Tata AIG Liability Insurance Policies
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
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:
- Public Liability Policy (Industrial Risk)
- Public Liability Policy (Non- Industrial Risk)
- Public Liability Insurance Act Policy
Depending upon your nature of operations Tata AIG General Insurance Company Limited can offer one of the following Public Liability Insurance Policies:
- Public Liability Industrial Risks - For Manufacturing Units.
- Public Liability Non Industrial Risks - For Non Manufacturing entities like IT companies, BPOs, Hotels, Schools, Restaurants and Clubs
- Public Liability Act - For all business units handling hazardous substances as per Public Liability Act, 1991 and the rules framed there under.
- For more comprehensive protection Public Liability Policy can be extended to cover legal expenses arising out of
- Sudden and Accidental Pollution,
- Act of God Perils,
- Carriage of treated effluents etc.
- Coverage for defence cost incurred with prior consent
- Benefit of Retroactive Date.
- Deliberate, willful or intentional non-compliance of any statutory provision.
- Ionizing radiations
- Arising out of fines, penalties, punitive and/or exemplary damages
Product Liability Insurance
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
- Vendor’s Liability Extension
- Cover for exports when domestic turnover is also covered.
- Technical Collaborators Liability Extension
- Coverage for defense cost incurred with prior consent
- Benefit of Retroactive Date
- Tata AIG General Insurance Company Limited has one of the most extensive worldwide network, with presence in more than 130 jurisdictions.
- Costs arising out of recall of any product
- Deliberate, wilful or intentional non-compliance of any statutory provision.
- Arising out of pure financial loss
- Arising out of fines, penalties, punitive and/or exemplary damages
- NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions
Commercial General Liability Insurance
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.
Why Tata AIG General Insurance Company Limited?
- Tata AIG General Insurance Company Limited has one of the most extensive worldwide network , with presence in more than 130 jurisdictions.
- With more companies expanding their operations overseas, and with the extension of regulatory regimes, there is an increased requirement to have a comprehensive risk management solution in place. Tata AIG provide a competent and seamless solution through our Controlled Master Program, covering both domestic and overseas exposure. A controlled master program enables policy holder to have a uniform program consistent with corporate parent’s risk management philosophy , improves control and ensures compliance with locally admitted regulations of different countries.
- Master Program often comes with, “difference in conditions/difference in limits” feature , narrowing coverage gaps.
- Tata AIG form is a duty to defend form which means client will not have to bear the brunt of litigation as under the express terms of the policy TATA AIG will defend the client in any lawsuit.
- Flexibility in offering globally accepted occurrence based wordings and claims made form
- Competence of offering worldwide jurisdiction
- Ability to structure Vendor programs
- Capability to issue Certificate of Insurance in globally accepted formats
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:
- Coverage A – Bodily injury and Property Damage
- Coverage B – Personal and Advertising injury
- Coverage C – Medical Expenses
- Supplementary Payments
- Covered Exposures
- Premises Liability
- Operations Liability
- Products Liability
- Completed Operations Liability
- Coverage for defense costs apart from damages
- Expected or intended injury
- Workers’ Compensation and Similar Laws
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.For quotes or queries on liability insurance, just click here
Workmen's Compensation Policy
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.
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Additionally, legal costs and expenses incurred with our consent
- Policy can also be extended to include medical expenditure for necessary treatment
- The Insured's liability to contractors’ employees (unless specifically declared and covered)
- Any liability of the Insured which attaches by virtue of an agreement but which would not have attached in the absence of such agreement NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.
Umbrella Liability Policy
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
- Duty to defend form
- Acting like an umbrella it sits over multiple primary policies, in addition to providing broader coverage
- it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims
- Umbrella comes with a drop-down feature, narrowing coverage gaps
- Asbestos exposure
- Any obligation of the Policyholder under Workers Compensation Law
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.
Contaminated Product Insurance
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.
- Accidental Contamination Any accidental or unintentional contamination, impairment or mislabelling of an insured’s product which occurs during or as a result of its production, preparation, manufacture, packaging or distribution; provided that the use or consumption of such product has resulted in or would result in a manifestation of bodily injury, sickness, disease or death of any person within 120 days after consumption or use.
- Malicious Tampering Any actual, alleged or threatened, intentional, malicious and wrongful alteration or contamination of the insured’s product so as to render it unfit for use or consumption or to create such impression to the public, whether caused by employees or not.
- Product Extortion Any threat or connected series of threat to commit a malicious tampering, for the purpose of demanding ransom monies. Policy provides cover for Recall expenses, Consultants & Advisor Costs and extortion costs..
- Any illegal act of any of the Insured’s directors, officers or trustees.
- Changes in population, customer tastes, economic conditions, seasonal sales variations, or competitive environment.
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions
Pollution Legal Liability Insurance
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?
- It makes no distinction between sudden and gradual pollution conditions.
- Coverage for onsite and offsite cleanup costs, bodily injury and property damage claims
- Not only does the policy cover pollution that arises from new conditions, it can also be extended to cover losses stemming from pre-existing conditions.
