Business Solutions - Specialist
 
 
 
Bankerís Blanket Banks and other financial institutions are exposed to the risks of loss of or damage to their property, office contents, data, computer systems, and loss of money from their own premises or in transit, losses due to forged cheques or other financial instruments, counterfeit currencies, fraudulent acts of employees etc. Most of these risks can be insured by suitably worded Bankerís Blanket Insurance policy. Evaluating risks and taking up appropriate insurance protection is often complex in nature and hence it is advisable to consult a specialist to design suitable insurance plan.†
 

Bonds

Bond is a type of guarantee provided by one to another for specific obligation. Bonds can be in the form of bank guarantee or an insurance policy. Generally bonds are sought by governing authorities, principals or customers from contractors or vendors or on certain projects to ensure performance of the assigned obligation.
Typical bonds are

  1. Bid bonds
  2. Performance bonds
  3. Surety bond
  4. Advance Mobilization bonds
  5. Payment bonds  
It is critical to evaluate the type of bond required, obligations under the bid and the bid value itself to determine the exposure.
 

Credit Insurance

Growing cross border trade inevitably increases the risks of financial defaults or delayed payments or doubtful recoveries or bad debts. Exporters are often obliged to trade on trust and or on certain payment terms, which their customers may not be able to adhere to due to their own financial problems or due to circumstances beyond their control. Evaluating credit history of a potential customer or an existing customer can be often hard besides credit history can change drastically unless it is kept on watch while transacting business.
Credit Insurance provides protection against delayed payments or certain credits unrecoverable. Credit insurance policy operates live unlike other policies which allows policy holder to evaluate credit history of their customer or country of trade to determine the credit worthiness.

 

Events Insurance

Organizing events can be often a nightmare if things do not go as planned and having done all preparations just before the scheduled date event organizers are exposed to the risks of event being cancelled or require it be abandoned or postponed, being interrupted or required to be relocated or any such contingencies which will result in severe financial consequences. Events often get cancelled or abandoned due to Sate mourning or adverse weather conditions etc.       

Events involving celebrities or artists or stars are exposed to the risks of such star attractions not showing up or had to cancel or reschedule their trips, which is called cancellation due to Non appearance.  

Most of the above contingencies can be insured under suitably designed Event Insurance. Expected profits also can be insured apart from the actual financial loss due to cancellation of a scheduled event.
 

Jeweler’s block

Organizations or individuals involved in jewelry business as traders of manufacturers or exhibitors or repairers are exposed to the risks of loss of or damage to their own property and the stock of jewelry such as gold and silver ornaments, pearls, precious stones, cash, currency notes, watches, gold/silverware etc. Losses can occur whilst their stock in their own premises or whilst being carried outside of their premises through their employees, agents, etc for the purpose of their business. As these are generally precious metals and stones very valuable in pricing but small in size are exposed to risks of theft, sleight of hand or just shop lifting etc., Displayed jewelry items often attract thieves and often thefts are done by organized criminals equipped with arms and knowledge of the premises and escape routes.  

Some of the important pre-requirements to insure are the type of construction and location of the business, reputation or standing of the proposer, past claims history, security systems like occupancy at night, night watchman, alarm systems in place, whether CCTV is installed and maintained, Whether burglary alarm systems are installed and if they are in working condition, whether the alarm systems are connected to Civil defense or police stations, details of safe/strong room, value of jewelry at different places i.e being displayed, at counters, in the safe or strong room etc. Risks associated with the overseas transits by Sea freight or Air freight, or by registered mail or courier service, etc.

Jewelers block Insurance caters to most of the needs of a standard jeweler but the business with variety of risks policies may have to be tailor made. Standard risks covered under jewelers block Policy are fire, lightning, storm, tempest, flood, bursting or overflowing of water pipes and apparatus, impact by any road vehicle, horse or cattle not belonging to or under the control of the insured, riot and strike, malicious damage, explosion, accidental sprinkler leakage, burglary, housebreaking, theft, hold-up, robbery or attempted robbery, sleight of hand etc.

 

Jewellers Block Insurance is a special package policy designed to meet the various insurance requirements of jewellers pursuing their business.

This type of insurance provides cover for loss of, or damage to, the insured property (i.e., jewellery, gold/silver ornaments, pearls, precious stones, cash, currency notes, watches, gold/silverware, etc.) by an insured peril, whilst in the premises where the insured’s business is carried out, or whilst being carried/conveyed outside the specified premises by either the insured, or his employees, agents, etc., for the purpose of business only.

Insured property (excluding cash and currency notes) can also be insured whilst in transit by registered mail, airfreight, courier service, etc.

Perils/contingencies covered under this insurance include fire, lightning, storms, tempest, floods, bursting or overflowing of water pipes and apparatus, impact by any road vehicle, horse or cattle not belonging to, or under the control of, the insured, riots, strikes, malicious damage, explosions, accidental sprinkler leakage, burglary, housebreaking, theft, hold-ups, robbery or attempted robbery and sleight of hand.

In addition to the above, loss or damage to office furniture, fixtures and fittings being used in connection with the insured’s business whilst within the insured premises can also be insured under the package.

Some of the important underwriting considerations for insuring this risk are:

  • The claims history
  • Reputation/standing of the Insured
  • Security factors like occupancy at night
  • Night watchman
  • Alarm systems in place
  • CCTV
  • Details of safe/strong room
  • Construction of the building
 

 

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  - Warranty insurance
• Life Assurance
• Health
 
 
 

 
 
     
     
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