Insurance BLOG - Qian Insurance Broking LLP

Duty to Defend in Liability Insurance

Dec 11, 2023

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What is Principle of Utmost Good Faith in Insurance?

Duty to Defend is a provision of Liability Insurance Policies which makes it an obligation of the Insurance Company to provide legal defence against a lawsuit. The Insurance Company can choose the lawyers to defend the Insured in a lawsuit as well as decide whether to settle the case or take fight the case in a court under the duty to defend provision.

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Data Breach Insurance – Coverage and Quotes

Dec 4, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Data Breach Insurance Policy offers protection against financial losses arising from Data Breach Incidents. The Policy provides reimbursement for credit monitoring services, data restoration costs and forensic expenses.

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5 Key Benefits of a Cyber Insurance Policy [Infographic]

Oct 30, 2023

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What is Principle of Utmost Good Faith in Insurance?

In today’s digital age, businesses are becoming increasingly vulnerable to cyberattacks and data breaches. A Cyberattack can cause huge financial losses and reputational damage. In order to safeguard against the impact of cyberattacks, businesses are increasingly looking to secure themselves with a Cyber Insurance Policy. A Cyber Liability Insurance Policy protects the Insured Company against for any financial losses resulting from the breach of its network systems. A Cyber Insurance Policy Coverage includes cover for First Party Coverage, meaning, expenses that a business needs to incur following a Cyberattack.

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New India Assurance Group Health Insurance Policy

Dec 11, 2023

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What is Principle of Utmost Good Faith in Insurance?

New India Assurance Group Health Insurance Policy is a comprehensive Group Medical Insurance Policy offering features such as No Room Rent Capping, No Sublimits, Coverage for Pre and Post Hospitalisation Expenses and Maternity Benefits.

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7 Advantages of Directors & Officers Liability Insurance [Infographic]

Sep 16, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Directors & Officers Liability Insurance Policy protects directors and officers of a company against lawsuits alleging a wrongful acts committed by them in their managerial capacity. A Wrongful Act can constitute Breach of Fiduciary Duty, Negligence, Error or Omission or Misleading Statement or Misstatement. It may also cover claims related to employment practices, such as discrimination or harassment. A D&O Insurance Policy provides cover for Defence Costs and Compensatory Damages that the Directors and Officers become legally liable to pay on account of the financial loss suffered by the third parties due to any wrongful act.

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Benefits of a Cyber Insurance Policy

Dec 11, 2023

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What is Principle of Utmost Good Faith in Insurance?

The benefit of Cyber Insurance Policy is that it allows the Insured to recover from Financial Losses following a Cyberattack. The Policy provides reimbursement for Forensic Costs, Data Restoration Costs and Customer Notification Expenses

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How does a Trade Credit Insurance Policy Work?

Dec 4, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Trade Credit Insurance Policy protects the seller from the risk of unpaid invoices by buyers who have received the goods or services. The Policy provides protection against delayed payments, insolvency of the buyer and political risks.

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Paramount TPA: Benefits, Claim Process and Hospital List

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

One of the important points while purchasing a Group Health Insurance Policy is to select a Third-Party Administrator (TPA). It’s essential to choose a Third-Party Administrator (TPA) who can provide efficient and reliable services. Paramount TPA is one of the leading IRDAI approved TPAs in India and this blog will provide a detailed overview on Paramount Health Services and Insurance TPA in India. What is a Third-Party Administrator (TPA) in India?

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5 Benefits of a Directors and Officers Liability Insurance Policy

Sep 16, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Directors and Officers Liability Insurance Policy protects the Board Members, Officers, and other executives of a company from claims of Wrongful Acts committed in their managerial capacity. A Wrongful Act in a D&O Policy can be a Breach of Duty, Neglect, Error or Omission, Misstatement, or Misleading Statement. The D&O Liability Insurance Policy provides cover for Defence Costs and Compensatory Damages. Directors and Officers of a Company operate in an uncertain and challenging environment, and they are exposed to litigation from various quarters such as shareholders, regulators, customers, employees, competitors, creditors etc.

