FIRE INSURANCE

Our Global Insurance Plan

The "Global Insurance Plan" is our key differentiator, drawing clients with a global company presence. These clients find it quite comforting to mandate just one insurer, such as us, to handle their international insurance needs.
Our operating offices are dispersed globally, making it simple, affordable, and consistent with the program's overall goals to manage this insurance obligation. In addition to providing insurance for Indian assets, Multinational/Global Programmers written out of India also cover risks outside the Indian Territory.
Consistency in coverage and risk management is ensured. A multinational insurance program should be created for assets located outside of India.
The Global Master Program is a versatile solution that can be tailored to suit your specific requirements and comply with local regulations. It offers a range of benefits, including uniform coverage, lower costs due to 'Bulk Buying Power,' and the convenience of local premium and claims payments.

• Uniform coverage, consistent with Corporate Risk Management Philosophy. Thus, a uniform worldwide risk management program.
• Lower cost due to "Bulk Buying Power," thus controlling insurance costs.
• Premiums and claims could be paid locally.
• Improved management control and complete communication.
• Tailored to suit client's needs.
• Uniform service levels.
• Centralized control of worldwide insurance exposures.
• Consistent coverage for all operations worldwide.

Who is this suitable for?

• Eligibility: Clients who have assets outside India along with Indian assets and want to ensure consistent coverage across their units globally
• In this part, the reader will receive an overview of the risk engineering survey given to our underwriters and clients. We often hire engineers as property department employees and use their services for local underwriting company property surveys. Risk engineering's guiding principle is to support the underwriters' efforts to achieve the desired "profit and growth" by giving them technical help and adding value to the client's risk management process. The risk engineers are frequently referred to as the property underwriter's "eyes and ears" because they must underwrite the risk after thoroughly comprehending it. As described, the primary goals of risk engineering are
• The survey is conducted based on the underwriter's request for property damage and business interruption risks. It aims to benefit the underwriter and the client in the ways listed below.
• Performing an on-site analysis and review of the numerous exposures, such as fire, flood, and any other specific exposures, as well as including different underwriting information in the report, will allow the underwriter to make an informed decision regarding whether the risk is acceptable. The underwriter can swiftly decide on their "overall opinion of the risk" thanks to the quantitative risk rating on a 5-point scale supplied in the report. The report lists the primary negative aspects of the risk and any prospective losses in great detail.
• Risk control methods are communicated to the customer or prospect logically following exposure analysis and identifying distinct pure risks to mitigate the risk. The insurer frequently provides this service gratis, so the client sees a significant value addition. The advice is generally categorized as "Human Element Recommendations" and "Physical Protection Recommendations." The former can be quickly implemented, while the latter requires considerable capital investment and forethought.
• The client values the survey report mostly for the latter, while the underwriter rates it for both factors above.
• The provision of inputs to the insurer concerning limits, risk selection, and rating is within the scope of the survey. Specifically, the survey identifies the COPE risk factors, i.e., Construction, Occupation, Protection, and Exposure. Property engineers must establish the protective measures available at a given location and assess their adequacy, quality, and reliability about the insured property. The local codes and laws of the country provide for certain standards, and the engineers are to be familiar with such requirements.
• For underwriting purposes, the protection to be checked includes automated sprinkler systems. Fire hydrant systems, Water supplies, Fire alarm systems, Public and or Private fire brigade protection, First aid and other fire protection topics, Special fire protection systems, Inspection and maintenance of the systems, etc. Although the survey generally considers protection against fire, property engineers must be alert to other perils like earthquakes, floods, and cyclones and make a mention in the report.
• Making the various loss estimates for the risk is yet another area where the survey is helpful. The maximum amount of Subject (MAS), Maximum Foreseeable Loss (MFL), and Probable Maximum Loss (PML) are determined in the survey report utilizing the well-defined guidelines in our survey manual and the inspecting engineer's expertise. Loss estimates assist the underwriter and re-insurer in deciding the retention amount, cession, and overall underwriting capacity.