The Client distributes temperature sensitive life saving drugs. The drugs are air couriered across India, packed with ice packs to maintain the temperature below 8 Degree Celsius.
Exposure to increase temperature destroys the drug. The ice packs are able to maintain the temperature upto 50 hours. If the material is not delivered within this time frame it may become unusable. Since value of each consignment can be upto Rs 75 Lakhs, delays can be financially devastating.
On one hand the couriers are unwilling to share the loss if it arises due to a delay caused by them. On the other hand the transit policies available in India specifically exclude loss caused by delay.
Solution An Insurer was identified who had handled similar transits abroad and was familiar and comfortable with risks involved. The insurer wrote a special policy that considered any delivery after 48 hours of acceptance of materials by the courier as a total loss.
The policy was placed at an extremely competitive rate.
Client -Large Multinational Shoes and Apparel Marketing Company
Risk
The Client has a young work force and very employee friendly HR policies. Among other benefits it also provides Health Insurance and high value life insurance cover to its employees.
Although the risk of death was more than adequately covered, the employees were not covered for disability due to an accident, which is a bigger area of concern for young employees. This was conveyed to the client.
Disability insurance in India is an add-on cover with accidental death or life insurance cover. Since the risk of life was already covered, the client did not want to spend more money on life insurance to avail of the disability cover.
Solution
We identified an insurer was very strong in accident covers and structured a customized policy that had a very small amount of accidental death insurance and a very large amount of disability insurance. Since the accident cover was negligible, 99% of the premium was towards the disability insurance.
Client - Facility and Security Management Company
Risk
The Client has a young work force and very employee friendly HR policies. Among other benefits it also provides Health Insurance and high value life insurance cover to its employees.
In most parking lots, the patrons leave the vehicle’s keys with the attendants to park the vehicle. The client was sensitized to the following risks:
•
Damage to the patron’s Vehicle while parking it.
•
Damage to a standing vehicle due to some other vehicle being parked.
•
Theft of a vehicle or its contents.
•
Death or injury to a patron while in the parking lot due to fire, explosion or
collapse etc.
Off-the-shelf Liability policies cover death or injury to a patron in the parking lot, but do not cover damage to the patrons’ vehicles, theft of the vehicle or its contents.
Solution
A special parking insurance was designed which covers all the above- mentioned risks. The insurance also covers loss of income to the parking lot manager incase the lot is closed due to fire, explosion, collapse, flooding or digging/excavation work by municipal authorities, electricity supply companies, telephone companies etc.