- Coverage can also be extended to pollution conditions resulting from the transportation, as well as to non-owned disposal site-related environmental liabilities.
- Cover for Business Interruption.
- Asbestos and lead
- Prior knowledge
NOTE: Please refer policy wordings for detailed coverage, exclusions and conditions.
Directors and Officers Liability Insurance (D&O)
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:
- Superior claims handling ability
- Presence in more than 160 jurisdictions
- Local expertise, understanding and support with global backing
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:
- Vulnerability to shareholder/stakeholder claims
- Sexual harassment, discrimination allegations and other employment practice violations
- Regulatory investigations
- Accounting irregularities
- Exposures relating to mergers and acquisitions
- Corporate Governance requirements
- Compliance with various legal statutes
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:
- Directors & Officers Liability Insurance (Non-SEC) – This policy is designed for Private and Public Companies which are listed other than in United States/Canada.
- Directors & Officers Liability Insurance (SEC)– This policy provides cover for companies with securities exposure in United States/Canada.
- Advancement of Defence costs
- Advancement of Defence costs
- Claims made principle: claims must be made during policy period
- Right to defend cover
- Cover for Subsidiaries
- Outside Directorship coverage
- Cover for Retired Directors
- Employment Practice Liability (EPL) cover for directors and officers
- Cover for failure / negligence to supervise against any Professional Indemnity related claims
- Cover for Regulatory Crisis Response
- Cover for Assets and Liberty Costs including prosecution, bail bond and civil bond expenses
- Cover for damage to reputation
- Cover for Heirs, Estates and Legal Representatives
- Bilateral Discovery Period
- Emergency Costs cover
- Kidnap response cover
- Special excess protection for non executive directors
- Cover for pollution related claims for defence costs and shareholder claims
- Insured vs Insured (defence cost cover)
- Severability: non-guilty insured is covered
- Prior Claims and Circumstances.
- Deliberate dishonest or fraudulent act
- BIPD claims with carve back for defence cost
Who can bring an action against Directors and Officers?
- Other stakeholders
For quotes or queries on pollution liability insurance, just click here
D&O Insurance for Small & Medium-Sized Companies
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.
- The Highlight D&O policy offers an easy way for small and medium-sized companies to secure protection for their Directors and Officers from such lawsuits and claims.
- Perilwise experts can help assess the amount of coverage your company needs based on your risk exposure and offer you comprehensive protection at affordable premiums. You can even try it online , just click here.
- Tata AIG General Insurance Company Limited's extensive resources and state-of-the-art customer service makes managing risk simple and cost-effective.
- Highlight covers claims made on Directors and Officers of a company by stakeholders including: Shareholders, Regulatory Agencies, Joint Venture Partners, Lenders, Suppliers, Customers, Consultants, Employees, Trade-Unions. The Defence costs involved in the claim are also covered under the policy and are payable in advance of final judgement.
Why do you need this product?
To protect a company's Directors and Officers from:
- Employment Practice litigations
- Regulatory investigations
- Customer suits
- Accounting irregularities
- Other stakeholder claims
Professional Indemnity / Errors And Omissions Insurance (PI / E&O)
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:
- Information Technology Companies
- Call Centres / Business Process Outsourcing Companies
- Financial Institutions
- Media Companies
- Law Firms
For any enquiry, suggestion or clarifications just contact us
Public Offering Of Securities Insurance (POSI)
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?
- POSI gives companies the opportunity to ring-fence the significant and long-term exposure presented by securities offerings.
- POSI being a transaction specific product ensures suitable coverage to the insureds and protects the existing D&O contracts.
- Accounting rules may allow for the POSI premium to be capitalized against the offer proceeds, without being considered as a bottom line deduction from the company's profit and loss account.
- POSI is a transaction specific product and the policy period can be customized to provide protection for upto six years.
- Prospectus Liability
- Underwriter exposure from the Actual or alleged untrue or misleading statement or information from the Prospectus
- Defence Cost
- Controlling and Selling Shareholder Liability from the Actual or alleged untrue or misleading statement or information from the Prospectus
- Prior Claims and Known Circumstances
- Bodily Injury/Property damage
- Dishonest/Fraudulent Act
- Major shareholder exclusion.
Raising capital in a risky world
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.
What does POSI cover?
- POSI protects the insureds against securities claims arising from an offering of a company's securities.
- POSI can also cover liabilities arising from negotiations, discussions and decisions in connection with the offering.
- Cover includes punitive and exemplary damages.
Who can buy a POSI policy?
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
Crime / Fidelity Insurance
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
- Provides coverage for loss of money, securities, or other assets resulting from employee theft, computer fraud, forgery, loss of employee benefit plan assets, and more
- Tailors coverage for numerous fraud-related losses to a company’s specific needs
- Activates an efficient and cooperative loss investigation and settlement process saving organizations time and money if a covered event occurs
- Offers a broad definition of employee that includes unidentifiable employees as well.
- Policy is written on a discovery basis
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.