Insurance Portfolio Review (IPR) for M/s. Most Progressive Company (MPC)
Thus far Meetings with operational and strategic contacts at MPC Received copy of insurance policies currently taken by MPC Detailed review of these policies undertaken Primarily from a cost and coverage perspective
Meetings with operational and strategic contacts at MPC
Received copy of insurance policies currently taken by MPC
Detailed review of these policies undertaken
Primarily from a cost and coverage perspective
Insurable interest ( Balance Sheet )
Insurable interest ( Balance Sheet )
Insurance Covers - Assets Standard fire & special perils Burglary Machinery breakdown Electronic equipment Industrial all risk Boiler & pressure plant Marine cum erection Business interruption
Standard fire & special perils
Burglary
Machinery breakdown
Electronic equipment
Industrial all risk
Boiler & pressure plant
Marine cum erection
Business interruption
Insurance Covers - Employees Group mediclaim Group personal accident Group term life Group gratuity Group superannuation Fidelity guarantee Keyman Overseas travel
Group mediclaim
Group personal accident
Group term life
Group gratuity
Group superannuation
Fidelity guarantee
Keyman
Overseas travel
Insurance Covers - Liability Public liability act Public liability- industrial Public liability- non-industrial Directors & officers liability Product liability Professional liability Workman’s compensation
Public liability act
Public liability- industrial
Public liability- non-industrial
Directors & officers liability
Product liability
Professional liability
Workman’s compensation
Advice on Asset Insurance Separate policies in place for various office risks A single comprehensive office package policy is recommended Provides all the coverage's primarily required for an office space Sections covered include: fire, burglary, electronic equipment, fidelity, money, public liability, all risk, plate glass, neon signs. Baggage As multiple sections are taken insurers offer additional discount Provides for easier policy administration Significant savings in premium paid Book value basis for evaluating assets currently used Currently, assets such as furniture & fittings are underinsured Assets such as electronic equipments are over insured Valuation of assets needs to be only on reinstatement value basis This is the cost you would have to pay today to replace the asset This will be amount considered at the time of claim
Separate policies in place for various office risks
A single comprehensive office package policy is recommended
Provides all the coverage's primarily required for an office space
Sections covered include: fire, burglary, electronic equipment, fidelity, money, public liability, all risk, plate glass, neon signs. Baggage
As multiple sections are taken insurers offer additional discount
Provides for easier policy administration
Significant savings in premium paid
Book value basis for evaluating assets currently used
Currently, assets such as furniture & fittings are underinsured
Assets such as electronic equipments are over insured
Valuation of assets needs to be only on reinstatement value basis
This is the cost you would have to pay today to replace the asset
This will be amount considered at the time of claim
Burglary sum insured currently on total asset value Burglary cover to be taken only for 20% of total asset value Considering the security at your premise access difficult Moving sizable amount of assets next to impossible Assets secured to the building not easily removable Burglary cover to be taken on first loss reinstatement basis In case of burglary the sum insured can be reinstated to cover future burglary Assets of each location currently covered under separate policies All assets should be covered under single policy Will provide administrative ease The larger sum insured will provide for better insurance premium rate Advice on Asset Insurance
Burglary sum insured currently on total asset value
Burglary cover to be taken only for 20% of total asset value
Considering the security at your premise access difficult
Moving sizable amount of assets next to impossible
Assets secured to the building not easily removable
Burglary cover to be taken on first loss reinstatement basis
In case of burglary the sum insured can be reinstated to cover future burglary
Assets of each location currently covered under separate policies
All assets should be covered under single policy
Will provide administrative ease
The larger sum insured will provide for better insurance premium rate
Advice on Stock insurance Stock insurance for finished/ under process goods Currently covered separately as quick and laggard movers Single coverage should be taken Will provide administrative ease The larger sum insured will provide for better insurance premium discounts Stock of each location currently covered under separate policies Stock valuation at a location varies at any given point of time Which could lead to underinsurance at the time of claim A floater cover will address this issue
Stock insurance for finished/ under process goods
Currently covered separately as quick and laggard movers
Single coverage should be taken
Will provide administrative ease
The larger sum insured will provide for better insurance premium discounts
Stock of each location currently covered under separate policies
Stock valuation at a location varies at any given point of time
Which could lead to underinsurance at the time of claim
A floater cover will address this issue
Advice on Marine insurance Separate policy for each shipment being currently taken A single comprehensive marine policy is advised based on annual turnover Will cover all incoming and outgoing inland shipments Makes policy administration easier Result in a lower premium outflow due to larger sum insured Daily declaration not required, monthly declaration recommended Cash deposit account is maintained with insurer Additional premium, if required, can be added to this a/c during policy period Surplus premium is refunded back by insurer at the end of policy period Ensures a blanket cover for all shipments Certificates can be issued online at your facility, 365 days, 24 x 7 Using an extremely customer friendly software interface Interface provides you a live inventory of all shipment data for ready use
Separate policy for each shipment being currently taken
A single comprehensive marine policy is advised based on annual turnover
