emanating from this changing regulatory scenario. The policy is designed to give a comprehensive coverage to the policy holder protecting them against various exposures viz. clean up costs, transportation related environmental liability, bodily injury and property damage claims.For quotes or queries on pollution liability insurance, just click here
Why Tata AIG?
Tata AIG provides a competent and seamless solution through their Controlled Master Program, covering both domestic and overseas exposure. A master program enables policy holder to not only comply with locally admitted regulation but also to cover the exposure of various local environmental laws and regulations across different geographies. It also ensures that policyholder has a uniform program consistent with corporate parent’s risk management philosophy hence improves control. Master Program often comes with, “difference in conditions/difference in limits” feature , narrowing coverage gaps.
What are the key features of Tata AIG Pollution Legal Liability Insurance?
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.
The D&O policy provides cover for the personal liability of Directors and Officers arising due to wrongful acts in their managerial capacity. Defence costs are also covered and are payable in advance of final judgment. This policy provides protection for claims brought against directors, officers and employees for actual or alleged breach of duty, neglect, misstatements or errors in their managerial capacity.
Tata AIG are pioneers of the Directors and Officers liability insurance, and are one of the most preferred liability insurers among corporates in India. Their inherent strengths available to the Indian industry include:
Why is a Directors and Officers liability insurance policy required?
Some of the specific exposures that make D&O insurance necessary for the Directors and Officers are:
Who does the cover apply to?
The cover applies to former, present and future members of the board of directors, the management and any employee performing a managerial or supervisory role.
There are two types of covers:
For quotes or queries on pollution liability insurance, just click here
Today's businesses operate in a fast-moving and dynamic environment. Management is closely involved in the day-to-day business operations and important business decisions have to be made on the spot. Such entrepreneurial environment can have a dangerous downside as well. Because the management is so closely involved in daily operations and is often making key decisions, small company owners and managers are extremely vulnerable to lawsuits from regulators, shareholders, customers, competitors, employees and government bodies amongst others. A costly lawsuit of this kind can have a particularly severe impact on individuals since the owner's personal net worth is often tied to the financial health of the company. Keeping this in view, Tata AIG has designed a pre-underwritten Directors and Officers liability insurance policy called Highlight which is designed specifically for the needs of unlisted small and medium sized enterprises.
Why do you need this product?
To protect a company's Directors and Officers from:
Professional Indemnity/ Errors and Omissions Insurance cover provides protection for the company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services. The policy is meant to pay for defence expenses and damages and includes amounts that the insured is legally required to pay because of judgments, arbitration awards or the like rendered against the insured, or for settlements negotiated in accordance with the coverage afforded by the policy. For quotes or queries on Professional Indemnity insurance, just click here
Tata AIG General Insurance Company Limited provides customized insurance policies including sophisticated insurance solutions for:
For any enquiry, suggestion or clarifications just contact us
The Indian capital markets are witnessing an unprecedented boom and corporate India is all set to leverage this opportunity to raise funds and achieve their corporate objectives. However, this increased market exposure leads to increased stakeholder litigation and with this increase in litigation comes a growing awareness of the responsibilities incumbent on the directors and officers of companies. This is especially true when the company makes a public offering of its securities. Signatories of a public prospectus have a personal responsibility for its contents and could therefore be found personally liable for the losses of securities holders arising from misrepresentations within the prospectus. These potential liabilities arising out of the issue of a prospectus can be very large. Most securities actions are fuelled by unfulfilled investor expectations, so as well as being substantial, legal actions can also occur much after the transaction. IPO Insurance (also known as Public Offering of Securities Insurance - POSI) addresses these uncertainties by ring-fencing securities exposures in a single premium, transaction-specific policy.
Why take a POSI policy?
Investors and analysts have always scrutinized the prospectuses of companies raising capital for Stock exchange listings, mergers, expansions, etc. The scrutiny does not stop once the transaction has been completed. Shareholders and investors want to know how well their money has been invested and that also in an unforgiving environment. The need for specialist insurance protection for issuers of securities has never been greater, and yet an alarming number of public offerings go ahead without suitable protection for the issuing company and its directors, officers and employees.
POSI is designed for any company that is raising capital through the publication of a prospectus. It can provide cover for introductory offerings (IPO), secondary offerings and can also cover private placements.
The POSI policy covers to the company and its directors, officers and employees for securities claims brought against them in connection with the offering. For any enquiry, suggestion or clarifications just contact us
It is precisely because companies trust their staff, that many companies don't think they need protection from fraud. The truth is that it's the more trusted employees and senior staff that have knowledge to skirt round security measures and set up insidious fraud systems. And when they strike, it's usually not once, but again and again over a period of time (often years), sometimes on their own, sometimes in collusion with outsiders.
Fortunately it's only the minority of trusted staff who turn fraudulent but there are many reasons why they do turn fraudulent - company separation, which can be emotionally devastating and financially crippling, company restructures which breed resentment with new bosses, frustration with career prospects, a looming retirement date and pension worries and even boredom. It's therefore a good idea to take fraud insurance.
Tata AIG General Insurance Company Limited CRIME MANAGER Policy is for companies that don't want to rely on wishful thinking and require protection or safeguard from such fraud. For any enquiry, or a free consultation and evaluation of requirements just contact us
This policy is also called fidelity guarantee insurance. It is very useful for companies with retail storefronts/lot of cash registers, but incidents are seen across the board and it is recommended that every business take a policy. Perilwise can provide whatever clarifications you may need, just contact us.