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Coverages in a Contractors All-Risk Insurance Policy [Infographic]

May 29, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Contractors All Risk Insurance Policy (CAR Insurance Policy) is a type of insurance policy given to under-construction civil projects and provides protection against claims of Material Damage and Third-Party Liability arising during Construction Stage. A CAR Insurance Policy provides comprehensive coverage to the entire under-construction project from the arrival of the first consignment at site and continues whilst the Work is in Progress and during the maintenance period as well.

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Bajaj Allianz Group Personal Accident Insurance Policy – A Detailed Review

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Group Personal Accident Insurance Policy is an important tool to securing employees against accidental death or disability. A Group Personal Accident Insurance Policy is also known as a GPA Insurance Policy. This article provides a detailed overview of Bajaj Allianz Group Personal Accident Insurance Policy, including its coverages, benefits, exclusions, and features. What is Bajaj Allianz Group Personal Accident Insurance Policy? Bajaj Allianz Insurance Company is a leading insurance company in India that provides Group Personal Accident Insurance Policy for employees.

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What is the Difference between Workmen’s Compensation Insurance Policy and ESIC?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

What is Meaning of ESIC? The meaning of ESIC is Employee State Insurance Corporation. ESIC comes under Minister of Labour and Employment, Government of India. Employee Benefits Package are an important part of retaining and attracting talented employees. Employers cover their employees under various insurance plans such as a Group Health Insurance Plan, Group Personal Accident Insurance Policy, a Group Term Life Insurance Policy etc. Another two important insurance policies that provide social security benefit to employees in India are Workmen’s Compensation Insurance Policy and Employee State Insurance (ESIC).

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SBI General Group Health Insurance Policy – Detailed Review

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Group Health Insurance Policy provides reimbursement for the hospitalisation expenses incurred by the employees during the Policy Period. Group Health Insurance Policies are a popular choice for many companies as they provide coverage for a group of people at affordable premiums. The SBI General Group Health Insurance Policy is one such comprehensive Health Insurance Policy which provides several comprehensive group health insurance coverage to employees of a company and their family members.

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What are the First Party and Third Party Coverages in a Cyber Insurance Policy?

Sep 15, 2023

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What is Principle of Utmost Good Faith in Insurance?

Cyber Risk is one of the biggest risks facing organisations today. Data Breach Incidents are becoming increasingly common today driven by rise in number of ransomware and malware cyberattacks. Implementing appropriate Cyber Security and Data Protection measures should be the topmost concern of companies. Along with robust data protection measures, companies should consider purchasing a Cyber Insurance Policy with comprehensive coverage as a way to transfer some of the risks associated with Cyberattacks and Data Breach Incidents.

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What is the Meaning of STFI in a Fire Insurance Policy?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

Fire Insurance Coverage includes cover for many perils apart from the basic cover for a fire accident. One of the important add-on covers in a Fire Insurance Policy is STFI Coverage. STFI cover is an add-on cover purchased along with a Standard Fire & Special Perils Insurance Policy which protects one’s property against loss caused by any of the covered perils. Even other fire insurance policies such as Bharat Laghu Udyam Suraksha (BLUS), and the Bharat Sookshma Udyam Suraksha (BSUS) policy provide STFI Cover as an add-on cover.

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How does a Trade Credit Insurance Policy work? [Infographic]

Sep 15, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Trade Credit Insurance Policy is an important tool which protects your business from unpaid invoices by insuring the accounts receivable. The Trade Credit Insurance Policy pays out a percentage of invoice value owed to the seller in case the buyer delays the payment, declares insolvency or is unable to make payment due to the seller because of political issues in the buyer’s country. Trade Credit Insurance Policy – Coverage, Benefits and Exclusions Forget all your worries about Bad Debts Solution You can protect yourself from Risk of Bad Debts by purchasing a Trade Credit Insurance Policy What is a Trade Credit Insurance Policy?

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What is the Cost of Product Liability Insurance Policy?

Sep 8, 2023

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What is Principle of Utmost Good Faith in Insurance?

In today’s times of increased litigation, businesses should leave no stone unturned to secure themselves. There are many things that can go wrong with a product and might expose the company to chances of a lawsuit. A Defective Product might cause Bodily Injury or Property Damage to a user of the Product. Even though the manufacturer might take all precautions possible, mistakes might still occur and cause damage. The injured person might sue the manufacturer or distributor for damages which may lead to enormous legal costs and damages in the product manufacturer or seller.

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Letter of Credit vs Trade Credit Insurance

Sep 15, 2023

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What is Principle of Utmost Good Faith in Insurance?

Today’s volatile economic environment has increased the risks for businesses manifold. The issue of unpaid invoices is one of the biggest challenges facing many businesses today. Fortunately, there are financial instruments which can be used to mitigate the risks of non-payment of invoices and this article will explain a couple of them: Letter of Credit and a Trade Credit Insurance Policy. What is a Letter of Credit? A Letter of Credit is a financial instrument issued by a bank on behalf of the buyer to the seller as a guarantee of payment for the goods or services.

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What are Supplementary Payments covered under a Commercial General Liability Insurance Policy?

Sep 15, 2023

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What is Principle of Utmost Good Faith in Insurance?

One important feature of a Commercial General Liability Insurance Policy Coverage is cover for Supplementary Payments. This article will explain in detail all forms of Supplementary Expenses covered under a CGL Insurance Policy. Contents hide 1 What are Supplementary Expenses under a CGL Insurance Policy? 1.1 Such expenses are called `Supplementary Payments’. 2 What are the different types of Supplementary Payments covered under a Commercial General Liability Insurance Policy? 3 Why do you need Supplementary Expenses Coverage in your Commercial General Liability Insurance Policy?

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What is the Claim Process in a Group Health Insurance Policy?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

A simple claims settlement process is one of the important features of Group Health Insurance Policy and it is important for employers to understand the Claims Process under a Group Health Insurance Policy. A Group Health Insurance Claim is a request submitted by the Insured Employee under the Group Health Insurance Policy to claim reimbursement for the hospitalisation expenses incurred by the employee during the Policy Period. It is important to understand the Claims Procedure under a Group Health Insurance Policy and this article will explain the different types of claims settlement processes under a Group Health Insurance Policy and the steps involved in making the claim under each type of process under a Group Health Insurance Policy.

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12 Perils Covered under a Standard Fire and Special Perils Insurance Policy [Infographic]

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

Business owners invest crores of rupees in assets such as plant and machinery, buildings, offices, warehouse stocks etc. Thus, it is important to secure these assets with a Fire Insurance Policy. Fire Insurance, also known as a Standard Fire and Special Perils Insurance Policy provides reimbursement in case the insured assets are damaged by fire and associated perils. It is important to understand the coverages under a Fire Insurance Policy.

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TPA Full Form In Insurance : What is Third Party Administrator (TPA) in Group Health Insurance Policy?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

What is the Full Form of TPA? The full form of TPA is Third Party Administrator. A TPA is an IRDA registered and licensed intermediary which acts as a mediator between the health Insurance company & the insured. The primary role of a TPA is to process health insurance claims, provide health insurance E-cards, and establish tie-ups with hospital networks enabling patients to avail cashless claim settlement. Group Health Insurance Providers can outsource claims processing to External TPAs or process claims by having an In-house TPA team.

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Cyber Risk Insurance Policy (Key Insights)

Sep 15, 2023

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What is Principle of Utmost Good Faith in Insurance?

Today, a Cyber Risk Insurance Policy is becoming one of the most important policies for businesses. As more and more businesses are moving from physical mode to online, the importance of a Cyber Risk Insurance Policy is also increasing manifold to secure the business from various risks. What is a Cyber Risk Insurance Policy? A Cyber Risk Insurance Policy protects the Insured Company from the risk of data breach. A Cyber Risk Insurance Policy pays for the cost of recovering from the Data Breach Incident or any other form of Cyberattack faced by the Insured Company.