Will cover all incoming and outgoing inland shipments
Makes policy administration easier
Result in a lower premium outflow due to larger sum insured
Daily declaration not required, monthly declaration recommended
Cash deposit account is maintained with insurer
Additional premium, if required, can be added to this a/c during policy period
Surplus premium is refunded back by insurer at the end of policy period
Ensures a blanket cover for all shipments
Certificates can be issued online at your facility, 365 days, 24 x 7
Using an extremely customer friendly software interface
Interface provides you a live inventory of all shipment data for ready use
Advice on Employee Benefits Group Mediclaim- currently per person sum insured limit A family floater coverage is suggested Family limit v/s per person limit Allows better utilization of sum insured/ premium paid Lower per family premium paid i/o of current per person higher premium Premium applicable will be for employees age v/s individual person age Avoids higher premium paid for older family members such as parents Corporate buffer suggested A n amount set aside for cases where family floater limit exhausted When company feels it should support the employees high claim Premium is significantly lower v/s increasing family floater sum insured's Company viewed as supportive in time of need
Group Mediclaim- currently per person sum insured limit
A family floater coverage is suggested
Family limit v/s per person limit
Allows better utilization of sum insured/ premium paid
Lower per family premium paid i/o of current per person higher premium
Premium applicable will be for employees age v/s individual person age
Avoids higher premium paid for older family members such as parents
Corporate buffer suggested
A n amount set aside for cases where family floater limit exhausted
When company feels it should support the employees high claim
Premium is significantly lower v/s increasing family floater sum insured's
Company viewed as supportive in time of need
Advice to MPC- Employee Benefits Group Personal Accident – Medical extension suggested Under the Group Mediclaim policy hospitalization required in most cases Under medical extension for accident related cases it is not required Premium rates very economical Group Personal Accident – TTD cover suggested TTD= Temporary Total Disablement (TTD) When an accident prevents employee from engaging in his/ her occupation After paid leave utilized employee’s occupational earning stops TTD cover compensates employee immediately for the lost earning Saves company any ‘humanitarian grounds’ expenses Premium is very economical
Group Personal Accident – Medical extension suggested
Under the Group Mediclaim policy hospitalization required in most cases
Under medical extension for accident related cases it is not required
Premium rates very economical
Group Personal Accident – TTD cover suggested
TTD= Temporary Total Disablement (TTD)
When an accident prevents employee from engaging in his/ her occupation
After paid leave utilized employee’s occupational earning stops
TTD cover compensates employee immediately for the lost earning
Saves company any ‘humanitarian grounds’ expenses
Premium is very economical
Advice to MPC- Employee Benefits Group Term Life (GTL) policy suggested Per Employee's Provident Fund and Miscellaneous Provision Act Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme To provide all your employees with the benefit of life insurance Exemption to subscribe under Sec. 17 (2A) of the Act available If you provide better insurance benefits than EPFO GTL provides greater insurance benefits than the cover offered by EPFO GTL premium significantly lower than current EPFO contribution GTL premium rates significantly lower than individual policy rates Company and employee can contribute as feasible to both No medical tests required as in the case of individual policy Added benefit employees get for being part of the company group Higher affiliation generated for the company Strong retention tool
Group Term Life (GTL) policy suggested
Per Employee's Provident Fund and Miscellaneous Provision Act
Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme
To provide all your employees with the benefit of life insurance
Exemption to subscribe under Sec. 17 (2A) of the Act available
If you provide better insurance benefits than EPFO
GTL provides greater insurance benefits than the cover offered by EPFO
GTL premium significantly lower than current EPFO contribution
GTL premium rates significantly lower than individual policy rates
Company and employee can contribute as feasible to both
No medical tests required as in the case of individual policy
Added benefit employees get for being part of the company group
Higher affiliation generated for the company
Strong retention tool
Directors & Officers (D&O) policy suggested Directors and Officers can be sued personally by any stakeholder for a decision taken by them on behalf of the company in their professional capacity as director or officer of the company Who can sue? Shareholders, creditors, employees, regulators, customers, competitors ,investors, other stakeholders can D&Os could be held liable for a wide range of reasons, among others Misuse of corporate funds Companies Act violations False statements to Government agencies Irregularities in securities issues D&O Insurance provides indemnity to directors & officers for Legal and defence costs Damages and expenses incurred Arising from claims brought against them personally Due to wrongful acts in their capacity as Director or Officer of a company. Advice on Liability insurance
Directors & Officers (D&O) policy suggested
Directors and Officers can be sued personally by any stakeholder for a decision taken by them on behalf of the company in their professional capacity as director or officer of the company
Who can sue? Shareholders, creditors, employees, regulators, customers, competitors ,investors, other stakeholders can
D&Os could be held liable for a wide range of reasons, among others
Misuse of corporate funds
Companies Act violations
False statements to Government agencies
Irregularities in securities issues
D&O Insurance provides indemnity to directors & officers for
Legal and defence costs
Damages and expenses incurred
Arising from claims brought against them personally
Due to wrongful acts in their capacity as Director or Officer of a company.
