General Insurance Report

8/17/2019 General Insurance Report

1/17

1


2/17

A Report On: Insurance CompanyInsurance Company

Prepared For: SirSir Mumtaz HassanMumtaz Hassan

Prepared By: Muhammad WaseemMuhammad Waseem

Roll No: 12041361204136

DATED: 99thth No! 201"No! 201"

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3/17

#CKNOWLEDGEMENT

At frt !ntant" #$%&ly 'e &o' o$r #ead '!t# all t#e

(eel!n) o( o$r #eart and o$l &e(ore t#e Al%!)#ty Alla#"

t#e &enef*ent" t#e o%n!*!ent '#o &eto'ed $ '!t# all

t#e %ental a&!l!t!e to 'or+ o$t t#! pro,e*t-

T#e report &e!n) $&%!tted today ! a re$lt o( *olle*t!.e

e/ort- T#ere are !nn$%ero$ #elp!n) #and &e#!nd '#o

#a.e )$!ded $ on o$r 'ay- Wr!t!n) t#! report appeared

to &e a )reat e0per!en*e to $- t added a lot to o$r

+no'led)e- T#! report ! one o( o$r %e%ora&le

e0per!en*e !n t$dent l!(e- T#o$)# 'ord are !nade$ate

!n o/er!n) t#an+ to o$r tea*#er &$t 'e o'e o$r pro(o$nd

)rat!t$de to 3Sir Mumtaz$ (or t!%$lat!n) o$r *reat!.e

a&!l!t!e &y a!)n!n) t#! pro,e*t to $ and (or #! a&le

)$!dan*e and $e($l $))et!on" '#!*# #elped $ !n

*o%plet!n) t#e pro,e*t !n t!%e- W#ate.er 'e #a.e learnt

(ro% #!% and t#! report #a p$t !ndel!&le !%pre!on on

o$r %!nd and !t ! o$r *on.!*t!on t#at t#! learn!n)

e0per!en*e '!ll al'ay &e a o$r*e o( #elp !n o$r pra*t!*al

l!(e and pro(e!onal *areer-

F!nally" yet !%portantly" 'e 'o$ld l!+e to e0pre o$r

#eart(elt t#an+ to o$r &elo.ed parent" (or *ooperat!on"

#elp" +!ndne and &le!n)" o$r (a%!ly and (r!end (or

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4/17

t#e!r #elp and '!#e (or t#e $**e($l *o%plet!on o( t#e

'or+-

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5/17

ContentsW6AT N78RANCE 7---------------------------------------------------------------------------------------------------9

CLA77E7 OF N78RANCE-------------------------------------------------------------------------------------------- 9

GENERAL INSURANCE---------------------------------------------------------------------------------------------

LIFE ASSURANCE----------------------------------------------------------------------------------------------------

67TOR; OF EF8---------------------------------------------------------------------------------------------------------<

NTROD8CTON OF EF8 GENERAL-------------------------------------------------------------------------------=

>7ON 7TATEMENT----------------------------------------------------------------------------------------------------- ?

M77ON 7TATEMENT-------------------------------------------------------------------------------------------------- ?

OB@ECT>E7---------------------------------------------------------------------------------------------------------------- ?

FNANCAL 7TATEMENT---------------------------------------------------------------------------------------------1ACCO8NT7 DEPARTMENT-----------------------------------------------------------------------------------------11

FUNCTIONS OF ACCOUNTING DEPARTMENT--------------------------------------------------------11

Making Payments--------------------------------------------------------------------------------------------------11

Payroll----------------------------------------------------------------------------------------------------------------- 11

Receiving Payments-----------------------------------------------------------------------------------------------11

7ER>CE7 OF N78RANCE----------------------------------------------------------------------------------------- 14

MARINE INSURANCE---------------------------------------------------------------------------------------------14

AVIATION INSURANCE------------------------------------------------------------------------------------------14

HOME INSURANCE------------------------------------------------------------------------------------------------ 15

SHOP INSURANCE-------------------------------------------------------------------------------------------------15

FIRE INSURANCE---------------------------------------------------------------------------------------------------19

T;PE7 OF POLCE7--------------------------------------------------------------------------------------------------- 19

RECOMMENDATON---------------------------------------------------------------------------------------------------1<

REFRENCE7-------------------------------------------------------------------------------------------------------------- 1<

9


6/17

1n$ran*

e

General

1n$ran*e

L!(e

A$ran*

e

W6AT N78RANCE 7A pro%!e o( *o%penat!on (or pe*!f* potent!al ($t$re loe !n e0*#an)e (or a

per!od!* pay%ent- n$ran*e ! de!)ned to prote*t t#e fnan*!al 'ell&e!n) o( an

!nd!.!d$al" *o%pany or ot#er ent!ty !n t#e *ae o( $ne0pe*ted lo- 7o%e (or% o(

!n$ran*e are re$!red &y la'" '#!le ot#er are opt!onal- A)ree!n) to t#e ter% o( an

!n$ran*e pol!*y *reate a *ontra*t &et'een t#e !n$red and t#e !n$rer- n

e0*#an)e (or pay%ent (ro% t#e !n$red *alled pre%!$%" t#e !n$rer a)ree to

pay t#e pol!*y #older a $% o( %oney $pon t#e o**$rren*e o( a pe*!f* e.ent- n

%ot *ae" t#e pol!*y #older pay part o( t#e lo *alled t#e ded$*t!&le" and t#e

!n$rer pay t#e ret- E0a%ple !n*l$de *ar !n$ran*e" #ealt# !n$ran*e" d!a&!l!ty

!n$ran*e" l!(e !n$ran*e" and &$!ne !n$ran*e-

T#e trana*t!on !n.ol.e t#e !n$red a$%!n) a )$aranteed and +no'n relat!.ely

%all lo !n t#e (or% o( pay%ent to t#e !n$rer !n e0*#an)e (or t#e !n$rer

pro%!e to *o%penate t#e !n$red !n t#e *ae o( a fnan*!al peronal lo- T#e!n$red re*e!.e a *ontra*t" *alled t#e !n$ran*e pol!*y" '#!*# deta!l t#e *ond!t!on

and *!r*$%tan*e $nder '#!*# t#e !n$red '!ll &e fnan*!ally *o%penated-

CLA77E7 OF N78RANCE T#e !n$ran*e ! %a!nly d!.!ded !n (ollo'!n) t'o %a,or *lae o( &$!ne-


7/17

GENERAL INSURANCE

General !n$ran*e or nonl!(e !n$ran*e pol!*!e" !n*l$d!n) a$to%o&!le and

#o%eo'ner pol!*!e" pro.!de pay%ent depend!n) on t#e lo (ro% a part!*$lar

fnan*!al e.ent- General !n$ran*e typ!*ally *o%pr!e any !n$ran*e t#at ! not

deter%!ned to &e l!(e !n$ran*e

General !n$ran*e %ean %ana)!n) r!+ a)a!nt fnan*!al lo ar!!n) d$e to fre"

%ar!ne or %!*ellaneo$ e.ent a a re$lt o( *ont!n)en*!e" '#!*# %ay or %ay not

o**$r- General n$ran*e %ean to 3Co.er t#e r!+ o( t#e fnan*!al lo (ro% any

nat$ral *ala%!t!e .!- Flood" F!re" Eart#$a+e" B$r)lary" et*-- !-e- t#e e.ent '#!*#

are &eyond t#e *ontrol o( t#e o'ner o( t#e )ood (or t#e t#!n) #a.!n) !n$ra&le

!nteret '!t# t#e $t%ot )ood (a!t# &y de*lar!n) t#e (a*t a&o$t t#e *!r*$%tan*e

and t#e prod$*t &y pay!n) t#e t!p$lated $% " a pre%!$% and not #a.!n) a %ot!.e

o( %a+!n) proft (ro% t#e !n$ran*e *ontra*t-

7o%e o( t#e General R$le:

1- Mis-description: T#e !n$ran*e pol!*y #all &e .o!d and all t#e pre%!$%

pa!d &y !n$red %ay &e (or(e!ted &y t#e !n$ran*e *o%pany !n t#e e.ent o( %!preentat!on or %!de*larat!on andHor nond!*lo$re o( any %ater!al

(a*t-

2- Reasonable care: T#e !n$red #all ta+e all reaona&le tep to a(e)$ard

t#e property !n$red a)a!nt any lo or da%a)e- n$red #all e0er*!e

reaona&le *are t#at only *o%petent e%ployee are e%ployed and #all ta+e

all reaona&le pre*a$t!on to pre.ent all a**!dent and #all *o%ply '!t# all

tat$ary or ot#er re)$lat!on -

LIFE ASSURANCEL!(e a$ran*e ! a *ontra*t &et'een t#e pol!*y #older and t#e !n$rer" '#ere t#e

!n$rer pro%!e to pay a de!)nated &enef*!ary a $% o( %oney t#e I&eneftI

$pon t#e deat# o( t#e !n$red peron- Depend!n) on t#e *ontra*t" ot#er e.ent $*#

a ter%!nal !llne or *r!t!*al !llne %ay alo tr!))er pay%ent- n ret$rn" t#e pol!*y

#older a)ree to pay a t!p$lated a%o$nt t#e Ipre%!$%I at re)$lar !nter.al or !n

l$%p $%- n o%e *o$ntr!e" deat# e0pene $*# a ($neral are !n*l$ded !n t#e

pre%!$%J #o'e.er" !n t#e 8n!ted 7tate t#e predo%!nant (or% !%ply pe*!fe a

l$%p $% to &e pa!d on t#e !n$red de%!e-

T#e .al$e (or t#e pol!*y o'ner ! t#e pea*e o( %!nd !n +no'!n) t#at t#e deat# o(

t#e !n$red peron or !( #e l!.e too lon)" or !( #e &e*o%e d!a&led" '!ll not re$lt !nfnan*!al #ard#!p-

L!(e pol!*!e are le)al *ontra*t and t#e ter% o( t#e *ontra*t de*r!&e t#e

l!%!tat!on o( t#e !n$red e.ent- 7pe*!f* e0*l$!on are o(ten 'r!tten !nto t#e

*ontra*t to l!%!t t#e l!a&!l!ty o( t#e !n$rerJ *o%%on e0a%ple are *la!% relat!n) to

$!*!de" (ra$d" 'ar" r!ot and *!.!l *o%%ot!on-


8/17

67TOR; OF EF8n t#e early 4 o( t#e 2t# *ent$ry" $nder t#e !np!rat!on o( t#e $a!deAa%

Mo#a%%ad Al! @!nna#" t#ere &e)an to appear !)n o( e*ono%!* rena!an*e o( t#e

M$l!% o( nd!a- 7#!pp!n)" A!rl!ne" Ban+!n) and n$ran*e *o%pan!e %ade t#e!r

de&$t-

n 1?42" Mr- G#$la% Mo#a%%ad" a (ar !)#ted %an" eta&l!#ed Eatern Federal

8n!on n$ran*e Co%pany EF8 '!t# fnan*!al a!tan*e (ro% t#e A)a K#an and

t#e Na'a& o( B#opal- Mr- A&d$r Re#%an 7!dd!$! &e*a%e t#e (o$nder *#a!r%an-

T#e *o%pany 'a or!)!nally re)!tered at Kol+ata and operated !n nd!a $nd!.!ded

and B$r%a-

n 1?5


9/17

NTROD8CTON OF EF8 GENERALWe are !n t#e &$!ne o( pro.!d!n) a ($ll ran)e o( nonl!(e !n$ran*e prod$*t and

er.!*e *$to%!ed to %eet t#e .ar!ed need o( a '!de pe*tr$% o( &$!nee and

!nd$tr!al *l!ent a 'ell a !nd!.!d$al" pro.!d!n) Property" Mar!neHA.!at!on" Motor

and ot#er M!*ellaneo$ prod$*t- T#e %ot !%portant ape*t o( o$r operat!on !

t#at 'e #a.e *reated a eparate R!+ Mana)e%ent Tea% and an En)!neer!n) Gro$p

'#o 'or+ *loely '!t# *l!ent to !dent!(y .ar!o$ r!+ e0po$re and t#en pro.!de

pe*!f* !n$ran*e- T#! #elp !n lo pre.ent!on and red$*!n) t#e *ot o( pre%!$%-

O$r %ar+etdr!.en tea% o( !np!red and te*#n!*ally $al!fed !n$ran*e peronnel"

pe*!al!!n) !n *!.!l" %e*#an!*al" %etall$r)y" ele*tron!* and #a.!n) o.erea

l!n+a)e" ! on*all (or ne*eary pro(e!onal ad.!*e at all t!%e- t ! o$r pol!*y not

only to pro.!de prote*t!on and r!+ red$*t!on &$t #elp *l!ent de.elop pre.ent!.e

*apa&!l!t!e to a.ert %a,or per!l and *ala%!t!e- O.er t#e year 'e #a.e de.eloped

a ($ll ran)e o( !n$ran*e er.!*e (or lar)e !n(ratr$*t$re pro,e*t !n*l$d!n) t#e area

o( o!lH)a e0plorat!on feld-

We are ($lly e$!pped '!t# te*#n!*al" %ar+et!n) and %ana)er!al +!ll $pported &yre!n$ran*e arran)e%ent '!t# a n$%&er o( E$ropean fr% o( !nternat!onal rep$te

to *ater (or all *lae o( pe*!al!ed !n$ran*e and pro.!de *$to%er er.!*e o( t#e

#!)#et $al!ty- O$r *l!ent !n*l$de &ot# lar)e and %ed!$% !ed or)an!at!on !n all

e*tor o( t#e e*ono%y- We are *o%%!tted to ne' prod$*t de.elop%ent and

!nno.at!on" le)endary *$to%er er.!*e and a pro%!e t#at e.eryt#!n) 'e do" 'e do

(ro% t#e #ear

T#e Co%pany 'a !n*orporated on 7epte%&er 2" 1?42 and ! en)a)ed !n nonl!(e

!n$ran*e &$!ne *o%pr!!n) o( Property" Mar!neHA.!at!on" Motor and ot#er

M!*ellaneo$ prod$*t- T#e #are o( t#e *o%pany are $oted on Kara*#! and La#ore 7to*+ E0*#an)e o(

Pa+!tan-

T#e Pr!n*!pal pla*e o( &$!ne ! lo*ated at EF8 6o$e" M-A- @!nna# Road" Kara*#!"

Pa+!tan-

EF8 ! one o( t#e (e' Pa+!tan! or)an!at!on r$n totally &y pro(e!onal

%ana)e%ent and #!)#ly %ot!.ated feld (or*e-

Pol!*!e a**epted &y all !nt!t$t!on !n t#e *o$ntry-

Cl!ent&ae *o%pr!e o( %any lead!n) &$!ne #o$e and %$lt!nat!onal

*o%pan!e-

EF8 )a.e t#e e%er)!n) !n$ran*e !nd$try t#e leader#!p" t#e %anpo'er and t#e

dr!.e needed to )ro' !n a !t$at!on '#ere at one t!%e" t#ree(o$rt# o( !n$ran*e

'a #eld &y (ore!)n *o%pan!e-

T#e *o%pany #a alo ta+en t#e !n!t!at!.e to tran(or% !t Enterpr!e n(or%at!on

7yte% '!t# an end to end ol$t!on *o%pr!!n) Ora*le latet te*#nolo)!*al

o(t'are and #ard'are a part o( t#e !n(ratr$*t$re ol$t!on to %eet Co%pany

pro,e*ted Onl!ne Trana*t!on Pro*e!n) need" +eep!n) !n .!e' &ot# t#e preent

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10/17

re$!re%ent and ($t$re need $*# a Data Ware#o$e" &$!ne !ntell!)en*e and

C$to%er Relat!on#!p Mana)e%ent 7yte%-

>7ON 7TATEMENTO$r .!!on ! to &e t#e frt *#o!*e *o%pany (or o$r *$to%er" #are#older and

e%ployee- To a*#!e.e t#! 'e '!ll &e dr!.en &y an o&e!on to &e &etter t#an t#e

&et !n a *ont!n$o$ ,o$rney" not a det!nat!on-

At EF8 frt *#o!*e %ean a $ta!ned *o%%!t%ent to %eet and e0*eed ta+e#older

e0pe*tat!on- A '!ll to )o t#e 3E0tra M!le to del!)#t o$r *$to%er '!t# prod$*t

and er.!*e t#at e0*eed t#e!r e0pe*tat!on

M77ON 7TATEMENTWe '!ll %ana)e o$r a/a!r t#ro$)# %odern te*#nolo)y" *olle*t!.e '!do% and

!nt!t$t!onal!ed leader#!p- We '!ll &e a repe*ted" *$lt$red and an ed$*ated

*o%pany '!t# a tron) %ar+et po!t!on- To)et#er '!t# o$r *$to%er" re!n$rer and

e%ployee 'e '!ll a*#!e.e 'orld *la $al!ty tandard t#ro$)# *ont!n$o$ $al!ty

!%pro.e%ent- A*#!e.e ero de(e*t !n e.eryt#!n) 'e do-

We '!ll do )ood &$!ne" '!t# )ood *l!ent and o( t#e #!)#et !nte)r!ty- We '!ll not

*o%pro%!e o$r pr!n*!ple and 'e '!ll l!+e to &e +no'n a a repon!&le *orporate

*!t!en a'are o( o$r o&l!)at!on to t#e Go.ern%ent and t#e o*!ety 'e er.e-

OB@ECT>E7Reta!n leader#!p po!t!on !n t#e %ar+etE0plore opport$n!t!e &y !ntrod$*!n) ne' prod$*t and d!.er!(y!n) *$rrent prod$*t

port(ol!o

P$r$e *ont!n$o$ !%pro.e%ent and te*#nolo)!*al ad.an*e%ent

En#an*e *orporate *apa&!l!t!e and %ot!.at!on t#ro$)# +!ll en#an*e%ent"

%ana)e%ent de.elop%ent and re'ard pro)ra%

1


11/17

11

Profit and Loss Account

For the year ended 31 December 2014 Sustained Success

Rupees‘000

Fire !arine"

property a#iation A$$re$ate A$$re$ate

%ote dama$e transport !otor &thers 'reaty 2014 2013

Re#enue account

%et premium re#enue 20 1 ()* 012 1 44+ 1002 (12

*,2 403 2(( - ) ,32 3,2 ) 341 ,1+

%et c.aims / ,,, ((4 / )1, )44 / 1 ,)0 ++0 / 244 1,1 3 424 / 2 *+3 02, / 3 40) 41,

!ana$ement epenses 21 / 3*2 4** / 303 (*) / +0132( / (4 )*2 - / 1 4(2 41, / 1 3+4 +1(

%et commission / 3,) (,4 / 23, ,10

/ 24(

)(4 (0 ,3( - / +)0 ,10 / +(( ,3) nderritin$ resu.t ,)3 ++, 2*2 0,0 302 1+0 1,4 *(3 3 424 1 31) 402 ++1 (4(

n#estment income *14 *(1 ++1 *,(

Renta. income 11( )** 101 03+

Profit on deposits 114 )*2 113 2**

&ther income 23 30 *(1 22 (+)

Share of profit of an associate 135151 404 43) 3*( ,)26enera. and administration

epenses 24 / ,*1 +(3 / ,24 24)

7or8ers9 e.fare fund / 4) 1)(

/ 32

4,(

*4, (3( (,1 02(

Profit before ta 2 2)2 240 1 )22 (+)Pro#ision for taation 2, / 433 1(* / 230 )44

Profit after ta 1 (2* 0,1 1 3*2 232

Profit and .oss appropriation

account:a.ance at commencement of the

year 1 )4, 02+ 1 ,1( 2)2

Profit after ta for the year 1 (2* 0,1 1 3*2 232

&ther comprehensi#e income 34 11* * ,33Fina. di#idend for the year 2013 Rs5 4500 per share /2012; Rs5 4500 per

share / ,00 000 / ,00 000 ssuance of bonus shares for the year 2013 Rs5 25( /2(


12/17

FNANCAL 7TATEMENT

ACCO8NT7 DEPARTMENT

t ! all t#e %ore ne*eary (or an or)an!at!on or a *on*ern to +eep propera**o$nt- At t#e end o( t#e year t#e tr$e re$lt o( t#e e*ono%!* a*t!.!t!e o( a

*on*ern %$t &e %ade a.a!la&le ot#er'!e !t '!ll not &e po!&le to r$n t#e *on*ern-

n *ae o( a &$!ne *on*ern t#e proft or lo at t#e end o( a year %$t &e

a*erta!ned" &e*a$e" t#e a%o$nt o( proft %$t &e ade$ate !n relat!on to t#at o(

!n.et%ent %ade !n t#e &$!ne- ( !t ! not o or !( t#ere ! a lo" !t ! an !nd!*at!on

o( o%e de(e*t e0!t!n) o%e'#ere !n t#e %ana)e%ent o( t#e &$!ne- All $*#

de(e*t need to &e dete*ted and analyed and appropr!ate %ea$re ta+en (or t#e!r

re*t!f*at!on- B$t !t ! only po!&le" !( proper &oo+ o( a**o$nt are %a!nta!ned !n

t#e &$!ne *on*ern- 7o" t#e !%portan*e o( &oo++eep!n) to a &$!ne ! t#e a%e

a t#at o( (re# a!r to a %an to e0!t- W!t#o$t &oo++eep!n) re*ord a &$!ne 'o$ld

%eet deat#" t#o$)# not !ntantly" &$t !n a #ort t!%e-

FUNCTIONS OF ACCOUNTING DEPARTMENT

T#e ($n*t!on o( an a**o$nt!n) depart%ent ! to loo+ a(ter t#e fnan*e o( a *o%pany-

T#! *an &e anyt#!n) (ro% pay!n) &!ll to %a+!n) $re t#at t#e e%ployee t#at 'or+

(or t#e *o%pany )et pa!d-

Making Payments

Ma+!n) $re t#at all &!ll and *la!% are pa!d &y t#e *o%pany" on t!%e and alo at

t#e leat *ot po!&le -( t#ere ! a d!*o$nt (or pay!n) $!*+ly" t#e a**o$nt

depart%ent '!ll $$ally pay t#e &!ll a oon a po!&le o t#at t#e *o%pany

pend a l!ttle %oney a t#ey po!&ly *an- T#ey are repon!&le (or all o$t)o!n)

pay%ent and %a+!n) $re t#at '#at t#ey are pay!n) ! *orre*t-

Payroll

T#e a**o$nt depart%ent #a.e to en$re t#at t#e e%ployee are all pa!d *orre*tly

and on t!%e- T#ey alo #a.e to %a+e $re t#at all o( t#e e%ployee are pay!n) t#e

r!)#t a%o$nt o( ta0 and t#at t#ey #a.e not %ade any %!ta+e '!t# ta0 &ra*+et

and )o.ern%ent pay%ent on &e#al( o( t#e e%ployee-

Receiving Payments

T#e a**o$nt!n) depart%ent %$t alo re*e!.e pay%ent and %a+e $re t#at t#ee

are all pro*eed *orre*tly- T#ee '!ll all &e pay%ent (or t#e er.!*e or prod$*t

t#e *o%pany #a pro.!ded and t#ey %$t en$re t#at t#ey #a.e pa!d all rele.ant

ta0- T#ere '!ll alo &e an ele%ent o( *#a!n) $p pay%ent and %a+!n) $re t#at all

o( t#e pay%ent are re*e!.ed '#en t#ey #o$ld &e-

12


13/17

7ER>CE7 OF N78RANCEMARINE INSURANCE

Mar!ne !n$ran*e *o.er t#e lo or da%a)e o( #!p" *ar)o" ter%!nal" and any

tranport or *ar)o &y '#!*# property ! tran(erred" a*$!red" or #eld &et'een t#e

po!nt o( or!)!n and fnal det!nat!on- T#at '#yIMar!ne n$ran*e ! a!d to &e Mot#er o( all n$ran*e-

At EF8 General n$ran*e t'o %a,or type o( Mar!ne n$ran*e are !$ed-

MARINE CARGO

n Mar!ne n$ran*e *o.era)e ! pro.!ded (or )ood !n tran!t (or &ot# %port and

E0port and t#e %ode o( *on.eyan*e on 'ater'ay" a!r and land ro$te Mar!ne

Car)o n$ran*e ! d!.!ded %a!nly !nto t#ree e)%ent

Import T#e )ood are *o.ered (ro% 'are#o$e to 'are#o$e t#e *ontra*t ! $$ally on CF

and CF &a!-

Export

T#e )ood are *o.ered (ro% 'are#o$e to 'are#o$e- T#e *ontra*t *an &e CF and

FOB &a!-

Inland ransit

T#e )ood are *o.ered (ro% any'#ere !n Pa+!tan to any'#ere !n Pa+!tan-

T#e *o.er '!t# repe*t to a&o.e e)%ent are )ranted a per London nt!t$te

Car)o Cla$e A" B C-

W#erea *la$e 3A pro.!de '!det and %ot *o%pre#en!.e *o.er '#!le *la$e 3Cpro.!de t#e narro'et *ope o( *o.er-

AVIATION INSURANCE

No one '!ll e.er +no' '#en %an+!nd frt tr!ed to y" &$t !t ! *lear t#at %an en.!ed

t#e )!(t )!.en &y nat$re to t#e an!%al +!n)do%" t#at !" t#e a&!l!ty to y- >ery lar)e

$% are !n.eted !n %odern a!r*ra(t and t#e!r operat!on- T#e lar)et %odern

a!rl!ner *ot $p to Pa+ R$pee 15 &!ll!on ea*# and %ay *arry o.er 9 paen)er

'#oe *olle*t!.e 'ort#" !( *o%penat!on (or deat# or !n,$ry #a to aeed" %ay

r$n to a ($rt#er Pa+ R$pee 9 &!ll!on- E.en a %all pr!.ate a!r*ra(t %ay &e t#e

*a$e o( a %!da!r *oll!!on '!t# !%!lar fnan*!al *one$en*e- T#e (a!l$re o( a

*o%ponent %an$(a*t$red &y a %all *o%pany %ay re$lt !n t#e lo o( a ($lly

loaded a!rl!ner- Be*a$e $*# *atatrop#!* lo %ay ar!e !t ! nor%al (or a.!at!on

r!+ to &e e0*l$ded (ro% %any +!nd o( )eneral !n$ran*e pol!*y-

!"#ER$ O% A&IAION IN$"RANCE

14


14/17

Co%%er*!al A!r*ra(t Operator

Corporate and B$!ne A!r*ra(t Operator

Aer!al Wor+ and A!r Ta0! Operator

Pr!.ate O'ner and Fly!n) Cl$&

A!rCra(t Man$(a*t$rer

O'ner and Operator o( A!rPort" 6an)erA!r*re'

Paen)er

7#!pper O( Good By A!r

Leor Ban+" F!nan*!al nt!t$t!on

6an) Gl!der

Con.ent!onal Gl!der" Balloon and 6o.er*ra(t

HOME INSURANCE

7a(ety o( #o%e ! a &!) *#allen)e !n t#e preent *!r*$%tan*e

and !( t#!n) )o 'ron)" l!+e &$r)lary or fre !t ! !%portant to

#a.e r!)#t !n$ran*e- W!t# EF87 6OME N78RANCE PL87 yo$ *an &e $re t#at yo$r

%ot !%portant !n$ran*e need are a$to%at!*ally *o.ered '!t#o$t any #!dden

note-

PROPER# I$ IN$"RE' AGAIN$(

6o%e n$ran*e Pl$ prote*t a)a!nt loHda%a)e *a$ed &y:

F!re" e0plo!on !n*l$d!n) e0plo!on o( do%et!* appl!an*e l!+e )eyer and to.e

l!)#tn!n)" t#$nder&olt" eart#$a+eFlood" typ#oon &$t e0*l$d!n) ra!n da%a)e e0*ept '#en o**$rr!n) d$r!n) or

!%%ed!ately a(ter typ#oon

%pa*t &y road .e#!*le

Peronal a**!dent *o.er

SHOP INSURANCE

EF8" &e!n) NNO>ATOR7 o( 'orld *la $al!ty !n$ran*e prod$*tJ

!ntrod$*e 76OP N78RANCE *o.er- 8nder t#! pol!*y yo$r #op &ot#

&$!ld!n) and *ontent or ,$t &$!ld!n) or *ontent" neon !)n

plate )la are prote*ted a)a!nt t#e (ollo'!n) per!l:F!re" l!)#tn!n)" t#$nder&olt and #ort *!r*$!t-

Mal!*!o$ da%a)e-

E0plo!on-

Terror!%-

%pa*t &y any road .e#!*le-

At%op#er!* d!t$r&an*e ood" *y*lone and typ#oon-

15


15/17

Eart#$a+e-

n add!t!on to t#e a&o.e trad!t!onal r!+" (ollo'!n) are pe*!al (eat$re o( o$r pol!*y:

FIRE INSURANCE

EF8 n$ran*e 'r!te a port(ol!o

*o%pr!!n) a &road pread o( $al!ty

&$!ne relat!n) to !nd$tr!al" *o%%er*!al and er.!*e a*t!.!t!e" !n*l$d!n)

tranportat!on" o!l prod$*t!on" %an$(a*t$r!n)" en)!neer!n)" &an+!n)" and ot#er

%!*ellaneo$ er.!*e- T#e &$!ne 'r!tten ran)e (ro% !%ple *o%%er*!al

property r!+ to t#e lar)et and %ot op#!t!*ated !nd$tr!al and ener)y r!+-

C)IEN %OC"$

T#e tea% o( EF8 n$ran*e *la!% and &$!ne ad%!n!trat!on pe*!al!t en$re

t#at *l!ent a/a!r re*e!.e !%%ed!ate and repon!.e attent!on" $!n) op#!t!*ated%ana)e%ent yte% &aed on t#e latet !n(or%at!on and *o%%$n!*at!on

