Continuously evolving legal and regulatory environments, complex frameworks, larger punitive awards, increasing compensation costs mean larger liability exposures that businesses must successfully manage.
At Prudent, our Casualty Practice’s endeavor is to address these challenges by identifying the risk and structuring the right casualty insurance program. Developing an in-depth understanding of our clients’ risk exposures and insurance requirements is fundamental to our approach. Our casualty teams act as campaigners while approaching the underwriters, capitalizing on years of experience to tailor a customized risk management solution to meet our client’s unique needs.
With extensive market experience and backgrounds in both broking and underwriting, our casualty experts are perfectly positioned to undertake challenging and complex negotiations from a position of strength. Even the most complex casualty insurance programs become simpler with help from our casualty experts.
This risk exposure is faced by every company. You may be into Manufacturing, Information Technology, Services, Healthcare, Hospitality, Financial Services, E-commerce, but this coverage is a must. The policy covers for legal liability that may arise for bodily injury and property damage to any third party due to a company’s business operation. The comprehensive cover includes personal & advertising injury, premise liability, product liability, terrorism cover and transportation liability expenses.
Designing an effective liability program is about understanding the nature of the client’s business and putting the client first. We bring in the expertise to place standalone programs to controlled integrated master programs across the globe.
We are well geared to help clients navigate the market, design bespoke coverage that best matches business needs, help our client choose the right retention levels, and place the policy with the carrier that best suits the client’s need.
Before a medical device is used or a drug, or certain types of cosmetic products, food supplements reach the end consumer, they need to be tested for their effectiveness, safety, and efficiency. The purpose for which the product or medicine has been developed needs to be established. This is the motive behind conducting Clinical Trials. During this testing phase, the observations help to establish if the product is fit to be sold at large.
But this very process can lead to severe repercussions and liabilities, if the people participating in the trial get injured. This insurance provides protection for the sponsors/organizers of clinical trials for drug and medical device testing, covering their legal liability to pay compensation in the event of an injury to a trial participant. Though the compensation in India is determined by the regulatory bodies, the liability can still be over and above.
This is a very critical insurance as the trials are conducted on human lives which can be impacted by the product being tested. It is important to have the right insurance with appropriate wordings, coverage, and period of insurance. There are different forms of insurance available. Our teams evaluate client needs and guides them on the best possible insurance solution.
Products such as food and beverage, cosmetics pharmaceuticals are highly susceptible to accidental or deliberate (through malicious product tampering) contamination.
This insurance covers Product Recall, Loss of gross profits and rehabilitation costs following either accidental or malicious contamination (whether actual or threatened). The policy provides coverage for both first-party costs and third-party expenses.
Adverse publicity and government recall are additional triggers that can be covered. Crisis management planning and loss prevention services can also be partly funded. Specialized consultants are available on call to advice and help contain and manage the incidence on behalf of the client.
CPI is a critical and growing product for protecting client brands and meeting contractual obligations. The bigger the brand, the higher the potential to be maliciously targeted. Companies often confuse between Product recall and CPI. Recall is a consequence of CPI.
We can help you get the right coverages with appropriate wordings. Claims handling is a critical aspect under this policy and our claims experts who are highly experienced to handle this.
A product may be manufactured, constructed, altered, repaired, serviced, treated, sold, supplied or distributed by the client. But the client can still be liable if the product leads to third party bodily injury or property damage which results due to usage or consumption of the product.
The exposure is even higher if you are exporting to USA or European countries.
The coverage can extend to cover Product Recall, Product Guarantee, and Financial Loss covers as well.
We help clients through effective benchmarking, contract reviews, program design with the right extensions and sub-limits, deciding retention limits, and finally effectively placing the risk with the right underwriter with the appropriate wordings.
Our market leading claims team is fully involved with the client from notice of claim all the way through to effective settlement and indemnity.
If the client supply products that are found to be defective, the usage or consumption of which may lead to third party bodily injury and property damage, the expenses incurred on transportation, disposing off the product, temporary storage and public relation expenses can be covered under the policy. The coverage can be opted as standalone or as an extension to Product liability coverage.
Product recall is a critical business requirement and a contractual obligation in many industries including automotive, pharmaceuticals, food and beverages, consumer goods, white goods, garment, and packaging companies.
With increasing regulatory pressures on a number of industries, this coverage is increasingly being discussed in Board rooms. In a recall situation, there is more at stake than just the cost of recalling the product. The cost of the product being recalled itself, modification or alteration cost, publicity and PR expenses, loss of gross profit, customer fines and penalties are just some of the areas that the right insurance policy can indemnify clients against.
Legal Liability can happen on a client’s company due to:
Our Public liability insurance advisory designs covers that protect the client if someone is injured (or their property is damaged) and the business is faced with a compensation claim as a result. It can cover the client and this business premises and while we work at the client sites or in public.
Public liability insurance is particularly important for businesses such as shops, restaurants, theatres hairdressers and builders, as all these trades have a high level of exposure to the public.
The Product Guarantee coverage provides for costs incurred to repair, replace, rework, that has failed to perform its intended function due to faulty design, manufacturing after handover to the customer. This coverage is offered as an extension under Product Liability policy.
Financial loss covers consequential loss to third party if the product does not perform its intended function. These are damages and costs incurred due to non-availability of the product.
The above covers are primarily opted by automobile and industrial component manufacturers.
We have vast experience working as a full-service insurance broking agency.
See some of the commercial insurances