The Way Forward Review of findings by MPC’s operational and strategic contacts Detailed presentation on policies/ coverage's proposed by us MPC decides on which policies/ coverage's to pursue Proposal forms provided by us are completed by MPC We request quotes from multiple insurers We present quote comparison to MPC contacts We recommend insurer and MPC decides on recommendation Premium cheque issued by MPC Policy issuance and administration done by us.
Review of findings by MPC’s operational and strategic contacts
Detailed presentation on policies/ coverage's proposed by us
MPC decides on which policies/ coverage's to pursue
Proposal forms provided by us are completed by MPC
We request quotes from multiple insurers
We present quote comparison to MPC contacts
We recommend insurer and MPC decides on recommendation
Premium cheque issued by MPC
Policy issuance and administration done by us.
Risk, an opportunity Every opportunity comes with risk. We’ll help transform risk from a problem to a strategic advantage Enabling you to create value from the opportunity Relishing the advantages of safe risk transfer
Every opportunity comes with risk.
We’ll help transform risk from a problem to a strategic advantage
Enabling you to create value from the opportunity
Relishing the advantages of safe risk transfer
Poised to be a global SRT leader Dedicated to creating strategic advantage from SRT Navigate companies through the challenges of SRT Identifying situations others don't and unlocking advantages others can’t through SRT We literally eat, sleep, and breathe SRT Why GlobalInsure for Safe Risk Transfer (SRT)
Poised to be a global SRT leader
Dedicated to creating strategic advantage from SRT
Navigate companies through the challenges of SRT
Identifying situations others don't and unlocking advantages others can’t through SRT
We literally eat, sleep, and breathe SRT
For all your insurance needs email us at [email_address] GlobalInsure renders advice on various insurance covers, suitable to all kinds of needs. This presentation is for informative purposes only and should not be circulated, redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalInsure. The business areas discussed are broad categories only and the exclusions, terms and conditions of the specific insurance contract may vary from one insurer to the other. GlobalInsure accepts no liability for any direct or consequential loss arising from any information provided in the material. Insurance is the subject matter of solicitation .
For all your insurance needs email us at [email_address]
GlobalInsure renders advice on various insurance covers, suitable to all kinds of needs. This presentation is for informative purposes only and should not be circulated, redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalInsure. The business areas discussed are broad categories only and the exclusions, terms and conditions of the specific insurance contract may vary from one insurer to the other. GlobalInsure accepts no liability for any direct or consequential loss arising from any information provided in the material. Insurance is the subject matter of solicitation .
Canvas Prints at Affordable Prices make you smile.Visit http://www.shopcanvasprint...
30 Días en Bici en Gijón organiza un recorrido por los comercios históricos de la ...
Con el fin de conocer mejor el rol que juega internet en el proceso de compra en E...
With three established projects across the country and seven more in the pipeline,...
Retailing is not a rocket science, neither it's walk-in-the-park. In this presenta...
IPR Case Study- by GlobalInsure This slideshow is an Insurance Portfolio Review case study....
Read more
Filter case studies by ... With this case study, ... benefited from the European IPR Helpdesk services in managing confidential information when ...
Read more
Case Studies Mapping the Flows of Content, Value and Rights across the Public Sector By Dr Prodromos Tsiavos, March 2009 JISC Content. ... SCA IPR Consultant
Read more
Case Studies; About IPR. The IPR ... Case Studies. Marketor- Pricing Solution Case Study. IPR helped a mid-sized software tools company determine optimal ...
Read more
I urge the Indian Government and Novartis to keep people's health above IPR concerns," said Dr Unni Karunakara of Médecins Sans ... Ipr Case Study 2. chap017.
Read more
CASE STUDIES ON INTELLECTUAL PROPERTY AND TRADITIONAL CULTURAL EXPRESSIONS prepared by Ms. Terri Janke for the World Intellectual Property Organization
Read more
Introduction to IPR & Some Case StudiesIntroduction to IPR & Some Case Studies NIT, Hamirpur Chandrasekhar .T Director
Read more
Add a comment