te*#nolo)y- Pro.!d!n) e0pert ad.!*e on t#e !nterpretat!on and *one$en*e o(

*ontra*t$al o&l!)at!on" to)et#er '!t# t#e e*!ent #andl!n) and pro%pt ettle%ent

o( *la!%" $nderl!ne t#e ded!*at!on o( EF8 n$ran*e to pro.!de t#e $t%ot $al!ty

o( er.!*e to *l!ent and a *o%%!t%ent to de.elop lon)ter% and %$t$ally &enef*!al

relat!on#!p '!t# o$r *l!ent- EF8 ta+e a proa*t!.e role !n de.elop!n) !nno.at!.e

ol$t!on" '#!*# %eet t#e pe*!f* re$!re%ent o( !t *l!ent-

T;PE7 OF POLCE7Property pol!*!e *o%e !n t#ree &a!* typeJ pa*+a)e" *o%&!ned and !n)le-

E0a%ple o( pa*+a)e pol!*!e ! t#at o( a #o$e#old pol!*y do%et!* and a

#op+eeper pol!*y *o%%er*!al-

T#e pa*+a)e pol!*y *onta!n a n$%&er o( d!/erent e*t!on e-)- fre" a**!dental

da%a)e" )la" t#e(t" t#!rd party l!a&!l!ty" e%ployer l!a&!l!ty" )ood !n tran!t"

%oney" and t#e !n$red $$ally &$y t#e pol!*y a a '#ole" alt#o$)# %all

%od!f*at!on *an &e %ade !( re$!red- T#e *o.er" l!%!t" and $% !n$red are

tandard (or ea*# pol!*y !$ed to t#e a%e trade" or e*t!on o( t#e %ar+et (or

'#!*# !t ! de!)ned-

A *o%&!ned pol!*y ! one '#ere eparate e*t!on are &ro$)#t to)et#er to *reate a

pol!*y '#!*# ! pe*!f* to t#e need o( t#e or)an!at!on !n$r!n)- T#ee pol!*!e are$$ally &o$nd &y a (ront and &a*+ *o.er-

T#e !n$red *an ele*t to #a.e part!*$lar e*t!on !n*l$ded '!t#!n t#e pol!*y" '#!*# !

ta!lored pe*!f*ally *l!ent &y *l!entJ !-e- one !n$red %ay *#ooe" fre" &$!ne

!nterr$pt!on" t#e(t and )la *o.era)e" '#erea anot#er *l!ent %ay *#ooe fre"

t#e(t" )la" %oney" )ood !n tran!t and (roen (ood *o.era)e" &e*a$e t#! 'o$ld

&e %ore part!*$lar to #! need-

19


16/17

T#e !n)le pol!*y on t#e ot#er #and ! one '#ere only one type o( *o.er ! pro.!ded

$*# a fre pol!*y or a t#e(t pol!*yJ !n)le pol!*!e are #o'e.er" &e*o%!n) rarer

!n*e t#e *o%&!ned pol!*y *an &e adapted to $!t %ot need o( an or)an!at!on-

1


17/17

RECOMMENDATON

Motly !n$ran*e *o%pan!e are endea.or!n) to &r!n) to !t *$to%er ne' and!%pro.ed prod$*t and er.!*e t#at pro.!de e*!ent and e/e*t!.e ol$t!on $*#

a 'e&&aed e!n$ran*e *o%pany allo' !t *$to%er to a**e !t !n$ran*e

er.!*e .!a !nternet- Corporate *$to%er *an e*!ently *ond$*t t#e!r daytoday

!n$ran*e *o.er *la!% !n(or%at!on" *$rrent tat$ o( t#e *la!%" rate o( pre%!$% o(

d!/erent r!+ and %$*# ot#er !n(or%at!on a t#ey re$!red .!a an a$to%ated"

.erat!le and a tra!)#t t#ro$)# pro*e!n) plat(or% 'o$ld l!+e to re*o%%end

A+ar! !n$ran*e *o%pany to pro.!de t#! (a*!l!ty to t#e!r *$to%er a 'ell-

T#ere #o$ld &e *entral *o%pla!nt *ell !n *o%pany !n order to red$*e t#e people

*o%pla!nt and (oter t#e rat!o o( prod$*t!.!ty-

REFRENCE7'''-)oo)le-*o%

'''-%ed!a-or)

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General Insurance Report