Embezzlement occurs when a trusted individual, such as a finance executive, misuses or steals company funds for personal gain. Examples include: – Pocketing cash receipts – Unauthorized transactions – Misusing company credit cards – Creating fake invoices or accounting entries This financial crime can lead to severe penalties, including fines and imprisonment. Businesses can protect […]
Commercial General Liability (CGL) insurance is a type of policy that protects businesses from various liability risks, such as: 1. Bodily injury or property damage to customers, clients, or third parties. 2. Advertising injuries, like slander or copyright infringement. 3. Medical expenses for accidents on business premises. CGL insurance helps cover legal fees, settlements, and […]
Dear HR Team, do you know about Blacklisted Hospitals? – A Must-Know piece of information for your Employees Prologue: Nowadays, we are getting claims repudiated by insurers citing admissions taken in blacklisted hospitals. Most of the time, this rejection happens in reimbursement claims as the employee gets admitted unaware of this condition. It is important […]
Contractual Liability (Obligation) Insurance Policies In today’s competitive corporate world, all businesses have contractual obligations. It is inevitable that you need to adhere to the compliance requirements of your clients. In this regard, you have to purchase a few insurance policies that will help you and your clients in case there is litigation or disagreement […]
Do you know, it is mandatory by IT Act to report a cyber-attack to CERT -In! Who is CERT – In? The Indian Computer Emergency Response Team, it is formed as per the IT (Information Technology) act 2000 and they shall be a part of and function under the administrative control of Department of Electronics […]
Case Study: Impact of Underinsurance on Fire Claim Settlement Background: In December 2021, one of our apartment clients reported a fire accident that occurred in the basement electrical board room. The estimated loss was approximately ₹75 lakhs. The apartment was insured under a Fire Insurance Policy with a sum insured of ₹100 crores. Incident Summary: […]
Case Study: The Cost of Delay in Purchasing Cyber Insurance Background: Recently, one of our clients experienced a ransomware attack that severely disrupted their operations. Prior to the incident, their management believed that a USD 1 million (INR 8.5 crore) cyber insurance cover was unnecessary. Incident Summary: Following the attack, the same client urgently sought […]
A devastating fire broke out in a factory due to a short circuit in an electrical panel, spreading rapidly and causing extensive damage to machinery and finished goods. The insured has lodged a claim under their Standard Fire and Special Perils (SFSP) Policy, seeking reimbursement for repair/replacement of damaged machinery, loss of stock, and debris […]
A faulty air-conditioning unit caused a fire in our office, damaging equipment and documents. Our fire insurance policy is helping us recover losses, covering replacement costs and renovation expenses. The policy’s “office contents” section covers fixtures, fittings, and contents, giving us peace of mind. We’re working with our insurer to process the claim and restore […]
Tenants Legal Liability: Is Your Business Running in a Rented Premises? Then You Should Know This: What if a fire happens in your commercially rented premises, and you are held responsible by the landlord? The common risk in the workplace is a fire accident, which can occur due to your employee’s negligence or poor maintenance […]