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SBI General Group Personal Accident Insurance Policy – A Detailed Review

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Group Personal Accident Insurance Policy for Employees is an extremely important insurance policy purchased by employers to secure their employees and their family members from accidental death or disability. A Group Personal Accident Insurance Policy is also known as GPA Insurance Policy. This article will provide a detailed overview of coverages, benefits and exclusions of SBI General Group Personal Accident Insurance Policy. What is SBI General Group Personal Accident Insurance Policy?

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Does a Group Health Insurance Policy Cover Congenital Diseases?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

An important feature of Group Health Insurance Policy is coverage for Congenital Diseases. This article will explain the coverage for Congenital Diseases in a Group Health Insurance Policy for employees. What are Congenital Diseases? Diseases that exist since the time of birth are called Congenital diseases. A Congenital Disorder or a Congenital Disease is a birth defect caused by genetic or environmental factors. There are 2 types of Congenital Diseases: Internal Congenital Diseases and External Congenital Diseases.

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Claims Process for Group Mediclaim Insurance Policy for Employees [Infographic]

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

Employees are an organization’s most valuable resource. Therefore, paying attention to employee’s health and welfare is critical. Many organizations have comprehensive employee benefits programs such as providing employees with complete group health insurance coverage. This helps boost employee productivity and retention as well. This infographic will provide information about the claims process for a group mediclaim insurance policy for employees. There are 2 types of claims process under a group mediclaim insurance policy for employees: Reimbursement Claim and Cashless Claim.

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Complete Guide to Waiting period in Group Health Insurance Policy   

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

One of the most important features of a Group Health Insurance Policy is Waiting Periods. Ignoring Waiting Periods can be the difference between your Group Health Insurance Claim getting rejected or accepted. This article explains in detail and clears the misconceptions about Waiting Period in Group Health Insurance Policy. What is Waiting Period in Group Health Insurance Policy? Waiting Period in Group Mediclaim Insurance Policy is the time period that the Insured Person needs to wait before the GMC Policy pays claim for that specific purpose.

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What are the Exclusions in a Group Personal Accident Insurance Policy?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

A Group Personal Accident Insurance Policy, also known as GPA Insurance Policy, protects the insured employee against accidental death or disability. An accidental death or disability has a long-lasting impact not only on the person but also on his/her family. A GPA Insurance Policy offers protection to the employee and family members due to disablement or death due to an accident. As the name suggests, a Group Personal Accident Insurance Policy insures a group of people, usually employees of an organisation, under a single insurance policy.

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What are the exclusions in a Cyber Insurance Policy?

Sep 15, 2023

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What is Principle of Utmost Good Faith in Insurance?

Today, the number and frequency of Cyberattacks are increasing by the day. A Cyber Insurance Policy is an essential tool for a business to protect itself from the losses resulting from Cyberattacks. Business owners should read through Cyber Insurance Policy Wordings thoroughly to understand the Cyber Insurance Coverages Provided by their Cyber Policy. Additionally, they should also read the exclusions in a Cyber Insurance Policy in detail as well. This article will explain the exclusions in a Cyber Insurance Policy in detail.

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What is the Claims Process in a Fire Insurance Policy?

Sep 26, 2023

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What is Principle of Utmost Good Faith in Insurance?

A fire accident can bring your factory to a standstill for several months or even years. During this time, the business not only suffers from damage to various assets but also from the loss of profit as you will be unable to run the business due to damage to the plant and machinery. Fortunately, there are adequate insurances available to protect yourself in such a scenario. A Fire Insurance Policy along with a Business Interruption Insurance Policy are extremely important to secure your factory assets.

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Workmen’s Compensation Act 1923: Eligibility, Amount of Compensation, Overview

Oct 18, 2023

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What is Principle of Utmost Good Faith in Insurance?

What is the Workmen’s Compensation Act 1923? The Workmen’s Compensation Act 1923, also known as Employee Compensation Act, came into force on 1st July 1924, and it applies across India. The Workmen Compensation Act 1923 was formed to provide compensation to workers who faced Accidental Death or Injuries in the course of employment. The Act makes the employers liable to pay compensation to employees who sustained injuries which leads to their disablement or death in the course of employment.

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