Wide Scope of Insurance
Key Points for clients discussion
Risk Mapping “Education Institutions”
Issues Faced by Institutions
Segments, Risks, Solutions –Educational Instt. Liability
Liability Risks –Schools & Colleges(CGL)
CGL Insurance
Salient features of CGL Policy
Comprehensive Coverage
- Hazardous Sports: Covers injury/death to students due to participation in hazardous sports during trips sponsored by the school
- Exchange Students: Covers injury/death to exchange students, while on your school premises
- Food & Beverage: Covers injury/death to students or other 3rdparties arising out of food and Beverage served in school premises
- Trips sponsored by the School: Covers injury/death to the students during sponsored trip outside school premises
- School Bus: Covers injury/death to students due to transport facility provided by school
- Terrorism Legal Liability: Covers legal liability due to injury/death to 3rdparties because of terrorist attack on the school
- School Activities / Picnics: Injury/death of students during school/institute activities (on and away from the premises)
- Swimming Pool: Injury/death of 3rd parties due to swimming pool related accidents
- Fire / Flood / Earthquake/Tsunami: Injury/death of students inside the institute/school due to fire, flood or earthquake or tsunami
- Food Poisoning: Injury/death of 3rd parties because of food poisoning at your institute
- Lift Related Accidents: Injury/death of 3rd parties due to lift related accidents
- Accidental Damage: To 3rd party vehicle parked in institute’s parking area
- Lab Related Accidents: Injury/death of 3rd party due to an accident in school lab
Directors and Officers Insurance
Directors and Officers of an Institution have responsibilities towards various stakeholders like shareholders, regulators, employees. There could be high legal costs involved for such persons in case any stakeholder perceives that they have been negligent in their duties. The D&O policy provides the Insured Persons cover against such legal costs.
Coverage’s
- Court awarded Damages
- Out of Court Settlements
- Defense Costs
- Public Relations Expenses
- Investigation Costs
- Civil fines and Penalties wherever insurable by Law
Who does the policy protect?
- Principal
- Teachers
- Other Staff
Employee Dishonesty Or Crime Insurance
Do these look familiar?
- Generating fake invoices from a vendor and making payments thereof
- Electronic Funds Transfer Fraud
- Unauthorized fund transfers
- Credit card abuse
- Telephonic Misuse
- Diverting money out of estates of deceased clients
- Forgery
- Fraudulent alteration
- Counterfeiting
- Trading in securities, to make gain for oneself
Crime Policy Coverage
RISKS ARE EVOLVING AND SO SHALL YOU….
EPLI Policy Coverage
Policy Highlights
- Covers Loss of Insured arising from claims made against the Insured for Employment Practices Wrongful Act made in connection with the claimant’s employment or employment application (Section A)
- Cover can be extended to cover Loss of Insured arising from claims made against the Insured by a Third Party (Section B)
- Cover for New Subsidiaries
Policy pays for
- Damages (including punitive or exemplary damages)
- Front and back pay
- Multiplied portion of multiple damages
- Pre-judgment and post-judgment interest
- Civil fines or penalties
- Defense Costs;
- Losses are covered on a Claims Made Basis
A case in point
Professional Indemnity
Salient Features of the Policy
The insurance covers Claims arising out of provision of professional services which are first made against the Insured, by a Third Party, during the Policy Period (or the Extended Reporting Period, if applicable) and reported to the Insurer as required under the Policy
Standard Extensions
- Court Appearance Costs
- Loss of Documents
- Loss of Documents
- Extended Reporting Period
A case in point
Source: ICICI
