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Past Issues
Why Can't I Play
the Way I Practice?
Jeff Greenwald, M.A., M.F.T
Printable Version
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Why can't I hit my best shots when I need them--like the pros do?
"Why can't I play the way I practice?" "Why can't hit my best shots when I need them most?"
"I don't understand what happened, I was playing so well all week. Then when I played the tournament I played so much worse."
Is there a player who hasn't asked these questions? Is there a coach who hasn't heard them from his players?
Is there any way to bridge this gap between practice and competition? The answer is yes, absolutely. I know because I have helped players make this leap many times.
The performance gap between the ability to hit shots in practice versus matches is a fundamental barrier every competitive player must overcome to realize his or her potential. Unfortunately many players never do.
In this article, we'll take a look at the four barriers that keep players from playing the way that you are really capable. Then I'll introduce clear, step by step solutions to help you overcome them and unlock your ability to hit your best shots when it counts most.
The 4 Barriers
Insufficient Self Awareness Short-Term Focus
Irrelevant Stimuli Sub-Optimal Communication
There are four primary barriers that impede the quality of a player's performance in tournaments. These are: (1) Insufficient self-awareness. (2) Excess focus on short-term results. (3) Preoccupation with "irrelevant" stimuli. And, (4) sub-optimal communication between players and their coaches and parents.
Insufficient Self Awareness
The first barrier is insufficient self-awareness. Self-awareness is a prerequisite for realizing your potential in competition. This is because it is the foundation of learning and development, not only in tennis, but in all areas.
Can you feel what actually happens in your body when you play your best shots?
Sounds simple, but my experience shows it's a major problem for competitive tennis players. Time and time again I see players miss out on important learning opportunities because they are unaware of what is actually happening in their matches.
For example, a player will miss the same ball over and over, but make absolutely no effort to adjust what he or she is doing technically or tactically.
Why? The answer is that emotions get in the way of awareness. Players are either too upset to notice the need to change, or they are unclear about exactly what to change, or they are too distracted to actually execute what their brain tells them to change.
Learning to become more self-aware is a skill and can be trained. But self-awareness requires a different focus. The emphasis has to shift totally into the present, to what is actually happening moment-to-moment.
Too many players are living and dying with the outcome of every point, or sometimes every ball, and what that may mean in terms of whether they will win or lose. How wil this affect my past ranking? How will this affect my future ranking? This mind set makes it literally impossible to focus on anything else.
Andre Agassi put it this way: "There is a time to enjoy the good shots and a time to get upset about what happened, but it's not when you're out there."
Do you sometimes obsess over the outcome of individual points?
Rather than obsessing about the outcome, players have to develop the ability to sense what is actually happening in their bodies. To do this you have to begin paying more attention to how your body feels and what it is really doing when you hit the right shots and when you make errors.
Players often speak in very general terms about what happened when they play well, "I just had a better rhythm," or "I felt more confident today." These comments are not specific enough to be really helpful.
Instead players must learn to cultivate "kinesthetic" awareness. This is a physical or tactile memory of how your body actually feels when you strike the ball well. Being familiar with and "owning" this feeling is the key to the repeated execution of your best strokes, especially under pressure.
For example, when you hit a forehand deep in the court notice how your hand feels on the racquet, what kind of follow through you have, notice the arc of the ball, or whatever strong impressions come into your mind. Initially, this is a conscious process, but eventually this physical awareness becomes automatic. This will help you make critical minor adjustments with ease.
What is the kinesthetic that goes with your best shots?
Ask yourself, do you really know what it feels like when you are hitting your forehand or your backhand well? Can you imagine clearly what your body feels like head to toe when you hit your serve at the highest level? What about when you make a great volley? Can you imagine these feelings and recreate this kinesthetic experience in practice?
Developing kinesthetic feelings should encompasses every area of your game. For example, by shifting the attention into your body you will also be able to correct your footwork and your positioning to the ball because you will know exactly what feels "off."
A second important technique is learning to "scan" your body for excess tension. Typically, the shoulders and arms are where more tension is stored. If you are able to discipline yourself to feel the difference in your body when this is happening, compared to when you are swinging freely, you can then consciously relax these areas. This is another process that will become instinctive over time.
There is a final benefit to learning to play in this intuitive fashion. Your anticipation will improve because you will be more present. Your mind will be more alert and you will become aware of your opponent's patterns. This is hugely important for competitive success. For more on how this works, I highly recommend Jay Berger's two articles on Anticipation. (Click Here.)
Breaking through the emphasis on results requires courage.
Excessive Focus on Short Term Results
Perhaps one of the biggest challenges in developing your game is acquiring a long-term perspective to deal with short-term setbacks.
Players obsess about rankings--that is just a fact. But being impatient with your ranking and tying your success too closely to rankings can be a major barrier to the learning process.
The fear of losing and the emphasis on short-term results prevent players from trying new things and getting out of their comfort zone long enough to see what is really possible. This fear prevents them from feeling what is happening and using the kinesthetic memories that could actually lead to the level of play they are so desperately seeking.
The question is this: Is it more important for you to win today, whatever the cost, or play tennis in a way that helps you access your potential and win in the long- run?
"There is a wasteland of talent in competitive tennis," says a top national coach on the ATP Tour. "Many players are simply chasing rankings and not building their games."
Breaking through this short-term orientation requires you to take risks, to go for your shots, even when you feel tight, and remain focused on the kind of game that will benefit you in the long run.
"Players get too caught up in the pure results of the tournament," says Tom Gullikson, former Davis Cup Captain and top-ranked doubles player on the ATP Tour in the 80's. "Players must be more honest with themselves, assess their strengths, be aware of how they are reacting to pressure, and understand why their play is breaking down at key times."
Pete Sampras evaluated his strengths and weaknesses every year he was number 1.
"Pete Sampras would do this consistently from year-to-year, even in his sixth straight year as the number one player in the world."
Easier said than done, I know. However committing to the small changes and improvements you have made in practice require this long-term vision. When you find yourself falling back into your old tentative patterns you need to be aware that this is happening and recommit to a more courageous style of play.
Committing to the plan that you and your pro or coach have developed together and executing it is the key. You have to take the chance of shifting gears, putting worry aside, and letting your feel for the game emerge.
Think about every match as a stepping stone to your best tennis in the future. Make that vision the most important thing. You have to really believe that the way you play the game is more important than the immediate result.
Performance Goals
The best way to take steps in this direction is by committing to specific performance goals, goals that can be measured in the same way as ranking, but with far more positive effect. Write these goals down--65% first serve percentage, attacking net 5 times per set win or lose, staying composed on break points, focusing on your kinesthetic keys, recognizing what you can and cannot control--whatever goals seem appropriate for where you really are.
Attacking the net 5 times per set: a great example of a performance goal.
Again Pete Sampras is a great example. Developing the skills he needed to play serve and volley tennis took time that cost him results. When Pete was 16 he was ranked #60 in the national juniors. Three years later, he won the U.S. Open at age 19.
Once you are thinking more productively about your game and focus less on the immediate outcome, you will feel more permission to go for your shots. This process takes time, honesty and continual evaluation. But gradually your tournament performance will start to reflect the skills you demonstrate on the practice court.
Irrelevant Stimuli
If you raise your self-awareness on the court and have a longer term perspective of your game, there is another benefit. Your learning curve will rise dramatically as you focus more on what is actually "relevant" during matches. Focusing on the wrong stimuli during matches is a major hindrance to developing as rapidly as possible.
Focusing on the right stimuli is the difference in the return.
Research shows that a majority of successful pros have learned to accelerate their learning curves in this way. Damian Farrow, a scientist at the Australian Institute of Sport, who works with Olympians and other elite athletes, has recently found some important clues in identifying the differences between amateur and expert tennis players regarding their learning process.
One of the most obvious differences between these two groups is the ability for pro players to spend more time on "relevant stimuli" in matches because minds are not distracted by the irrelevant factors discussed above.
To give just one example, Farrow found that pro players were able to track the direction of the serve earlier than amateurs .This gave them a huge edge in reacting to the speed and placement of their opponents' shots.
According to Farrow, "Great tennis players can tell from the angle of a server's arm where the ball will go. Novices generally don't have that skill. But they can learn. Top tennis players can predict the direction and speed of the ball before it leaves the racket."
Reading the serve can double the time interval you have to move and execute.
By predicting the path of the ball from the swing they know a split second earlier where to move. "This fraction of time is game changing," says Farrow. "A serve going 120 miles per hour takes approximately a third of a second to travel the 60 feet from baseline to service line.
"This means that an expert, who doesn't have to wait until the server makes contact to read the shot, has twice as long to move, plant his feet, and swing."
Many players are blocking their ability to react to the ball because they are handcuffed by anxiety related to the possible outcome. When you stay present, stay composed, and stay engaged, a new set of learning opportunities will automatically open.
Sub-Optimal Communication
The ability to stay focused on what is relevant in competition and accelerate your learning process also requires a positive collaborative relationship between player and coach.
For the past two years I have been teaching USTA coaching workshops on how to improve communication with players, manage players' ambivalence about the change process, and helping coaches teach players to apply their skills in competition.
The communication gap between players and coaches affects learning.
Listening to reports from both players and coaches has convinced me that there is a wide spread communication gap in junior tennis that is affecting the learning process.
Here are some of the things I have heard from coaches. "My players are so caught up in the rankings and who's ranked higher that they play in fear."
"My players just won't commit to changes and actually executing them in tournaments."
"A lot of my players melt down as soon as they have their back against the wall."
"My players call me right before their matches asking me what they should do--and have no idea themselves."
On the other side of the fence I have heard this from players:
"My coach is always pushing me to try stuff that doesn't work in matches."
"My coach bombards me to change too many things, and then gets mad when I'm not able to pull them off."
Players have to be truly open to change and trying new strategies.
"My coach never asks me how I want to play. All he does is tell stories from his experiences or talk about theories that don't really make sense to me."
The underlying problem here is that too often there is not an open line of communication between player and coach. The coach blames the player for not doing what the he says, and the player blames the coach for judging him and not believing in his abilities.
Players and coaches have to both feel they can honestly discuss what is and isn't working. The truth is coaches can be defensive when players challenge their authority or expertise.
But players have to have the freedom to voice their reservations about particular swing or strategic changes in lessons and to discuss the potential consequences in tournaments. And coaches have to have the patience to listen and understand the fears of players, even when they disagree or have another perspective.
On the flip side, players have to be truly open to change and have to work to recognize and admit what is really holding them back. The commitment to changes must be a team effort. But once there is agreement on a path of development, players need the courage to embrace the challenge and make the changes their own.
Do players sometimes get too much input in lessons?
Both sides have to be able to talk about this process, especially when it gets derailed or there are set backs. Players will inevitably revert to their old patterns on occasion, and both sides need to discuss this with a supportive attitude and without recrimination.
Case Study #1
One former college player, now at the 5.0 level, began working with me about three months ago to help him play looser in tournaments and get out of a two-year "slump." After just the third session he was more relaxed and playing better than he had in a long time.
However, that week he decided to take a lesson with a new pro. In our next session he reported that he had felt awful on the court all week--overthinking, making unforced errors, and feeling totally indecisive.
As I inquired about the lesson and what the pro had asked him to do, my client reported that "He wanted me to get my right leg through on the forehand, stay lower to the ball, drop my racquet head lower on the forehand, hit higher over the net and wait on the ball longer rather than catching it on the rise."
Input from coaches shouldn't undermine your positive approach.
This was just the instruction for one stroke. There was a similar litany about the rest of his game, all imparted in the course of one hour. From my vantage point, the amount of information my client received was totally overwhelming.
This was particularly true since his biggest issue was overthinking his shots and not trusting himself. I asked him to put a temporary moratorium on lessons and he agreed to put all those technical ideas on hold until he developed a more trusting, positive approach to the game. In three months he began to flourish.
I use this example, because it highlights the frequent absence of effective, collaborative communication in traditional lessons. Of course technical information plays a critical role in proper development. But it can only be effective when communicated in a way that takes the personality, learning style, and psychological challenges faced by the player into account.
The problem was that this particular pro did not identify any of these in my client. Likewise, my client hesitated to speak up and indicate that he felt overwhelmed, and didn't give the pro a chance to adjust his agenda. Without proper intervention, this dynamic could have persisted for months, even years, with both the player and the coach suffering unnecessarily.
Do the goals of your coach match your goals as a player?
Case Study #2
During one of the USTA High Performance workshops I facilitated last year, I was approached by a top-national coach struggling with a very talented, nationally ranked player. He reported to me that on any given day this player could beat any player in the top fifty in the world.
However, he also explained that on an "off" day he could lose to numerous players ranked below him. Essentially, the coach was pulling his hair out because of the gap between his player's talent and his actual execution in tournaments. He asked that I work with him to see if I could help bridge this gap.
I learned that the coach's main objectives, were first, to reduce his player's emotional volatility, and second to help him find a better balance during rallies. He wanted his player to construct points with more patience and flexibility. He wanted the player to add more variety, to take some pace off from time to time and use the court a bit more.
What he wanted did not seem too much to ask in the coach's mind, and he had been pressing his player to do this for quite some time.
Honest, positive communication between players and coaches is critical.
When I talked to the player, however,I found that he simply could not see the value of playing the way his coach insisted. He was a winner and a shot maker. This attitude had been deeply instilled in him by his family. Period.
From his perspective, hitting every ball as hard as he could, from all angles of the court, was working--he was a top nationally ranked player. He had numerous wins over players ranked above him. He was praised for this type of play.
I began to understand the dynamics in play, but my goal was not to adjudicate the issues about playing style. I considered that a judgment call to be worked out between player and coach.
My concern was that there was very little direct collaborative discussion going on. Obviously, the player was not responsive to the coach. But on the coach's part, there was little recognition of the player's concerns about the development of his own game. The player's ambivalence was not being adequately addressed and everyone suffered as a result.
With communication the path to change and a more varied game stays open.
Gradually, through open conversation among all parties, the player began to feel that I understood his position, and that his coach did as well. The coach became more understanding and softened his approach. This in turn caused the player to become more receptive.
Eventually, this player did start playing with some more variety and developed a more "controlled aggressive" approach to rallies. The coach had him hit three different kinds of balls in practice on a regular basis, mixing different paces and spins with his ripping winners.
His training now became less of an either/or confrontation about opposite styles of play. Instead all the options had a value and a place. As a result, he became more comfortable with varying his tactics, and his ambivalence was resolved.
The point is that the coach is critical in helping the player improve, but it is equally or more important that the player be allowed make his own observations, and follow his intuition and sense of curiosity about the learning process.
Work to overcome your barriers and discover the great tennis you really have inside you.
The ability to communicate what you notice about your game and the ambivalence you may feel about certain changes are critical to developing a sense of ownership over your game.
When something doesn't feel right in your game, you have to speak up. Tapping your ability as a player is dependent on it. You cannot be passive in the learning process.
I know there is more ability in you than you probably even imagine. If you have the nagging feeling that you can be better or aren't learning at the rate you thought you should, you are probably right. You can learn to play the way you practice--or possibly even better. Tune into how you feel on the court when you hit the ball well, focus on short-term performance goals, pay attention to what is really happening, tell your coach what you notice, and watch as your game blossoms.
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Jeff Greenwald, M.A., MFT is a nationally recognized sport psychology consultant. Jeff has worked as a consultant for the United States Tennis Association and trains numerous players around the world on the mental game. As a player in the men's 35 and over age division he attained an ITF #1 world ranking, as well as the #1 ranking in men's singles and doubles in the United States.
Greenwald is the author of the Amazon best-selling CD "FearlessTennis: The 5 Mental Keys to Unlocking Your Potential." His new book, "The Best Tennis of Your Life" will be published by Betterway Books in February 2008. Jeff has a private practice based in San Francisco and Marin County, California. He can be reached at 415-640-6928 or by email at jeff@mentaledge.net. You can also visit Jeff's website at www.mentaledge.net.
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Contact Tennisplayer directly: jyandell@tennisplayer.net
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Copyright Tennisplayer 2005. All Rights Reserved.
Wednesday, March 4, 2009
Contractors' All risk
Contractors All Risk Policy
Download Forms (RTF Format)
Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
More Industrial Policies
· Highlights· Scope· Add on covers· Who can take the policy· How to select the sum insured· How to claim· Period of Insurance
This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
Highlights
This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.
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Scope
The policy comprises of 2 Sections :· Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.· Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party. The main exclusions under Section I for which no claim is payable, are loss or damage due to:i. faulty design ii. rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect. The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship. iii. loss or damage due to gradual deterioration, atmospheric condition, rusting etc. iv. loss discovered only at the time of taking inventory. v. loss arising out of penalty for delay, non-fulfillment of terms of contract.
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Add on covers
The policy can be extended to cover the following items :-a. construction equipment like scaffolding, shuttering materials b. construction equipment like scaffolding, shuttering materials c. damage to surrounding property not forming part of the contract work. d. maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
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Who can take the policy
The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
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How to select the sum insured
The sum insured selected under section I should represent total contract value including the estimated cost of labour charges and cost of materials but excluding profit. The cost of materials supplied by the principal is to be declared separately.In case of long term contracts, there is bound to be escalation in prices. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices.The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.
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How to claim
In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :-· take necessary steps to minimise the loss. · inform insurance company immediately. · extend full cooperation to the surveyor deputed by the company. · submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
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Period of Insurance
Unlike other policies where the period of insurance is one year, in this policy the period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying the higher extension premium.
------------------------------------------------------------------------------------------------------------
Assurance Company Limited
Proposal and questionnaire for contractor’s
ALL RISKS INSURANCE
(The liability of the Company does not commence until this proposal has been
accepted by the Company and the premium paid)
Information given herein will be treated in strict Confidence. Put a ( ) mark wherever applicable
1. (a) Name & Address of the Principal (a) ______________________________
Trade or Business __________________________
(b) Name & Address of the Contractor (b) ____________________________
Trade or Business __________________
(c) Name & Address of the Sub-Contractor, (c) _______________________
if any. ___________________________________________
Trade or Business
THE INSURED INTERESTS
2. Whose interests are to be Insured ? Principal Contractor Sub-Contractor
3. THE CONTRACT WORKS
(a) Full description of the Contract
(b) Please give details :
(i) Building (type of construction,
number of storeys etc.)
(ii) Blasting operation
(iii) Excavation work
(iv) Pile riving
(v) Tunnelling
(vi) Dam Construction or diversion
of water
(vii) Others (Specify)
Note : A site plan of contract work may be enclosed.
4. (i) Is this a contract/Sub-contract forming part
of an over all construction project of value (i) Yes No.
exceeding Rs. 5 crores.
(ii) If yes give the name of the Project (ii)
5. (a) Will the Construction be carried out by
your own personal ? (a) Yes No.
(b) If not, by whom ? (b)
(c) Past experience of the contactor (c)
6. (a) Will any sub-contractors be taking part (a)
in the work of construction ? Yes No.
(b) If yes, what is their position as regards (b)
this insurance ?
THE CONTRACT SITE
7. (a) Location of Contract site (a)
(b) Nearest Port and/or Railway Station and (b)
distance
(Note : A complete lay out of the site may be enclosed)
8. (a) Are any Special Risks of one or more of (a)
the following involved ?
(i) Earthquake-Fire & Shock
(ii) Landslide/Rockslide/Subsidence
(iii) Flood/Inundation
(iv)Storm/Tempest/Hurricane/Typhoon/
Cyclone
(v) Collapse
(vi) Water Damage for ‘Wet’ risk i.e.
contract involving construction in
rivers, canals, lakes or sea.
(b) Distance from nearest river, lake, reservoir (b)
or sea the names and particulars to be given.
(c) Elevation of construction Site above normal (c)
river, lake reservoir or sea level.
(d) Is there any record of the construction site (d)
ever having been effected by any of the
major perils specified in (a) above.
9. Give full details regarding geological
condition including subsoil.
10. (a) Brief description of the arrangements made
for storage of construction materials and
equipments-whether in open or closed
premises.
(b) (i) Will there be a watch and ward round (i)
clock
(ii) If not, what precautions will be taken
against theft malicious damage etc. (ii)
11. THE INSURANCE
(a) Estimated construction period excluding (a).......................months
maintenance period (cover to commence
from the date of first arrival of consignment From...............to..............
materials at site, or, commencement of work
whichever is earlier).
(b) Cover required during maintenance period, (b).......................months
if any From................to................ (c)Probable date on which construction is c)
expected to be completed.
(d)Period of Insurance required (d).........................months
From.................to...............
12. (a) Have you approached any other Insurance (a) Yes No
Co. for Insurance Cover in respect of this
Proposal ?
(b) If yes, please state name of the Insurance Co. (b)
13. Has any such proposal been (a) Yes No
(a) Declined ?
(b) withdrawn ? (b) Yes No
(c) accepted subject to an increased rate or (c) Yes No
special conditions ?
14. SUM INSURED :
I. Contract Works
(Permanent & Temporary works including
all materials to incorporated therein)
(a) Contract Price Rs.
(b)Materials or Items supplied by the Principal Rs.
(c)Any additional items not including in (a) & Rs.
(b) above
(d) Landed cost of imported items as at
construction site [Please specify where
included in [a] and/or (b) above]
@ Exchange Rate..... Rs.________
Total Value of contract works. Rs.________
II. Construction Plant & Machinery to be used
at the construction site (Details as per
attached sheet)
III. Clearance & Removal of Debris Rs.
IV. Insured’s own surrounding property. Rs
V. Extra charges for Express Freight (excluding) Rs.
Air Freight) overtime Sunday & Holiday
rates of wages, if required
VI. On Increased Replacement value for Item Rs. (.......%)
I (a) (b) & (d) above, if required
VII. Third Party Liability
(a) For any one accident Rs.
(b) For all Accidents during the period Rs.
15. Do you wish to opt for higher amount Yes No.
of Deductible Excess ?
If yes, whether (i) 2 times
(ii) 5 times
(iii) 10 times
I/ We the undersigned hereby declare that the above statements and particulars are true and complete and I/We declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Place.........................
Date.......................... SIGNATURE OF PROPOSER
PROHIBITION OF REBATES
The following is the copy of Section 41 of the Insurance Act 1938.
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown in the policy; nor shall any person taking out or renewing continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses of rebates of the Insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
3. ----------------------------------------------------------------------------------------------
ASSURANCE COMPANY LIMITED
The Issue of this form is not to be taken as an admission of Liability
Policy No. __________ Claim No. ___________
Notification of Loss or Damage for Contractor's All Risk Insurance
Claim No.Title of contract insured :Name(s) and address(es) of Insured(s).Location and address of Contract Site:Name of Supervising EngineerNearest Railway Station (Airport)Advisable approach route to contract Site from railway station (airport) or otherwise
1 Which items were damaged ?(a) Contract works(b) Construction plant and equipment(c) Construction machinery
2 When did the loss or damage occur?(State date and exact time)
3 How did the damage occur and what was its probable cause ?(Attach sketches, photos etc.)
4 How far had construction of the damaged item (s) progressed at the time of the occurrence of damage?
5 Give name and address of witness to the occurrence :
6 How will the damaged items be repaired.
7. Will any alterations or improvements be made to design, construction or material when repairs are carried out ?
8. What are the estimated costs for the repairs of damage to(a) Contract Works?(b) Construction plant and equipment ?(c) Construction machinery?
9 Is Third Party Liability involved ?
10. Are existing buildings or surrounding property damaged ?
11 Remarks
The undersigned Insured declares to have answered the above questions conscientiously and truthfully.
Dated ________________ this _____________________ day of ________________________20_________
Signature ________________________________________________________________________________
===============================================================
Download Forms (RTF Format)
Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
More Industrial Policies
· Highlights· Scope· Add on covers· Who can take the policy· How to select the sum insured· How to claim· Period of Insurance
This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.
Highlights
This policy is specially designed to give financial protection to the Civil Engineering Contractors in the event of an accident to the civil engineering works under construction.In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.
Top^
Scope
The policy comprises of 2 Sections :· Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.· Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party. The main exclusions under Section I for which no claim is payable, are loss or damage due to:i. faulty design ii. rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect. The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship. iii. loss or damage due to gradual deterioration, atmospheric condition, rusting etc. iv. loss discovered only at the time of taking inventory. v. loss arising out of penalty for delay, non-fulfillment of terms of contract.
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Add on covers
The policy can be extended to cover the following items :-a. construction equipment like scaffolding, shuttering materials b. construction equipment like scaffolding, shuttering materials c. damage to surrounding property not forming part of the contract work. d. maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
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Who can take the policy
The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
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How to select the sum insured
The sum insured selected under section I should represent total contract value including the estimated cost of labour charges and cost of materials but excluding profit. The cost of materials supplied by the principal is to be declared separately.In case of long term contracts, there is bound to be escalation in prices. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices.The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.
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How to claim
In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :-· take necessary steps to minimise the loss. · inform insurance company immediately. · extend full cooperation to the surveyor deputed by the company. · submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
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Period of Insurance
Unlike other policies where the period of insurance is one year, in this policy the period of insurance should be equivalent to the period of contract, commencing from the date of unloading of the first batch of material at the site of construction and expiring on the date of handing over of the contract work to the principal.Although it is possible to extend the policy period in case of delay in completion of contract, it is always advisable to choose a slightly longer period of insurance initially, to avoid paying the higher extension premium.
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Assurance Company Limited
Proposal and questionnaire for contractor’s
ALL RISKS INSURANCE
(The liability of the Company does not commence until this proposal has been
accepted by the Company and the premium paid)
Information given herein will be treated in strict Confidence. Put a ( ) mark wherever applicable
1. (a) Name & Address of the Principal (a) ______________________________
Trade or Business __________________________
(b) Name & Address of the Contractor (b) ____________________________
Trade or Business __________________
(c) Name & Address of the Sub-Contractor, (c) _______________________
if any. ___________________________________________
Trade or Business
THE INSURED INTERESTS
2. Whose interests are to be Insured ? Principal Contractor Sub-Contractor
3. THE CONTRACT WORKS
(a) Full description of the Contract
(b) Please give details :
(i) Building (type of construction,
number of storeys etc.)
(ii) Blasting operation
(iii) Excavation work
(iv) Pile riving
(v) Tunnelling
(vi) Dam Construction or diversion
of water
(vii) Others (Specify)
Note : A site plan of contract work may be enclosed.
4. (i) Is this a contract/Sub-contract forming part
of an over all construction project of value (i) Yes No.
exceeding Rs. 5 crores.
(ii) If yes give the name of the Project (ii)
5. (a) Will the Construction be carried out by
your own personal ? (a) Yes No.
(b) If not, by whom ? (b)
(c) Past experience of the contactor (c)
6. (a) Will any sub-contractors be taking part (a)
in the work of construction ? Yes No.
(b) If yes, what is their position as regards (b)
this insurance ?
THE CONTRACT SITE
7. (a) Location of Contract site (a)
(b) Nearest Port and/or Railway Station and (b)
distance
(Note : A complete lay out of the site may be enclosed)
8. (a) Are any Special Risks of one or more of (a)
the following involved ?
(i) Earthquake-Fire & Shock
(ii) Landslide/Rockslide/Subsidence
(iii) Flood/Inundation
(iv)Storm/Tempest/Hurricane/Typhoon/
Cyclone
(v) Collapse
(vi) Water Damage for ‘Wet’ risk i.e.
contract involving construction in
rivers, canals, lakes or sea.
(b) Distance from nearest river, lake, reservoir (b)
or sea the names and particulars to be given.
(c) Elevation of construction Site above normal (c)
river, lake reservoir or sea level.
(d) Is there any record of the construction site (d)
ever having been effected by any of the
major perils specified in (a) above.
9. Give full details regarding geological
condition including subsoil.
10. (a) Brief description of the arrangements made
for storage of construction materials and
equipments-whether in open or closed
premises.
(b) (i) Will there be a watch and ward round (i)
clock
(ii) If not, what precautions will be taken
against theft malicious damage etc. (ii)
11. THE INSURANCE
(a) Estimated construction period excluding (a).......................months
maintenance period (cover to commence
from the date of first arrival of consignment From...............to..............
materials at site, or, commencement of work
whichever is earlier).
(b) Cover required during maintenance period, (b).......................months
if any From................to................ (c)Probable date on which construction is c)
expected to be completed.
(d)Period of Insurance required (d).........................months
From.................to...............
12. (a) Have you approached any other Insurance (a) Yes No
Co. for Insurance Cover in respect of this
Proposal ?
(b) If yes, please state name of the Insurance Co. (b)
13. Has any such proposal been (a) Yes No
(a) Declined ?
(b) withdrawn ? (b) Yes No
(c) accepted subject to an increased rate or (c) Yes No
special conditions ?
14. SUM INSURED :
I. Contract Works
(Permanent & Temporary works including
all materials to incorporated therein)
(a) Contract Price Rs.
(b)Materials or Items supplied by the Principal Rs.
(c)Any additional items not including in (a) & Rs.
(b) above
(d) Landed cost of imported items as at
construction site [Please specify where
included in [a] and/or (b) above]
@ Exchange Rate..... Rs.________
Total Value of contract works. Rs.________
II. Construction Plant & Machinery to be used
at the construction site (Details as per
attached sheet)
III. Clearance & Removal of Debris Rs.
IV. Insured’s own surrounding property. Rs
V. Extra charges for Express Freight (excluding) Rs.
Air Freight) overtime Sunday & Holiday
rates of wages, if required
VI. On Increased Replacement value for Item Rs. (.......%)
I (a) (b) & (d) above, if required
VII. Third Party Liability
(a) For any one accident Rs.
(b) For all Accidents during the period Rs.
15. Do you wish to opt for higher amount Yes No.
of Deductible Excess ?
If yes, whether (i) 2 times
(ii) 5 times
(iii) 10 times
I/ We the undersigned hereby declare that the above statements and particulars are true and complete and I/We declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Place.........................
Date.......................... SIGNATURE OF PROPOSER
PROHIBITION OF REBATES
The following is the copy of Section 41 of the Insurance Act 1938.
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown in the policy; nor shall any person taking out or renewing continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses of rebates of the Insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
3. ----------------------------------------------------------------------------------------------
ASSURANCE COMPANY LIMITED
The Issue of this form is not to be taken as an admission of Liability
Policy No. __________ Claim No. ___________
Notification of Loss or Damage for Contractor's All Risk Insurance
Claim No.Title of contract insured :Name(s) and address(es) of Insured(s).Location and address of Contract Site:Name of Supervising EngineerNearest Railway Station (Airport)Advisable approach route to contract Site from railway station (airport) or otherwise
1 Which items were damaged ?(a) Contract works(b) Construction plant and equipment(c) Construction machinery
2 When did the loss or damage occur?(State date and exact time)
3 How did the damage occur and what was its probable cause ?(Attach sketches, photos etc.)
4 How far had construction of the damaged item (s) progressed at the time of the occurrence of damage?
5 Give name and address of witness to the occurrence :
6 How will the damaged items be repaired.
7. Will any alterations or improvements be made to design, construction or material when repairs are carried out ?
8. What are the estimated costs for the repairs of damage to(a) Contract Works?(b) Construction plant and equipment ?(c) Construction machinery?
9 Is Third Party Liability involved ?
10. Are existing buildings or surrounding property damaged ?
11 Remarks
The undersigned Insured declares to have answered the above questions conscientiously and truthfully.
Dated ________________ this _____________________ day of ________________________20_________
Signature ________________________________________________________________________________
===============================================================
Marine cum Erection
Marine cum Erection / Storage cum Erection Policy
Download Forms (RTF Format)
Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
More Industrial Policies
· Highlights· Scope· Add on covers· Who can take the policy· How to select the sum insured· How to claim· Period of Insurance
This is a comprehensive policy covering all physical risks which a project is exposed to.
Highlights
This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipments - whether imported or indigenous - to its erection, testing and commissioning at the site.In case the supplier has arranged transit insurance upto the site, a Storage cum erection policy can be issued limiting coverage to risks that the project is exposed to at the site only.In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.For project value exceeding Rs.1500crs, specially designed policies are available.
Top^
Scope
The policy comprises of 2 Sections :· Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy. · Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party. The policy covers all risk of physical loss or damage of insured property other than those specifically excluded , including :-§ marine voyage for imports § offloading / storage at port § inland transit to site § storage, handling, erection at site § testing and commissioning at site The main exclusions are :-a. loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items. b. cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage. c. loss or damage due to gradual deterioration, atmospheric condition, rusting etc. d. loss discovered only at the time of taking inventory. e. loss arising out of penalty for delay, non-fulfillment of terms of contract.
Top^
Add on covers
The policy can be extended to cover the following on payment of additional premium.· clearance and removal of debris · damage to owner's surrounding property · maintenance visit / extended maintenance cover · additional customs duty · civil works · express freight · air freight · deletion of duration clause under marine
Top^
Who can take the policy
The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
Top^
How to select the sum insured
The sum insured selected under section I should not be less than the completely erected value of the property inclusive of estimated freights, customs duty, erection cost etc.In case of long term contracts, there is bound to be escalation in prices i.e.prime cost. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices during the policy period.The sum insured shall be adjustable on completion of the erection, on the basis of actual values incurred by the insured in respect of freights, handling charges, customs dues, cost of erection etc. and premium adjusted accordingly.The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.
Top^
How to claim
In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :-· take necessary steps to minimise the loss. · inform insurance company immediately. · inform fire brigade in case of fire and police authorities in case of theft. · extend full cooperation to the surveyor deputed by the company. · submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
Top^
Period of Insurance
The period of insurance should not be less than the period of contract and should commence from the date of unloading of the first consignment at the site of the erection and shall continue upto the conclusion of the first test operation or test loading subject to a maximum of 4weeks from the date trial running is made and / or readiness for work is declared by the erectors. If a part of the plant or one or several machines are tested and put into the operation, the coverage under the policy for that particular part of the plant or machine will cease, whereas the coverage will continue for the remaining parts which are not yet ready.In case approval of the plant or any part thereof is not given by the concerned authorities even after expiry of 4weeks of trial running, the policy can be extended and the extra premium to be arranged beforehand.
----------------------------------------------------------------------
Assurance Company Limited
PROPOSAL AND QUESTIONNAIRE FOR ERECTION ALL RISKS/MARINE-CUM- ERECTION INSURANCE
(The Liability of the Company does not Commence until this Proposal has been accepted by the Company and premium paid) (Information given herein will be treated in strict confidence)
PUT A TICK Mark wherever applicable
1.(a) Name and Address of the Principal Trade of Business_______________
________________ ________________
(b) Name and Address of the Contractor Trade or Business ______________
_______________
_______________
(c)Name & Address of the Sub Contractor if any, Trade Business____________
______________
______________
THE INSURED INTERESTS
2. Whose interests are to be insured ? Principal Contractor Sub-contractor
THE CONTRACT WORK
3. Full description of the Plant & Machinery to be erected.
Including Capacity.
(Please attach separate sheet if necessary)
4. (i) Is this a contract/Sub-Contract forming part of an over all
erection project of value exceeding Rs. 5 crores ? (i) Yes / No
(ii) If yes give name of the Project (ii)
5. (a) Have the Plans, Designs and Materials been already tested Yes / No
in any previous erection ?
(b) Is the installations or part there of built for the fist time ? Yes / No
(c) Are you the manufacturer, importer, buyer
or contractor of the installation Manufacturer / Importer/ Buyer/ Contractor
(d)Is the property brand new or is it
second hand and used one Brand New/ Second-hand
-2-
(e) If second hand or used,State Age?
6. (a) Will the erection be carried out by your own personnel ?(a) Yes / No
(b) If not by whom ? (b)
(c) Past experience of the erectors ? (c)
_________________________________________________________________
7. (a) Will any sub-contractors be taking part in the work of (a) Yes / No
erection ?
(b) If yes, what is their position as regards insurance ? (b)
THE CONTRACT SITE
8. (a) Location of site where the Plant is to be erected ? (a) (b) Nearest Post &/or Railway station and distance ? (b)
Note : A complete lay out of the Factory and Site may be enclosed
9. (a) (i) Are any special risk of flood, fire or explosion Involved ? (a) (i) Yes No
(ii) If yes, give details. (ii)
(b) Distance from nearest river or sea-the names and (b)
particulars to be given
(c) Elevation of Erection Site above normal river or sea level (c)
(d) Is there any record of the Erection site ever having been (d) Yes / No
submerged during floods ?
THE INSURANCE
11. (a) Probable date of first shipment or despatch. (a) (b) Expected date of first arrival at site. (b)
(c) Expected date of last arrival at site (c)
(d) Probable date of commencement of erection of Plant
& machinery (d)
(e) Probable date on which erection of Plant & Machinery is (e)
expected to be completed finally.
(f) Duration of Testing Period (including in ‘g’ below) (f) ...........Month
(g) Period of insurance required including Test run
(g)......Months From............ To .............
Items to be Insured Sum Insured
12. A SECTION I Material Damage
1. (a) On landed cost of imported machinery, as at Factory Site
i.e. @ Exchange rate (Sub divided as under)
(i) Invoice cost : Rs
-3-
(ii) Freight Insurance Handling Clearing and forwarding
charges upto Factory Site Rs.
(iii) Customs duty at % Rs.
(b) On Machinery fabricated or manufactured in India
(sub divided as under)
(i) Invoice Cost including insurance, handling for transporting upto factory site. Rs.
(ii) Freight Rs.
(c) On cost of Erection, including salaries all Foreign and
Indian Technicians and Wages of all skilled and unskilled
labour employed at Factory Site during erection. Rs.
(d) On Building in which the above Plant and Machinery is
to be erected
(i) Permanent Civil Engineering Works Rs.
(ii) Temporary Works Rs.
2. Clearance and Removal of Debris. Completely Erected Value Rs.
3. Value of Surrounding Property to be Covered. Rs.
4. Extra charges for Express Freight (excluding Air Freight)
Over time, Sunday and Holiday rates of wages. Rs.
5. Construction Plant and Machinery to be used at the Project
Site Details( as per attached list) Rs.
6. Do you wish Air freight to be covered, if so, amount &
indemnity. Rs.
7. (a) On Increased replacement value (including duty on such
additional replacement value) which may have to be paid on
replacement of imported Plant and Machinery as per
Item I-(a) above Rs.
(b) On increased replacement value which may have to be
paid on replacement of indigenous Plant and Machinery as
per item I-(b) above. Rs.
2. B SECTION II-Third Party Liability
(a) for any one accident. Rs.
(b) For all accidents during the period Rs.
13. (a) Have you approached any other Insurance Co. for (a) Yes / No
insurance Cover in respect of this proposal ?
(b) If yes, please state name of the Insurance Co.
14. Has any such proposal been
(a) declined ? (a) Yes No
(b) withdrawn ? (b) Yes No
(c) accepted subject to an increase or special condition ? (c) Yes No
The following questions are to be answered if Marine/Transit Insurance Cover is required
15. (a) Are there any fragile items like Refractory materials, (a) Yes / No
Asbestos cement sheets, Porcelain materials, Glass
equipments Fire Bricks, Graphite Electrodes etc.
(b) If yes, please give their value, description and mode of
packing (where packed in cases or loose)
16. (a) Do you want cement to be covered ? (a) Yes / No
(b) If yes, give its value and mode of packing (whether
packed in gunny bags or paper bags) (b)
17. Please give particulars of voyage for imports/ transports.
18. What is the limit required
(a) per any one shipment ? (In case of imports) (a)
(b) per any one despatch ? (In case of indigenous materials) (b)
19. Please state (for Inland Transit)
(a) how the goods will be transported to site of erection ?
(a) By Rail By Steamer By Lorry By Country Craft
(b) How many Transhipments will be there ? (b)
(c) Special hazards, if any, in transporting goods from (c)
nearest Station/port to erection site
20. Do you require war & S.R.C.C. risk to be covered during Yes No
Overseas Inland transits.
I/We the undersigned hereby declare that the above statements and particulars are true and complete and I/We declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Date :_______________
Place :_______________
Signature of Proposer_____________
PROHIBITION OF REBATES
The following is the copy of Section 41 of the Insurance Act 1938.
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown in the policy; nor shall any person taking out or renewing continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses of rebates of the Insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
*
---------------------------------------------------------------------------------
ASSURANCE COMPANY LIMITED
Marine Claim Form
The issue of this form is not to be taken as an admission of liability.
Polic No. ____________ Claim No. ___________
E R E C T I O N I N S U R A N C E
Notification of Physical Loss or Damage.
Name
Address
Question Answer
1. When did the loss or damage occur?(state date and hour)
2. State the site where the damage occurred and name and nearest Railway Station.
3. Give the details of the damage :-(a) to Erection Property(b) to property belonging to third parties (a)(b)
4. What was the cause of the damage?(e.g. Defective materials, faulty design, giving particulars of parts concerned).
5. Is any one responsible for the damage ?Is there any Possibility of recovery ?
Questions Answers
6. How will the damage be repaired ?Please state in detail whether any parts must be replaced; (Give weight and value of damaged parts.)
7. What is the estimated amount of the loss or damage ? Rs.
8. How did the damage occur ?
(This question must be answered in detail giving a sketch, wherever possible and supported by statements of witnesses)
9. Do you wish to carry out repairs yourself ?Do you wish to entrust repairs to another Firm (State name).
As soon as a loss or damage has become know, the Company at its Head Office must be notified without delay, on the present form. The Agents are not authorized to accept Notification of Loss or Damage.
The undersigned Policy - holder declares to have answered the above questions conscientiously and truthfully and he is liable for the correctness and completeness of his statements.
___________________
Signature
----------------------------------------------------------------------------------------------------------------
Download Forms (RTF Format)
Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
More Industrial Policies
· Highlights· Scope· Add on covers· Who can take the policy· How to select the sum insured· How to claim· Period of Insurance
This is a comprehensive policy covering all physical risks which a project is exposed to.
Highlights
This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipments - whether imported or indigenous - to its erection, testing and commissioning at the site.In case the supplier has arranged transit insurance upto the site, a Storage cum erection policy can be issued limiting coverage to risks that the project is exposed to at the site only.In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.For project value exceeding Rs.1500crs, specially designed policies are available.
Top^
Scope
The policy comprises of 2 Sections :· Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy. · Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party. The policy covers all risk of physical loss or damage of insured property other than those specifically excluded , including :-§ marine voyage for imports § offloading / storage at port § inland transit to site § storage, handling, erection at site § testing and commissioning at site The main exclusions are :-a. loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items. b. cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage. c. loss or damage due to gradual deterioration, atmospheric condition, rusting etc. d. loss discovered only at the time of taking inventory. e. loss arising out of penalty for delay, non-fulfillment of terms of contract.
Top^
Add on covers
The policy can be extended to cover the following on payment of additional premium.· clearance and removal of debris · damage to owner's surrounding property · maintenance visit / extended maintenance cover · additional customs duty · civil works · express freight · air freight · deletion of duration clause under marine
Top^
Who can take the policy
The policy can be taken by the principal, contractor or sub contractor, jointly or separately.
Top^
How to select the sum insured
The sum insured selected under section I should not be less than the completely erected value of the property inclusive of estimated freights, customs duty, erection cost etc.In case of long term contracts, there is bound to be escalation in prices i.e.prime cost. The basic policy will pay only as per the original cost and prices. However escalation clause can be opted for, under which escalation upto 50%, can be selected to take care of such increase in prices during the policy period.The sum insured shall be adjustable on completion of the erection, on the basis of actual values incurred by the insured in respect of freights, handling charges, customs dues, cost of erection etc. and premium adjusted accordingly.The sum insured under section II should represent the per accident limit (the maximum legal liability that may fall on the insured as a result of an accident in the insured's site). The limit per policy period should be fixed taking into account the maximum number of such accidents which can reasonably be expected to occur.
Top^
How to claim
In the event of any loss or damage giving rise to a claim under the policy, the following steps should be taken :-· take necessary steps to minimise the loss. · inform insurance company immediately. · inform fire brigade in case of fire and police authorities in case of theft. · extend full cooperation to the surveyor deputed by the company. · submit duly filled in claim form along with necessary documents to substantiate the financial loss suffered as a result of the accident.
Top^
Period of Insurance
The period of insurance should not be less than the period of contract and should commence from the date of unloading of the first consignment at the site of the erection and shall continue upto the conclusion of the first test operation or test loading subject to a maximum of 4weeks from the date trial running is made and / or readiness for work is declared by the erectors. If a part of the plant or one or several machines are tested and put into the operation, the coverage under the policy for that particular part of the plant or machine will cease, whereas the coverage will continue for the remaining parts which are not yet ready.In case approval of the plant or any part thereof is not given by the concerned authorities even after expiry of 4weeks of trial running, the policy can be extended and the extra premium to be arranged beforehand.
----------------------------------------------------------------------
Assurance Company Limited
PROPOSAL AND QUESTIONNAIRE FOR ERECTION ALL RISKS/MARINE-CUM- ERECTION INSURANCE
(The Liability of the Company does not Commence until this Proposal has been accepted by the Company and premium paid) (Information given herein will be treated in strict confidence)
PUT A TICK Mark wherever applicable
1.(a) Name and Address of the Principal Trade of Business_______________
________________ ________________
(b) Name and Address of the Contractor Trade or Business ______________
_______________
_______________
(c)Name & Address of the Sub Contractor if any, Trade Business____________
______________
______________
THE INSURED INTERESTS
2. Whose interests are to be insured ? Principal Contractor Sub-contractor
THE CONTRACT WORK
3. Full description of the Plant & Machinery to be erected.
Including Capacity.
(Please attach separate sheet if necessary)
4. (i) Is this a contract/Sub-Contract forming part of an over all
erection project of value exceeding Rs. 5 crores ? (i) Yes / No
(ii) If yes give name of the Project (ii)
5. (a) Have the Plans, Designs and Materials been already tested Yes / No
in any previous erection ?
(b) Is the installations or part there of built for the fist time ? Yes / No
(c) Are you the manufacturer, importer, buyer
or contractor of the installation Manufacturer / Importer/ Buyer/ Contractor
(d)Is the property brand new or is it
second hand and used one Brand New/ Second-hand
-2-
(e) If second hand or used,State Age?
6. (a) Will the erection be carried out by your own personnel ?(a) Yes / No
(b) If not by whom ? (b)
(c) Past experience of the erectors ? (c)
_________________________________________________________________
7. (a) Will any sub-contractors be taking part in the work of (a) Yes / No
erection ?
(b) If yes, what is their position as regards insurance ? (b)
THE CONTRACT SITE
8. (a) Location of site where the Plant is to be erected ? (a) (b) Nearest Post &/or Railway station and distance ? (b)
Note : A complete lay out of the Factory and Site may be enclosed
9. (a) (i) Are any special risk of flood, fire or explosion Involved ? (a) (i) Yes No
(ii) If yes, give details. (ii)
(b) Distance from nearest river or sea-the names and (b)
particulars to be given
(c) Elevation of Erection Site above normal river or sea level (c)
(d) Is there any record of the Erection site ever having been (d) Yes / No
submerged during floods ?
THE INSURANCE
11. (a) Probable date of first shipment or despatch. (a) (b) Expected date of first arrival at site. (b)
(c) Expected date of last arrival at site (c)
(d) Probable date of commencement of erection of Plant
& machinery (d)
(e) Probable date on which erection of Plant & Machinery is (e)
expected to be completed finally.
(f) Duration of Testing Period (including in ‘g’ below) (f) ...........Month
(g) Period of insurance required including Test run
(g)......Months From............ To .............
Items to be Insured Sum Insured
12. A SECTION I Material Damage
1. (a) On landed cost of imported machinery, as at Factory Site
i.e. @ Exchange rate (Sub divided as under)
(i) Invoice cost : Rs
-3-
(ii) Freight Insurance Handling Clearing and forwarding
charges upto Factory Site Rs.
(iii) Customs duty at % Rs.
(b) On Machinery fabricated or manufactured in India
(sub divided as under)
(i) Invoice Cost including insurance, handling for transporting upto factory site. Rs.
(ii) Freight Rs.
(c) On cost of Erection, including salaries all Foreign and
Indian Technicians and Wages of all skilled and unskilled
labour employed at Factory Site during erection. Rs.
(d) On Building in which the above Plant and Machinery is
to be erected
(i) Permanent Civil Engineering Works Rs.
(ii) Temporary Works Rs.
2. Clearance and Removal of Debris. Completely Erected Value Rs.
3. Value of Surrounding Property to be Covered. Rs.
4. Extra charges for Express Freight (excluding Air Freight)
Over time, Sunday and Holiday rates of wages. Rs.
5. Construction Plant and Machinery to be used at the Project
Site Details( as per attached list) Rs.
6. Do you wish Air freight to be covered, if so, amount &
indemnity. Rs.
7. (a) On Increased replacement value (including duty on such
additional replacement value) which may have to be paid on
replacement of imported Plant and Machinery as per
Item I-(a) above Rs.
(b) On increased replacement value which may have to be
paid on replacement of indigenous Plant and Machinery as
per item I-(b) above. Rs.
2. B SECTION II-Third Party Liability
(a) for any one accident. Rs.
(b) For all accidents during the period Rs.
13. (a) Have you approached any other Insurance Co. for (a) Yes / No
insurance Cover in respect of this proposal ?
(b) If yes, please state name of the Insurance Co.
14. Has any such proposal been
(a) declined ? (a) Yes No
(b) withdrawn ? (b) Yes No
(c) accepted subject to an increase or special condition ? (c) Yes No
The following questions are to be answered if Marine/Transit Insurance Cover is required
15. (a) Are there any fragile items like Refractory materials, (a) Yes / No
Asbestos cement sheets, Porcelain materials, Glass
equipments Fire Bricks, Graphite Electrodes etc.
(b) If yes, please give their value, description and mode of
packing (where packed in cases or loose)
16. (a) Do you want cement to be covered ? (a) Yes / No
(b) If yes, give its value and mode of packing (whether
packed in gunny bags or paper bags) (b)
17. Please give particulars of voyage for imports/ transports.
18. What is the limit required
(a) per any one shipment ? (In case of imports) (a)
(b) per any one despatch ? (In case of indigenous materials) (b)
19. Please state (for Inland Transit)
(a) how the goods will be transported to site of erection ?
(a) By Rail By Steamer By Lorry By Country Craft
(b) How many Transhipments will be there ? (b)
(c) Special hazards, if any, in transporting goods from (c)
nearest Station/port to erection site
20. Do you require war & S.R.C.C. risk to be covered during Yes No
Overseas Inland transits.
I/We the undersigned hereby declare that the above statements and particulars are true and complete and I/We declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Date :_______________
Place :_______________
Signature of Proposer_____________
PROHIBITION OF REBATES
The following is the copy of Section 41 of the Insurance Act 1938.
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown in the policy; nor shall any person taking out or renewing continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses of rebates of the Insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
*
---------------------------------------------------------------------------------
ASSURANCE COMPANY LIMITED
Marine Claim Form
The issue of this form is not to be taken as an admission of liability.
Polic No. ____________ Claim No. ___________
E R E C T I O N I N S U R A N C E
Notification of Physical Loss or Damage.
Name
Address
Question Answer
1. When did the loss or damage occur?(state date and hour)
2. State the site where the damage occurred and name and nearest Railway Station.
3. Give the details of the damage :-(a) to Erection Property(b) to property belonging to third parties (a)(b)
4. What was the cause of the damage?(e.g. Defective materials, faulty design, giving particulars of parts concerned).
5. Is any one responsible for the damage ?Is there any Possibility of recovery ?
Questions Answers
6. How will the damage be repaired ?Please state in detail whether any parts must be replaced; (Give weight and value of damaged parts.)
7. What is the estimated amount of the loss or damage ? Rs.
8. How did the damage occur ?
(This question must be answered in detail giving a sketch, wherever possible and supported by statements of witnesses)
9. Do you wish to carry out repairs yourself ?Do you wish to entrust repairs to another Firm (State name).
As soon as a loss or damage has become know, the Company at its Head Office must be notified without delay, on the present form. The Agents are not authorized to accept Notification of Loss or Damage.
The undersigned Policy - holder declares to have answered the above questions conscientiously and truthfully and he is liable for the correctness and completeness of his statements.
___________________
Signature
----------------------------------------------------------------------------------------------------------------
M.B.
Machinery Breakdown Policy
Download Forms (RTF Format)
Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
More Industrial Policies
· Highlights· Scope· Add on coversHow to claim
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of accidental electrical and mechanical breakdown.
Highlights
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.It reimburses the insured for the cost of repairs or replacement of machinery of like nature.· Who can take this Insurance:This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.· What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.· What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
Top^
Scope
The policy covers all kinds of electrical and mechanical breakdown subject to the following exclusions:a. Faulty material/workmanship of the machine b. Action of centrifugal forces contributing to disruption of the rotating parts c. Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown. d. Malfunctioning or failure of safety devices. e. Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions. f. Abrupt and sudden stoppage of other connected machinery. g. Entry of foreign bodies into running machine. h. Inexperienced operations causing damage due to error of judgment or error in operation.
Top^
Add on covers
The policy can be extended to include the following risks on payment of additional premium.1. Damage to foundation of machinery 2. Damage to oil in electrical apparatus 3. Express freight (excluding air freight), holiday rates, overtime charges 4. Air freight 5. Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured. 6. Own surrounding property i.e. damage to the insured’s own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy. 7. Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.
Top^
How to claim
In case of any such incident which falls under the scope of the policy, the following steps should be followed:1. Please inform the insuring office by phone, letter or fax. 2. Take all necessary steps to minimise the loss. 3. Obtain estimate of repair from repairer of your choice. 4. Submit this repair estimate and claim form to the surveyor deputed by the insurance company. 5. After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be. 6. Submit actual bills of repair/replacement with proof of payment to the surveyor.
ASSURANCE COMPANY LIMITED
PROPOSAL FOR MACHINERY INSURANCE
(The liability of the Company does not commence until this proposal has been accepted by the Company and premium paid)
(Information given herein will be treated in strict confidence)
PUT A ( ) MARK WHEREVER APPLICABLE
(a) Proposer’s Name ____________________________________________
(b) Proposer’s Trade or Business ___________________________________
(c) Proposer’s Postal Address _____________________________________
___________________________________________________________
_____________________________
(b) Address where plant to be Insured is located ______________________
(e) Nearest Railway Station and Distance ____________________________
1. Do the items listed represent the whole of the Plant Yes/No
2. (a) Are you at present Insured : (a) Yes/No
(b) If so with whom ? (b)
3. Has any Company -
(a) