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Transcript of Tata+AIG+General+Introduction
History
The beginnings of the Tata Group can be traced back to 1868, when Jamsetji
Nusserwanji Tata established a trading company dealing in Opium in Bombay. This was
followed by the installation of Empress Mills in Nagpur in 1877. Taj Mahal Hotel in
Bombay was opened for business in 1903. Sir Dorab Tata, the eldest son of Jamsetji
became the chairman of the group after his fathers death in 1904. Under him, the group
ventured into steel production (1905) and hydroelectric power generation(1910). After
the death of Dorab Tata in 1934, Nowroji Saklatwala headed the group till 1938. He was
succeeded by JRD Tata. The group expanded significantly under him with the
establishment of Tata Chemicals (1939), Tata Motors and Tata Industries (both 1945),
Voltas (1954), Tata Tea (1962), Tata Consultancy Services (1968) and Titan Industries
(1984). Ratan Tata, the incumbent chairman of the group succeeded JRD Tata in 1991
Introduction of Tata Group
The Tata Group companies operate in seven business sectors: Communications and
Information Technology, Engineering, Materials, Services, Energy, Consumer Products
and Chemicals. The Group was founded by Jamsetji Tata in the mid 19th century, a
period when India had just set out on the road to gaining independence from British
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rule. Consequently, Jamsetji Tata and those who followed him aligned business
opportunities with the objective of nation building. This approach remains enshrined in
the Group's ethos to this day.
The Tata Group is one of India's largest and most respected business conglomerates,
with revenues in 2007-08 of $ 62.5 billion (Rs. 251,543 crore). Tata companies together
employ some 350,000 people. The Group's 27 publicly listed enterprises have a
combined market capitalization of some $ 60 billion and a shareholder base of 3.2
million. The major Tata Companies are Tata Steel, Tata Consultancy Services, Tata
Motors, Tata Chemicals, Tata Communications, Tata Power, Indian Hotels and Tata
Tea. The Tata Group has operations in more than 85 countries across six continents, and
its companies export products and services to 80 countries.
The Tata family of companies shares a set of five core values: integrity, understanding,
excellence, unity and responsibility. These values, which have been part of the Group's
beliefs and convictions from its earliest days, continue to guide and drive the business
decisions of Tata companies. The Group and its enterprises have been steadfast and
distinctive in their adherence to business ethics and their commitment to corporate
social responsibility. This is a legacy that has earned the Group the trust of many
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millions of stakeholders in a measure few business houses anywhere in the world can
match.
They are, by and large, based in India and have significant international operations. The
total revenue of Tata companies, taken together, was $70.8 billion (around Rs325,334
crore) in 2008-09, with 64.7 per cent of this coming from business outside India, and
they employ around 357,000 people worldwide. The Tata name has been respected in
India for 140 years for its adherence to strong values and business ethics.
Every Tata company or enterprise operates independently. Each of these companies has
its own board of directors and shareholders, to whom it is answerable. There are 27
publicly listed Tata enterprises and they have a combined market capitalisation of some
$60 billion, and a shareholder base of 3.5 million. The major Tata companies are Tata
Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata
Tea, Indian Hotels and Tata Communications.
Tata Steel became the sixth largest steel maker in the world after it acquired Corus. Tata
Motors is among the top five commercial vehicle manufacturers in the world and has
recently acquired Jaguar and Land Rover. TCS is a leading global software company,
with delivery centres in the US, UK, Hungary, Brazil, Uruguay and China, besides
India. Tata Tea is the second largest branded tea company in the world, through its UK-
based subsidiary Tetley. Tata Chemicals is the world’s second largest manufacturer of
soda ash and Tata Communications is one of the world’s largest wholesale voice
carriers.3
In tandem with the increasing international footprint of Tata companies, the Tata brand
is also gaining international recognition. Brand Finance, a UK-based consultancy firm,
recently valued the Tata brand at $9.92 billion and ranked it 51st among the world's Top
100 brands. Businessweek magazine ranked Tata 13th among the '25 Most Innovative
Companies' list and the Reputation Institute, USA, recently rated it 11th on its list of
world's most reputable companies.
Founded by Jamsetji Tata in 1868, Tata’s early years were inspired by the spirit of
nationalism. It pioneered several industries of national importance in India: steel, power,
hospitality and airlines. In more recent times, its pioneering spirit has been showcased
by companies such as TCS, India’s first software company, and Tata Motors, which
made India’s first indigenously developed car, the Indica, in 1998 and recently unveiled
the world’s lowest-cost car, the Tata Nano.
Tata companies have always believed in returning wealth to the society they serve.
Two-thirds of the equity of Tata Sons, the Tata promoter company, is held by
philanthropic trusts that have created national institutions for science and technology,
medical research, social studies and the performing arts. The trusts also provide aid and
assistance to non-government organisations working in the areas of education,
healthcare and livelihoods. Tata companies also extend social welfare activities to
communities around their industrial units. The combined development-related
expenditure of the trusts and the companies amounts to around 4 per cent of the net
profits of all the Tata companies taken together.
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Going forward, Tata is focusing on new technologies and innovation to drive its
business in India and internationally. The Nano car is one example, as is the Eka
supercomputer (developed by another Tata company), which in 2008 was ranked the
world’s fourth fastest. Anchored in India and wedded to traditional values and strong
ethics, Tata companies are building multinational businesses that will achieve growth
through excellence and innovation, while balancing the interests of shareholders,
employees and civil society.
Tata Group is one of India's largest and most respected business groups. Tata Group's
name is synonymous with India's industrialisation. The Group gave India her first steel
plant, hydro-electric plant, inorganic chemistry plant and created a reservoir of scientific
and technological manpower for the country. Its Trusts have instituted the Tata Institute
of Social Sciences in 1936; India's first cancer hospital, the Tata Memorial in 1941, and
in 1945, the Tata Institute of Fundamental Research, which became the cradle of India's
Atomic energy program. Today, Tata Group comprises 96 operating companies in seven
business sectors: information systems and communications; engineering; materials;
services; energy; consumer products; and chemicals. The Group has operations in more
than 54 countries across six continents, and its companies export products and services
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to 120 nations.
Jamsetji Nusserwanji Tata laid the foundations of Tata Group when he started a private
trading firm in 1868. In 1874, he set up the Central India Spinning Weaving and
Manufacturing Company Limited and thus marked the Group's entry into textiles. In
1887, Jamsetji Tata formed a partnership firm, Tata & Sons, with his elder son Sir
Dorabji Tata and his cousin Ratanji Dadabhoy Tata. His younger son Sir Ratan Tata
joined the firm in 1896. In 1902, the Indian Hotels Company was incorporated to set up
the Taj Mahal Palace and Tower, India's first luxury hotel, which opened in 1903. The
Tata Iron and Steel Company (now known as Tata Steel) was established to set up
India's first iron and steel plant in Jamshedpur. The plant started production in 1912. In
1910, Tata Hydro-Electric Power Supply Company, (now Tata Power) was set up. In
1917, Tata Oil Mills Company was established to make soaps, detergents and cooking
oils. In 1932, Tatas entered aviation sector with the establishment of Tata Airlines. In
1939, Tata Chemicals, presently, the largest producer of soda ash in India, was
established. In 1945, Tata Engineering and Locomotive Company (renamed Tata
Motors in 2003) was established to manufacture locomotive and engineering products.
In 1954, India's major marketing, engineering and manufacturing organisation, Voltas,
was established. In 1962, Tata Finlay (now Tata Tea), one of the largest tea producers,
was established. In 1968, Tata Consultancy Services (TCS), India's first software
services company, was established as a division of Tata Sons. In 1970, Tata McGraw-
Hill Publishing Company was created to publish educational and technical books. In
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1984, Titan Industries, a joint venture between the Tata Group and the Tamil Nadu
Industrial Development Corporation (TIDCO), was set up to manufacture watches. In
1996, Tata Teleservices (TTSL) was established to lead the Group's foray into the
telecom sector. In 1998, Tata Indica, India's first indigenously designed and
manufactured car, was launched by Tata Motors. In 2000, Tata Tea acquired the Tetley
Group, UK. This was the first major acquisition of an international brand by an Indian
business group. In 2001, Tata entered into insurance business in joint venture with Tata
AIG. In 2007, Tata Steel acquired Corus the fifth largest steel company in the world.
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Tata Group companies
Tata Motors Ltd.
Tata Communications Ltd.
Tata Power Company Ltd.
Tata Steel Ltd.
Tata Consultancy Services Ltd.
Tata Elxsi Ltd.
Tata Tea Ltd.
Tata Chemicals Ltd.
Tata Sponge Iron Ltd.
Tata Investment Corporation Ltd.
Tata Metaliks Ltd.
Tata Coffee Ltd.
Tata Teleservices (Maharashtra) Ltd.
Tata Advanced Materials Ltd.
Tata Construction and Projects Ltd.
Tata Finance Ltd.
Tata SSL Ltd.
Tata Hydro-Electric Power Supply Company Ltd.
Tata Aig General Insurance
Tata Aig Life Insurance8
About Tata AIG General
Tata AIG General Insurance Company Limited (Tata AIG General) is a joint venture
company, formed by the Tata Group and American International Group, Inc. (AIG).
Tata AIG General combines the Tata Group's pre-eminent leadership position in India
and AIG's global presence as the world's leading international insurance and financial
services organization. The Tata Group holds 74 per cent stake in the insurance venture
with AIG holding the balance 26 percent. Tata AIG General Insurance Company, which
started its operations in India on January 22, 2001, provides insurance solutions to
individuals and corporates. It offers a complete range of general insurance products
including insurance for automobile, home, personal accident, travel, energy, marine,
property and casualty as well as several specialized financial lines. The Company
believes in offering innovative and relevant insurance solutions in the retail and
commercial space. Each product offering is backed by expertise and an unparalleled
claims service. The Company's products are available through various channels of
distribution like agents, brokers, banks (through banc assurance tie ups) and direct
channels like Tele Marketing, Digital Marketing, worksite etc.
Our Vision : To be India's most preferred General Insurance Company.
Our Purpose : To create unmatched value for our customers, employees, business
partners and shareholders by delivering remarkable service that is consistent, fair and
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transparent.
Our Values : We share a set of 6 core values: Customer First, People, Passion,
Performance, Integrity and Empathy.
Our values represent the core, shared beliefs that guide how we act and work
together to achieve our goals
American International Group, Inc. (AIG) Profile
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the
leading international insurance organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and individual customers through the
most extensive worldwide property-casualty and life insurance networks of any insurer. In addition,
AIG companies are leading providers of retirement services, financial services and asset management
around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Paris, Switzerland and Tokyo.
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Gaurav D. Garg
Managing Director & CEO, Tata AIG General Insurance Co. Ltd.
Gaurav is currently Managing Director & CEO of Tata AIG General Insurance
Company Limited and brings with him rich experience coupled with an in depth
knowledge of the Non Life Insurance Industry from across various markets.
He has a Master's degree in Business Administration and is also a Fellow of Insurance
Institute of India. He started his career in 1986 at National Insurance Co. Ltd, where he
spent 14 years managing diverse portfolios ranging from retail insurance to insuring
large engineering projects.
In 2000, he joined AIG India as Country Head - Personal Lines and was a part of the start up team that
launched Tata AIG in India. Ever since he never looked back and went on to Head, Field Operations -
Personal Lines at AIG New York in 2004, where he was responsible for six regions globally (namely
Europe, CE/CIS, Mediterranean, Middle East & South East Asia and Australasia Regions). During his
stint with AIG, Gaurav has exhibited immense entrepreneurial spirit and carries a proven track record
of launching successful business operations in various countries in Asia (including India) and the
Middle East.
11
In June 2007, he returned to India to assume the role of Managing Director of Tata AIG
General Insurance Company, where he was able to successfully steer the company into
a free pricing regime. In short span of time he was able to turn the company around and
made Tata AIG one of the fastest growing private non life insurance companies.
Currently, Gaurav is the Chairman of the "General Insurance Committee of Bombay Chamber of
Commerce" and the "Claims Committee of the Indian Motor Pool". He is also a member of: "FICCI
Committee (Insurance & Pensions)"; "CII Committee (Insurance & Pensions)" and the Accounting
Standards Committee at the Indian Merchants' Chamber
Additionally, he has been a guest lecturer at GE Global Learning Center, University of
Connecticut for their leadership programs and has been an active participant at the
Manhattan Round Table.
2001
Tata AIG — a joint venture between the Tata group and American International Group Inc (AIG) — marks the Tata re-entry into insurance. (The group's insurance company, New India Assurance, set up in 1919, was nationalized in 1956).
12
Ratan N Tata
One hundred years from now, I expect the Tatas to be much bigger than it is now. More importantly, I hope the group comes to be regarded as being the best in India — best in the manner in which we operate, best in the products we deliver and best in our value systems and ethics. Having said that, I hope that a hundred years from now we will spread our wings far beyond India..."
RATAN TATA
Ratan N Tata has been chairman of Tata Sons, the Tata promoter company, since 1991. He is also chairman of other Tata companies, including Tata Motors, Tata Steel, Tata Consultancy Services, Tata Power, Tata Tea, Tata Chemicals, Indian Hotels and Tata Teleservices.
Mr. Tata joined Tata Steel in December 1962. After serving in various other Tata companies, he was appointed director-in-charge of National Radio & Electronics Company Limited (NELCO) in 1971. In 1981, he was named chairman of Tata Industries, the second Tata promoter company. Mr. Tata is also the chairman of two of the largest philanthropic trusts in the private sector in India.
Mr. Tata is associated with various organizations in India and abroad. He is chairman of the Government of India’s Investment Commission and a member of the Prime
13
Minister’s Council on Trade and Industry, the National Hydrogen Energy Board and the National Manufacturing Competitiveness Council.
Mr. Tata also serves on the International Investment Council set up by the President of the Republic of South Africa and the UK Prime Minister’s Business Council for Britain. He is a member of the International Advisory Council of Singapore’s Economic Development Board, the Asia-Pacific Advisory Committee to the board of directors of the New York Stock Exchange and of the international advisory boards of the Mitsubishi Corporation, the American International Group, JP Morgan Chase and Rolls Royce. He also serves on the boards of Fiat SpA and Alcoa.
Mr. Tata is president of the court of the Indian Institute of Science and chairman of the Council of Management of the Tata Institute of Fundamental Research. He is a member of the board of trustees of Cornell University and the University of Southern California and of the Foundation Board of the Ohio State University. Additionally, he is a member of the Global Business Council on HIV/AIDS and the Programme Board of the Bill & Melinda Gates Foundation's India AIDS Initiative.
Tata products and services for consumers
Agriculture Automobiles Beverages Charter flights Cooling appliances Crockery DTH television Financial services Food Holiday homes Hotels Housing Jewellery Leather Retail Solar appliances Telecommunications Watches and clocks
14
About AIG
AIG traces its roots back 90 years when an American entrepreneur named C.V.
Starr founded AIG’s earliest predecessor company in Shanghai. What began as a
small insurance business grew to become one of the world’s largest companies. By
the end of 2007 AIG had assets of approximately $1 trillion, $110 billion in annual
revenues, 74 million customers and 116,000 employees in 130 countries and
jurisdictions. Yet, less than a year later, AIG found itself on the brink of failure
and in need of emergency government assistance.
American International Group, Inc. (AIG) Profile
American International Group, Inc. (AIG), a world leader in insurance and financial
services, is the leading international insurance organization with operations in more than
130 countries and jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide property-casualty and life
insurance networks of any insurer. In addition, AIG companies are leading providers of
retirement services, financial services and asset management around the world. AIG's
common stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Paris, Switzerland and Tokyo.
15
AIG and its Worldwide Operations
Business Operations in 130 countries across the following lines of business –
2007 revenues were at $110 billion.
Life General insurance that includes Accident & Health of which Travel
Insurance forms a major part
Insurance and Retirement Services
Financial Services that include Aircraft Leasing ,Consumer Finance, Credit
Cards, Real estate , Private Banking,
Asset Management & Private Equity
Tata AIG General Insurance (that includes Travel) operations of Tata AIG come
under the AIU (American International Underwriters) division of AIG which
have the following financial highlights.
$17.8 billion in revenue for 9 months 2008 which is estimated to touch $22
billion for the full year 2008
$1.07 billion in underwriting profit for the first 9 months(ending August ’08)( We
have made profits even after the issues surrounded AIG last year)
Identifiable assets were at $48.7 billion in 2007. Out of this Cash reserves were at
$6 billion and Investments were at $23billion.The cash reserves of this division
alone is bigger than the Size of the entire General insurance market in India!!!
Employs 21,000 people across 80 countries
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All individual insurance companies in various countries including India fulfill all
statutory regulations of the respective countries
Services
Tata AIG General Insurance Company Limited offers a complete range of general
insurance policies, for motor, home, accident and health, travel, energy, property and
casualty, marine and liability purposes, as well as several specialized financial lines.
Apart from its wide and varied product basket, the insurance company also ensures
quick and easy claim settlements, which in turn, has helped it in not only retaining the
old customers (winning their loyalty), but also gaining new ones.
17
Products
Individual Products
Motor
Auto Secure
Private Car
Two Wheeler
Commercial Vehicle
Home
Fire Cover
Pre-Packaged Overages
Supreme Cover
Privilege
Accident & Health
Accident Guard
Secured Future Plan
Hospital Care
Maharaksha
Healthcare +
Criticare
Travel 18
Travel Guard
Student Guard
Asia Travel Guard
Domestic Travel Guard
Small Business Products
Society Policy
Office Policy
Package Policy
Educational Institutes Insurance
Hotel & Restaurant Insurance
Shop Insurance
Corporate Risk Solutions Group
Accident and Health
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Group Personal Accident
Group Multi Guard
Voluntary Employee Benefits
Travel
Business Travel Accident
Small Business Travel Accident
Energy
Contractor's All Risks / Erection All Risks
Contractor's All Risks Policy
Erection All Risks Policy
Advance Loss of Profits
Boiler & Machinery
Machinery Breakdown
Boiler & Pressure Plant
Electronic Equipment
Machinery Loss Of Profits
Chemical
Utilities
Oil & Petroleum
Property
Standard Property Insurance Coverages 20
Business Guard
Shakti
Office
Commercial
Risk Management
Marine Cargo
Marine Open Policy
Marine Specific Policy
Marine Sales Turnover Policy
Liability
Financial Lines
D&O
P / E&O
POSI
Crime Insurance
Casualty Lines
Public / General Liability
Product Liability
Commercial General Liability
Workmen's Compensation
Excess / Umbrella Liability 21
Contaminated Products Insurance
Kidnap, Ransom and Extortion Insurance
Pollution Legal Liability
Trade Credit Insurance
Private Car Insurance
In India one of out of every three car is damaged in an accident. TATA AIG brings you
the comprehensive insurance cover, which not only covers you for the liability arising
out of the Third party but covers you against the loss or damage to your vehicle.
22
Features:
Incorporates all the features as per the Motor Vehicle tariff.
Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils
and theft.
Discount (NCB) for claim free experience
Discount for Anti theft devise, member of Automobile Association etc
Predefined depreciation for the parts needing replacement on account of accident.
Benefits:
All the benefits covered under the motor vehicle tariff are passed on the customer,
few unique to TATA AIG are:
No deduction on count of Salvage value.
All India Service network and uniform service parameters.
Green Channel Settlement - Green Channel Settlement is another first in the
motor insurance industry. This innovation promises to make accident claims and
repairs easier than never before! Auto Secure customers can simply call Tata
AIG's Contact centre to avail of this service, at no additional cost. (Insert link for
details on Green Channel settlement).
Auto Restore Warranty: Tata AIG Auto Secure policyholders can enjoy 'Warranty on
Accident Repairs' when a customer opts for the 'Green Channel
23
Settlement:
Direct Payment facility at garages across the country.
(Link of the List of garages to be provided)
Faster Claim Settlement
24 X 7 Contact centre for lodging claims and all queries.
Convenient & multiple ways of reporting claims.
Cover Includes:
All coverage’s as per the Motor Vehicle Tariff:
Loss or Damage to your Vehicle: Any partial or total loss to your vehicle arising
out of accident or on account of fire and allied perils in covered. Please click to
Coverage’s and Exclusion for details
Third Party Legal Liability: Covers Third party property damage and Third party
Bodily injury.
24
AUTO GUIDELINES:
SCOPE OF COVER:
1. AUTO SECURE PRIVATE CAR
2. AUTO SECURE TWO WHEELER
3. AUTO SECURE COMMERCIAL VEHICLES
UNDERWRITING GUIDELINES:
PRIVATE CAR: Current guidelines are described below and are subject to change time to
time without any prior notice.
a. Field Authority - Producers / channel partners are allowed to source following
classes of private car (package policy only) after charging the premium as provided
above. For these they may issue a covernote / policy at their own.
Vehicle aged up to 10 years
IDV up to Rs. 2,500,000
Non-declined models
IDV variation 10% from the master value
Break in insurance up to 180 days25
b. MORATORIUMS:
Liability only policy
Rally/Reliability trials
Extension of geographical area
Imported models
Vehicles used from driving tuitions
Trailers
Vintage cars
26
MORATORIUMS MAKE AND MODELS
MAKE MODELS
Chevrolet Tavera
Maruti Omni
Tata Sumo, Spacio, indica-indigo (diesel)
Toyota Qualis
Mahindra All Models
Daewoo Cielo, Nexia
ICML Rhino
27
Add on Covers:
Depreciation Reimbursement
Avail Full ClaimClaim Values
Otherwise
Fibre Glass -30%
Rubber/ Nylon-50%
• 1. Depreciation Reimbursement Vehicle age less than 3 years.
• 2. Daily Allowance No pre condition.
• 3. Return to Invoice No idv variation, >3yrs age, first
owner
• 4. No Claim Bonus protection NCB >=25%
• 5. Repair of glass, fiber, plastic and rubber parts No pre
condition
• 6. Loss of personal belongings No pre condition
• 7. Emergency transport and hotel expenses No pre
28
29
Add on covers can be issued satisfying the above conditions in a package form or a la
carte,
The various plans available are.
Silver option 5
Gold 5, 6, 7, 8 (4 optional)
Pearl 5, 6,7,8,1 (4 optional)
Diamond 5, 6, 7, 8 1, 3, (4 optional)
Titanium 5, 6, 7, 8, 1, 2, (4 optional)
Save On Out of Pocket Expenses
Repair of Glass, Fiber…
30
Platinum 1-8 (4 optional)
1. Add on proposal form must be signed by the proposer.
2. Mid term inclusion/change in add on cover is not allowed hence premium should
be collected and deposited with precaution and proper communication to the
client about the coverage’s.
TWO WHEELERS
Field Authority - Producers / channel partners are allowed to source following
classes of :-
TWO WHEELERS:
Motor Bikes: Non break in cases up to 3 years of age.
Scooters : Non break in cases up to 5 years of age.
No cover note is to be used for insurance of two wheelers; only direct policy
issuance in webpos is allowed. In rare circumstances where issuance of CN is
necessary it should only be issued post approval.
31
a. MORATORIUMS:
Any policy other than package Policy.
Rally/Reliability trials
Extension of geographical area
Imported models
Mopeds (Prior approval for sourcing of brand new mopeds from dealer/consolidator
can be obtained from PLPC)
BAJAJ PULSAR
32
COMMERCIAL VEHICLES
a. Field Authority
(Applicable to Goods Carrying Vehicle & Passenger Carrying Vehicle)
Parameter Goods Carrying Vehicle Passenger Carrying
Vehicle
Brand new
vehicle
Allowed
Break in
Insurance
Up to 90 days provided no claim in expiring policy
IDV variation +/- 10% from master value
Rollover Up to 5 years
Vehicle IDV 15,00,000 25,00,000
Accessories
IDV
50,000 50,000
GVW Limit Up to 25,500 Kg Not Applicable
GVW Variance GVW should be equal to RC Not Applicable
Vehicle Type
Public/Private carrier
satisfying above; No
miscellaneous use type
vehicles.
3 wheeler Auto
rickshaws
33
b. Declined Risks/Covers:
Passenger carrying vehicles: Moratorium
Following are allowed only on approval:
School/captive use buses, Taxi’s only if referred as Fleet.
(Applicable to Goods Carrying Vehicle & Passenger Carrying Vehicle)
Goods Carrying Vehicle
Claims in preceding 2 years
Moratorium Make / Models i.e. Man, Mitsubishi, Swaraj Mazda & Volvo
Break <90 days with claim in expiring policy
Break >90 days
Imported Make / Models
Vehicles exclusively used or sold in the state of Arunachal Pradesh, Assam,
Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Uttarakhand,
Himachal Pradesh or Jammu and Kashmir
Vehicles carrying hazardous goods Not Applicable
Vehicles plying in hilly terrain Not Applicable
Long haul trucking: Goods carrying
vehicle fitted with more than 10 tyres
Not Applicable
34
and 3 axels
MISCELLANOUS VEHICLES All vehicles other than as stated
above.
School/captive use buses, Taxi’s only if referred as Fleet.
Underwriting Guidelines for Miscellaneous Vehicles:
Miscellaneous & Special Type of vehicles
Following vehicles can be accepted after obtaining prior corporate approval only.
Approval number must be mentioned on application form.
1. Ambulance - captive
usage
2. Agricultural Tractors 3. Graders
4. Fork Lift Trucks 5. Mobile Plant 6. Loaders - up to 15
tons
7. Backhoe Loaders- up
to 10 tons
8. Fire Fighting
Vehicles - captive
usage
9. Cranes - up to 15
tons
10. Compressors 11. Drilling Rigs 12. Dozers
35
TP ONLY POLICIES
(ONLY FOR COMMERCIAL VEHICLES (GOODS/PASSENGER CARRIERS)
TP only policies can be underwritten only from Webpos. CN can be issued but it
can not be routed through S3.
Referral Mechanism
Any vehicle / risk beyond the purview of field authority or falling under declined
risks/covers as described above must be referred to Personal Lines - Auto Underwriters
on prescribed referral format. Underwriters will assess the risk involved and may
decline / accept the risk by quoting rates / terms (within the purview of this guide). Such
vehicle / risks can be sourced post approval only and at approved rates / terms.
Documentation
Following documents must be collected prior to issuance of cover note (depending upon
type of vehicle and risk) -
Proposal Form
Proof of previous insurance policy
36
NCB confirmation certificate / reserving letter, if available
Inspection Report + photographs, if applicable
Any other document as may be required depending upon merits of the case
General Procedures: The processes that are generic in nature and must be known to all
of them are explained below:
NCB:
NCB is provided on rollover cases if there is a supporting pip or renewal notice.
NCB is provided on any case if there is a NCB reserving letter.
NCB reserving letter must be issued prior to purchase or sourcing of the vehicle.
If the original ncb letter is applied for and is not available readily with the client
Annexure A & B along with proof of application of ncb reserving letter to
Previous company can be submitted in lieu of NCB reserving. However the original
must be submitted within a month of date of submission of these docs’s.
NCB Transfer:
NCB can be transferred only in two situations:
37
NCB can be transferred in case of Death from owner to legal heir if the same is applied
within 90days of the death of insured.
NCB can be transferred from employer to employee after submission of NOC from
employer.
Wrong declaration of NCB results in policy cancellation ab initio.
If a renewal case is picked with NCB and a claim in reported in previous policy, NCB
shortfall must be deposited within stipulated time to avoid shortfall binding of the
policy.
NCB Substitution:
Transfer of NCB from one vehicle to another (without sale)can be done after providing
the requisite doc’s as per list available with operations.
NCB reserving and refund issuance:
NCB reserving can be issued after submission of proof of sale form 29-30and
submission of original policy or affidavit in case original policy is lost to avail refund
along with ncb reserving, proof of insurance of vehicle sold is a must.
If a vehicle is sold to a dealer following is required:
1. Proof of sale by the owner
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2. Delivery receipts of the second hand dealer
3. Dealer letter that all the liabilities will be borne by him on his letterhead
Correction in name and REC details:
For minor correction that does not reflect the change in identity of owner or vehicle RC
copy will suffice along with other doc’s as per Endorsement excel enclosed.
However for complete change in REC details we need insurance particulars of car
originally insured with us to avoid any unseen liability and it’s a must.
For complete change in name RC and invoice copy is required to endorse the policy
WEBPOS:
All cases must be issued on Webpos unless restricted by discount or other parameters
that necessitates S3.
After cn issuance cases must be issued within 48 hours in Webpos.
Money must be deposited within 24 hours for cash and 48 hours for other payment
instrument. Webpos id can be blocked if the same is not adhered.
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Reassignment:
Reassignment must be approved by branch head along with the owner of the particular
line of business.
In all reassignment cases renewal must be regenerated in new producer name to have a
uniform record and cases can be issued in webpos there after.
All reassignment cases that belong to some other branches of tata aig, renewal
notices must be re-generated and premium should be collected there after to avoid
shortfall if any. In case of any shortfall premium must be deposited or cases will be
binded in the original code.
Usage:
Every CN must be used utilized in a prudent manner. Following must be noted and
followed:
Date and time of issuance of cn must be mentioned
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Premium amount and payment details must be clearly mentioned.
Premium and instrument details must match with what is mentioned in CN.
IDV once mentioned must not be corrected.
No back dating and back timing is allowed.
In case of multiple books usage; user must be identified and named.
Book of one producer can never be utilized by/for any other producer; in case of
non availability of book, direct branch book must be utilized.
No cover note should be detached from the book unless the payment is received,
any cancelled cover note which is detached from the book will need Agency
developers clarification on the usage and reason for cancellation.
Cover note book must be exchanged within 90days of issuance.
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INSPECTION:
Any case of break in Insurance
Installation of electronic accessories if value is above 15000/-
(Not applicable for brand new car’s where accessories invoice date is same as vehicle
invoice date)
Conversion from restricted to comprehensive cover (only after approval)
If the vehicle is imported inspection is a must.
Purchase and insurance of second hand cars.
Transfer of insurance
CNG Addition.
Inspection is valid up to 24 hours only.
CN Books:
Issuance:
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Duly filled format must be raised for issuance of CN books, post approval agent
authorization form must be signed and original sent to PLPC and a copy to ops.
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Home
"Home sweet Home" - a destination, any individual or a family feels very close to the
heart. It is an investment of one's lifetime savings, emotional dreams and aspirations to
realize their ideal home. Home signifies a set of emotions for any individual, be it pride,
ownership, stability or be it a sense of belonging. It echoes the owners' sentiments "It's
my house".
After all, one's Home including its contents is the single most important and expensive
asset that we have created for ourselves. We have learnt to value life and health
sufficiently to understand the importance of insuring it. But when it comes to applying
the same logic to our home (around which our lives revolve) most of us suffer a blind
spot. It is only when a calamity or catastrophe strikes that we feel helpless.
Home Insurance provides exactly the care one needs at such times - to safeguard against
unforeseen eventualities and to preserve one's lifestyle and that too at an affordable
price. You can protect your priceless investment for very little money. Assuming you
have possessions worth Rs. 300,000 in your house, you can insure those possessions for
as little as Rs. 3 a day - for Fire, Natural Hazards (Flood, Earthquake etc) and Burglary
& Theft.
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TATA AIG's HomeSecure takes the bother out of insuring your home. No unnecessary
paperwork or awkward questions. Just smooth sailing all the way.
Fire Cover
This policy covers against fire and some special perils listed below. Its attraction is the
fact that it gives you this cover for surprisingly little money.
Features
This policy covers buildings (RCC construction) and your household contents. Building
value should be equal to present day cost of reconstruction, while contents should be
insured for their market value.
Cover Includes
Perils Covered
Fire
Lightning
Explosion / Implosion
Riot, Strike and malicious damage (RSMD)
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Flood, Storm, inundation
Aircraft Damage
Impact Damage by any rail/road vehicle or animal (other than damage by own
vehicle)
Landslide, rockslide
Bursting and overflowing of water tanks, apparatus pipes.
Missile testing operations
Bush Fire
Earthquake & Terrorism can be taken as add-on covers by paying extra premium It is
important that you take care to adequately insure your property. In case the actual value of
insured property at the time of loss under Fire Benefit is found to be greater than the sum
insured opted by you, then the claim would stand to be reduced in the same proportion.
Burglary
Benefits Includes
It Covers loss or damage of household property and contents due to burglary or theft during
the normal course of occupancy and even if the house has been unoccupied for as long as
60 consecutive days.
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Accident Guard
Less than Rs. 3 a day - that's all you need to take care of your family.
Have you ever thought about this? How will your family survive if they lose you to an
accident? And how are they protected for the financial loss of not having you there?
Tata AIG brings you Accident Guard for life's big questions - so you can focus on
getting well while we take care of your financial needs. than Rs. 3 a day! And better
still, covers your entire family for just one rupee more a day!
Basic PlanWeekly
UnitsPlan A Plan B
Self Family Self Family
5 Lacs 1 634 966 819 1263
10 Lacs 2 1268 1932 1638 2526
15 Lacs 3 1902 2898 2457 3789
20 Lacs 4 2536 3864 3276 5052
25 Lacs 5 3170 4830 4095 6315
30 Lacs 6 3804 5796 4914 7578
35 Lacs 7 4438 6762 5733 8841
40 Lacs 8 5072 7728 6552 10104
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45 Lacs 9 5706 8694 7371 11367
50 Lacs 10 6340 9660 8190 12630
55 Lacs 10 6898 10550 8933 13817
60 Lacs 10 7456 11440 9676 15004
65 Lacs 10 8014 12330 10419 16191
70 Lacs 10 8572 13220 11162 17378
75 Lacs 10 9130 14110 11905 18565
80 Lacs 10 9688 15000 12648 19752
85 Lacs 10 10246 15890 13391 20939
90 Lacs 10 10804 16780 14134 22126
95 Lacs 10 11362 17670 14877 23313
1 Crore 10 11920 18560 15620 24500
Features
Unique Features
The plan can be taken in multiple units of Rs. 10 lac up to Rs. 1 crore. As an Add-on,
you can also take an Accidental Weekly Benefit* in multiples of Rs. 2000 up to Rs.
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10,000. (*No. of units of Accidental Weekly benefit cannot exceed the no. of units of
Accidental Death and Dismemberment.)
Flexibility: Accident Guard is designed for your convenience - you can pick and choose
benefits best suited to you and your family. You can buy up to 10 units to cover yourself
and your family. plus a Accidental Weekly Benefit, of which you can take up to 5 units
for yourself as add-on benefit (optional).
Escalating benefits: If the policy is renewed, the sum(s) assured increases by 5 percent
each year, up to 5 years. For example, if you take one unit of Rs. 10,00,000 and renew
the policy for the next year, your insured amount becomes Rs. 10,50,000 for the same
premium.
Convenient options to choose: Self Option where you insure yourself for Accidental
Death & Dismemberment, or Accidental Death & Dismemberment along with
Permanent Total Loss of use. Family Option where, you can also insure your family for
Accidental Death & Dismemberment, or Accidental Death & Dismemberment along
with Permanent Total Loss of use.
Additional Features (with Family Option)
Education allowance: In case of Accidental Death, 10 percent of the principal sum
assured is paid towards your children's education benefit.
Repatriation of remains: An amount up to a maximum of Rs. 5,000 will also be
reimbursed for the repatriation of the insured person's remains.
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Modification allowance: In case of Permanent Total Disability or Dismemberment, an
amount up to a maximum of Rs. 100,000 will be reimbursed towards the cost of
modifying your house or vehicle, to combat Disability.
Automatically insured, Dismemberment benefit doubles.
Family transportation: If, due to an accident, the principal insured is confined to a
hospital outside 150 kms of his residence, we will reimburse, up to a maximum of Rs.
50,000, the actual transportation expenses incurred by an immediate family member to
reach the insured person.
Secured Future Plan
Guaranteed monthly income upto 20 years - The future was never so secured
before!
We, at Tata AIG understand that an unfortunate accident can create serious financial
problems for your family. More so your spouse may not understand how to invest the
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lumpsum payment from a life insurance cover; for a guaranteed monthly income. Our
Secure Future Plan is the right solution for such uncertainties.
Silver plan
Gold Plan
635247963181165320000
479635622418123915000
31812418165386810000
240180120Payout period(Month)
60Benefit per Month (Rs)
1207287545638286235000
1019773624859248230000
816060264007209925000
240180120Payout period(month)
60Benefit per Month (Rs)
Inclusive of applicable 10.3 service taxAge group 18-70yrs for class 1st & 2nd only51
Features
Unique Features
Flexibility: Depending upon your monthly expenditure you can choose the highly
flexible options, with Monthly income benefits ranging from Rs.10000 to Rs.35000, for
a period of 5 years to 20 years.
Guaranteed Monthly Income: The monthly income is not subject to market risks and
is guaranteed over the period chosen.
Additional Features
No medical examination is required.
24 hours world wide coverage.
Covers risks of Accidental Death, Dismemberment & Paralysis and Permanent
Total Disability.
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Travel
These are the things you plan for when you travel - business, sight seeing, shopping.
How about lost baggage (and passports), personal accidents, even a hospital stay in a
strange place?
Very few people plan for real risks like these. Tata AIG’s Travel Insurance program is
meant for exactly this – to take care of any unforeseen emergencies during your travel
abroad or in India. We today are the trendsetting insurers in the area of travel insurance
worldwide (AIG is the largest travel insurance company in the world) and we deliver
“the promise” to all of our customers.
Tata AIG has access to that expertise - so you get the services of a multilingual team
familiar with local conditions and systems. Of course, every Tata AIG travel product
sets benchmarks on service excellence, worldwide coverage and value for money not
forgetting ease of purchase and lightning quick claims settlement.
Tata AIG - the best choice for travel insurance.
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First to launch on-line travel insurance.
100% reliability and unbeatable up-time record.
In-house assistance service AIG -Assist in North & South America; ISOS for
rest of the world.
AIG presence in over 130 countries.
ANNUAL MULTI TRIP (GOLD)
(Worldwide)
Age Band 19-40 yrs 41-60 yrs 61-70 yrs
1-30 days 3872 4544 8838
1-45 days 4323 4745 14315
ANNUAL MULTI TRIP (PLATINUM)
(Worldwide)
Age Band 19-40 yrs 41-60 yrs 61-70 yrs
1-30 days 4209 5140 10191
1-45 days 4866 5234 16703
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Small Business Solutions
Society Policy
Cooperative Housing societies are entrusted with managing the affairs as per guidelines
of the Cooperative Societies Act and additionally handling staff and managing
administration. This policy offers risk solutions suitable to most of housing societies'
insurance requirements.
Bye-Laws of Co-operative Housing Society, Maharashtra state, Section XVII / 161-
states, "The Society shall insure its building/buildings necessarily against risk of fire
and earthquake."
This policy provides insurance for Housing Societies. It may include,
Residential Housing Society
Employee/Staff Housing Society
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Society
Insurance Covers Offered: Standard Fire and Special Perils Policy
Fire
Add on Covers
Earthquake
Terrorism
Removal of Debris (in excess of 1% of TSI)
Architect, Surveyors and consulting engineers fees (in excess of 3% of TSI)
Loss of Rent (For owner occupied building)
Insurance of additional expenses of rent for an alternative accommodation
Other Covers
Burglary (First Loss / Total Loss)
Money in safe
Public Liability
Workmen Compensation 56
Standard Fire and Special Perils Policy
Loss, destruction or damage caused by:
War or war like operations;
Ionizing radiation, contamination by radioactivity, nuclear fuels or waste;
Pollution or contamination losses;
Loss of earnings or loss of market
Burglary
Loss, destruction or damage caused by:
Fire or explosions;
Inmates or member of the insured's household or business staff;
Money
Loss, destruction or damage caused by
Collusion by any employee or agent of the insured
Use of keys or duplicate keys.
Use of counterfeit money;
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Workmen's Compensation:
Liability arising out of:
Willful or intentional non compliance of any statutory provision;
Fines, penalties, punitive and / or exemplary damages
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Office Policy
In today's world business owners work around the clock to keep ahead of competition,
win businesses, handle staff and manage administration. They have little time to think
about managing all the risks involved. This policy offers risk solutions suitable to most
of business owners "Office" insurance requirements.
This policy provides insurance for offices. It may include,
Commercial offices
Government offices
ITES and BPO Call Center Offices
Software Development Office
Office premises (Outside industrial, manufacturing, warehouse premises)
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Insurance Covers Offered: Standard Fire and Special Perils Policy
Fire
Add on Covers
Earthquake
Terrorism
Removal of Debris (in excess of 1% of TSI)
Architect, Surveyors and consulting engineers fees (in excess of 3% of TSI)
Loss of Rent (For owner occupied building)
Insurance of additional expenses of rent for an alternative accommodation
Other Covers
Burglary
Money in safe
Money in Transit (First Loss / Total Loss)
Public Liability
Workmen Compensation
Portable Equipment
Electronic Equipment
Machinery Breakdown
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Plate Glass / Neon SignBoard
Baggage
Employee Fidelity
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Energy
Tata AIG Energy is a 'one-stop shop' with a holistic approach to risk identification and
mitigation that matches global standards.
Large petrochemical complexes, state-of the-art power plants, highways connecting
towns and cities are fraught with a multitude of risks throughout the development,
construction andoperation stages and therefore require the most comprehensive and
complex insurance covers.
Our Products
Contractor's All Risks / Erection All Risks
Boiler & Machinery
Chemical
Utilities
Oil & Petroleum
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Loss Control Engineering
Loss Control Engineering is one of the thrust area of Tata AIG Energy. Our Loss
Control Engineer have vast experience and expertise to the task of helping our clients
make their operation safer. Over the years they have dealt with virtually all types of
energy related operations and exposures all around the world. They understand the
issues relating to the Energy market and can pass on to our clients experience gained in
a wide variety of situations and operations.
We believe loss control services are an integral part of any risk management program
and a critical tool for helping our clients reduce the severity and frequency of claims,
restore operations quickly in the event of a loss and better plan for emergencies.
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Boiler & Machinery
Equipment breakdown has the potential to stop business activities, with serious
consequences to company's bottom line. Boiler & machinery coverage, often referred to
as Machinery Breakdown Insurance offers protection against these types of losses.
The coverage is available on a stand-alone basis to cover Electrical and Mechanical
breakdown, Breakdown risk for Electronic equipments and explosion / collapse, risk for
Boiler/ Pressure vessels. Covered equipment can include, but is not limited to :
Gas and Steam Turbines
Engines, Pumps and Compressors
Electric Motors, Generators and Transformers
Switchboards and other electrical apparatus
Refrigeration and Air conditioning equipments
Computers / servers / Printers
Steam Boilers & Pressure vessels
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Chemical
Under this line of business, we provide coverage for companies who manufacture
organic or inorganic chemicals used in the manufacturing of finished chemical or
pharmaceutical products.
Major Industries coming under this category would include:
Industrial inorganic chemicals
Plastic materials and resins
Paints, lacquers, varnishes
Pesticides and other agricultural chemicals
Man-made cellulose fibers and synthetic fibers
Industrial gases
Pharmaceuticals
Miscellaneous chemical products
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Property
Tata AIG's Property Insurance Department insures commercial assets in manufacturing,
trading and services.
The core coverages offered are Fire & Allied Perils Insurance and Fire Consequential
Loss Insurance.
We also offer packaged policies including for Burglary, Money, Employee Infidelity,
All Risk Insurance (for portable equipment), Plate Glass and Travel Baggage Covers.
With a focus on comprehensive risk transfer solutions for businesses, Tata AIG's
Property Underwriters conduct expert analyses of the business and its associated
exposures.
Property insurance coverages from TATA AIG are comprehensive yet flexible enough
to address risks specific to the business.
Standard Property Insurance Coverages
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Standard Fire and Special Perils
Perils insured are fire, lightning, explosion / implosion, impact damage, aircraft impact,
bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm,
cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide
(including rock slide), riots, strikes, malicious damage, missile testing operations.
Additionally with options to insure Earthquake and Terrorism risks and a host of
extensions including insurance of rent.
Consequential Loss (fire)
Covers loss of profits of a business due to reduction in the turnover caused by a cover
for Increased Cost of Working following the loss, as well as the Standing Charges
of the business.
Burglary
Covers loss or damage from burglary, i.e. theft following upon actual forcible and
violent entry or exit from the insured premises.
Money Insurance is against loss of money whilst contained in a locked safe or cash
box within the insured premises. The coverage can be extended to include loss of
money whilst in transit.
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Fidelity Employer / business owners are insured against direct financial loss to the
business caused by any act of fraud on the part of any employee. This insurance
covers loss of money as well as business assets entrusted to employees.
All Risks (portable equipment) Insures the risk of accidental damage to portable
equipment such as laptops and other electronic devices, test and measuring
instruments, etc. at any location and including whilst in transit in the personal
custody of the employees of the business.
Plate Glass Insures the risk of accidental damage to plate glass installed in the
business premises.
Travel Baggage Covers accompanied baggage of employees on travel for business
purposes.
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Business Guard
Tata AIG's core strength is product innovation. Business Guard is a packaged product
range developed after detailed analyses of the insurance needs of various market
segments.
Unlike other packaged policies available in the market, Business Guard policies are
flexible enough to be adapted to specific business situations. This flexibility allows
clients to build in a host of coverages under one umbrella, creating a comprehensive
insurance solution.
Business Guard - Office
A very flexible product that caters to a whole range of covers essentially required by
independent offices of professionals and business services as well as networks of offices
of corporate (trade, industry and services).
Some of the covers which can be built in, in addition to Standard Fire and Special Perils
Policy are:
Burglary
Money
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Plate Glass
Electronic Equipment
Machinery Breakdown
Personal Accident
Workmen's Compensation / Employer Liability Insurance
Public Liability etc.
Business Guard - Commercial
A whole range of businesses in manufacturing and service sectors of the economy can
have their insurance needs tailored into Business Guard - Commercial.
Some of the covers which can be built in, in addition to Standard Fire and Special Perils
Policy are:
Burglary
Consequential Loss
Money
Plate Glass
Electronic Equipment
Machinery Breakdown
Personal Accident
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Workmen's Compensation / Employer Liability Insurance
Public Liability etc.
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Risk Management
Tata AIG Risk Management –
Adding value to your organization
Insurance business is nothing but a "transfer of risk" by an insured to an insurer; hence,
insurer's prudent approach to risk management is only way to protect insured's interest
in long run. Good financial health of insurers by practicing effective risk management
programmed makes the insurers possible to fulfill their commitment in the event of any
unforeseen eventuality resulting in severe losses to the insured.
We at Tata AIG always believe in minimization of risk for our clients. To achieve this
objective, we have a team of highly experienced Risk Management / Loss Control
Specialists on board who undertake risk management activities for your plant. The risk
management activities of Tata AIG in India are supported by AIU (American
International Underwriters), a division of AIG (American International Group).
Established in 1919 and operating in more than 130 countries worldwide, AIG has vast
experience in the field of risk management. The risk engineers of Tata AIG have been
trained by AIU to enable them to conduct risk surveys as per AIU Global Standards.
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Insurance covers normally direct or tangible losses, which is just the tip of the iceberg;
however, intangible uninsured losses such as goodwill, market share, shareholders'
confidence, employees' morale etc. will have severe impact on the insured. Hence, Risk
Management services and loss control measures offered by Tata AIG are very crucial in
terms of insured's overall business perspectives.
The Risk Management Service offered by Tata AIG would assist the insured in a loss
prevention programmed in a number of ways:
Surveying the insured's facility, the risk engineer would identify loss causing
events which could result in property damages and business interruption.
Reviewing probability and severity of the loss causing events, the risk engineer
would advise insured on loss control measures.
Risk Engineer would update the insured on latest risk management tools being
practiced globally.
This would not only lead to better risk management, but also a possible reduction in
premium for the insured.
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Marine Cargo
Smooth sailing with Tata AIG Marine Policies
With the globalization of the economy, supplier linkages span oceans, but still require
goods to be delivered to the concerned party in a pristine state, just-in-time. For that
kind of criticality, who do you trust for your Marine Insurance? Only Tata AIG. Our
marine cargo policies are indispensable for any corporate engaging in trade and
commerce. We cover your goods every step of the way.
AIG's world-wide network, with it's presence in over 130 countries, means that your
business is in the able hands of people who understand local maritime laws and
customs, all around the world. Our marine policies provide you with safe harbour in
turbulent seas.
Products
Marine Open Policy
This is a contract to provide automatic insurance protection for a specific period
of time (usually one year).
Premium is by deposit (based on an estimate), and adjustable on declaration of
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actual values of shipments/dispatches
Always open until cancelled by either party to the contract
Certificates are issued for individual shipments/dispatches
Marine Specific Policy
We insure cargo against risks involved in a specific voyage
Marine Sales Turnover Policy (STOP)
STOP is a designer product for the discerning customer, an Open Policy in the real
sense of the term. The premium for the policy is charged only on your sales turnover.
STOP provides you Transit insurance coverage on:
Imports + Customs Duty (Actual or Deemed / Contingent)
Domestic purchase of raw materials, consumables & stores
Any number of inter- factory / inter-depot / to & fro job worker movements
Exports (FOB/CIF) +
Domestic sales of finished goods
Temporary storage cover at intermediate locations like Job workers / C & F
premises etc.
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Sizeable saving in premium which is charged only on your sales turnover.
Seamless cover with all movement of goods automatically covered.
No hassles of submitting periodical declaration of movements to the insurer. Only
monthly sales figuresneed to be submitted
Intermediate storage cover can be built into the policy.
Premium on full annual sales turnover need not be paid in advance. Facility for
payment of premium onhalf-yearly / quarterly.
This is a one Stop shop for all your marine needs.
Tata AIG The Marine Specialist
Tata AIG is the only Insurer in the market, having a dedicated team of marine
underwriters in all the branches of the company; experts who understand your business
and provide you with customized solutions at the most competitive rates.In the complex
world of trade and commerce
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EMarine
eMarine - Making Waves
Tata AIG believes in empowering its clients and with this in mind has launched
eMarine.
This facility has been introduced in India after it had been tried and tested and proved to
be a resounding success in Hong Kong, Singapore, Taiwan, Malaysia, Indonesia, China
& Philippines.
About eMarine
eMarine or Electronic-marine is an extremely user-friendly Web based tool. It makes
insuring with Tata AIG a truly pleasurable experience.
Benefits of eMarine:
The client can issue Marine insurance certificates Any time, Anywhere-from the
comfort of his office/home to meet his business requirements.
Any number of users in the client's organization even from different locations can
operate eMarine with distinct user Ids and passwords.
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The certificates can be viewed at various stages during issuance. Changes, if any,
can be made then and there ensuring Quality documentation.
As the records get updated simultaneously at our office too, there is No Need to
submit separate declarations/details of certificates issued.
Balance available in the Deposit a/c can be viewed by the client at any point of
time facilitating timely replenishments.
The unique Encryption code on every insurance certificate facilitates Verification
of its authenticity, by any third party, anywhere in the world by simply logging on
to our website and giving the encryption details.
Absolutely Free. Being an added benefit we offer our clients, there is no fee
charged for eMarine usage. Neither is there any need to install additional
software. The only requirements are Internet connectivity and Acrobat Reader
Version 4 and above.
Marine Loss Control (MLCE)
Marine Loss Control Engineering is one of the most important offerings of Tata AIG's
Marine policies. It helps get our Assureds' products delivered on time and in undamaged
condition to their clients.
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This avoids loss of market share, products liability claims, and protects the brand
integrity of the client.
This is achieved by scientific analysis, tailor-made recommendations and cost
effective and sellable solutions provided by an experienced and full time
dedicated team spread across the globe spanning different time zones.
MLCE helps our clients be more profitable by reducing loss frequency and
severity and by giving value added service.
Provide timely and accurate information on worldwide and regional industry
trends, high risk areas, potential hazards and threats.
Use of a well identified network of surveyors and security advisors that report
under AIG standards
Direct contact with the different transport vendors and security providers
True involvement / Open to feedback / Constant Follow up
Ready Reckoner for Export Insurance
At Tata AIG we constantly strive to keep our clients informed about technical aspects
relating to Marine Insurance.
Your goods are as good as the carrier you select; hence, do not compromise on this
selection for making a small saving on your freight bills.
Here are a few tips that will help you select the right carrier:
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Age of the vessel should not exceed 20 years for bulk and heavy cargoes and 25
years for general and containerized cargoes.
Anything beyond these age limits would not only jeopardize your cargoes but be
liable for additional premium.
Vessel should be 'Classed' by one of the approved Classification Societies.
Classification ensures physical seaworthiness of the vessel based on regular
inspection by the approved societies.
Vessel should be entered into one of the reputable P&I Clubs. This will ensure
financial stability of the ship owners and / or charterers.
Liners are vessels which ply on regular advertised time schedules and routes.
Liners are a better risk than tramps.
Register yourself on and check on the complete details of the vessels. This is a
free site. www.equasis.org
Tata AIG assists their customers by arranging for cleanliness, sea and cargo
worthiness surveys, giving immense comfort to its clients.
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Liability : A unique blend of Financial Risks and Liability coverage.
Our Products
Financial Lines
Tata AIG's Financial Lines offers global, state-of-the-art liability insurance products
combined with local expertise to the Indian corporate sector. Today's corporate
environment is characterized by increased sensitivity to Corporate Governance issues,
stringent client contracts, demanding stakeholders and an increased need for protection
against fraud. This necessitates companies to protect themselves against a wide range of
exposures arising out of the dynamic nature of business. Tata AIG recognizes this and
offers varied solutions including Directors & Officers Liability Insurance (D&O),
Professional Indemnity/ Errors and Omissions Insurance (PI/E&O), Public Offering of
Securities Insurance (POSI) and Crime/ Fidelity Insurance.
Main Policies
Directors and Officers Liability Insurance (D&O)
Provides protection for claims brought against directors, officers and employees for
actual or alleged breach of duty, neglect, misstatements or errors in their managerial
capacity.
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Professional Indemnity/ Errors and Omissions Insurance (PI/E&O)
Provides protection for claims brought in respect of negligent acts, errors or omissions
in the performance of professional services.
Tata AIG provides customized insurance policies including sophisticated insurance
solutions for :
Information Technology companies
Call Centres / Business Process Outsourcing companies
Financial Institutions
Media companies
Consultants
Public Offering of Securities Insurance (POSI)
Provides protection for the company and its directors, officers and employees for
securities claims brought against them in connection with an offering of securities.
Crime / Fidelity Insurance
Provides protection to businesses against the consequences of employee fraud,
dishonesty and theft.
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USPs of Financial Lines:
Pioneers of liability insurance internationally and in India
Technical expertise
Product innovation
Access to expert counsel of lawyers across the globe
Capacity for large insurance programmes
Casualty Lines
Casualty line of business within Tata AIG aims at providing customised liability
insurance solutions of Public Liability, Product Liability and Employer's Legal Liability
insurance. The insurance policies are designed to meet risk transfer needs, statutory
needs or contractual needs of Corporates across the board. Our Liability solutions cater
to risk mitigation needs of smallest of business organizations to the largest of
Multinational business operator from across the Industry. We indemnify our insured
against demand of legal damages/compensation and legal defense costs on account of
claims from third parties due to bodily injury or property damage that may have been
accidentally occurred owing to insured's business operations.
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Key Policies
Public / General Liability Insurance
Product Liability Insurance
Commercial General Liability Insurance
Workmen's Compensation Policy
Excess / Umbrella Liability Policy
Our capability to deliver un-matched solutions and global services come from our
lineage. AIG's global presence places us in a unique position to offer a worldwide
liability Programmes, centrally controlled from the Indian headquarters of insured. The
liability policies offer a wide range of options to customize market needs such as:
Policy option of Claims-Made or Occurrence-based forms
Duty to defend benefits
Worldwide claim service assistance
Very Large appetite for risks complex or simple alike.
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Non-traditional Insurances
To add to our capability, Tata AIG also offers various Non-traditional Insurances like:-
Contaminated Products Insurance
Kidnap, Ransom and Extortion Insurance
Pollution Legal Liability
Tata AIG has the ability to issue internationally accepted Policy wording, which
can stand legal scrutiny across all jurisdictions around the world.
A Duty to Defend policy providing unmatched claims handling ability.
Flexibility in giving internationally accepted Occurrence Based or traditional
Claims Made Format.
Tata AIG can design Global Master Control Programmes for the discerning
Indian multinational like yours having a presence throughout the world. When
your business transcends geographic boundaries, Tata AIG can help you design
worldwide liability programme with central control over locally admitted policies
or an unmatched shield that grants both Excess and Difference in Conditions
coverage.
Our claims personnel in 130 countries are well networked with local lawyers and
deal with leading local adjusters and surveyors, on a daily basis. This gives you
an unmatched defense.
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Trade Credit Insurance
"Sales is the journey; Cash is the destination."
Trade Credit insurance helps companies reach their goals by ensuring that their hard-
won sales convert to cash.
Trade Credit Insurance protects open account sales - export and domestic - against non-
payment resulting from a customer's legal insolvency or default, and can be expanded to
include political risks around the world.
Trade Credit insurance protection is typically sought by manufacturers and wholesalers
selling products on credit terms to domestic and/or foreign customers.
Large financial muscle
One of the world's largest and strongest financial services organization
Presence in more than 130 countries across the world gives us a global perspective
and we understand global markets.
We can provide a variety of customized products to suit your insurance needs.
We have settled a wide variety of claims across the world
More than US $ 515 mn paid till Feb 2006.
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Benefits of Trade Credit Insurance
Trade credit insurance can help you
Expand sales to existing customers without increased risk.
Offer more competitive credit terms to new customers in new markets.
Help protect against potential restatement of earnings.
Optimize bank financing by insuring trade receivables.
Supplement credit risk management.
Credit Insurance Product Offerings
Tata can provide customized Trade Credit Insurance products to suit the needs of our
clients. The two major categories of products as under.
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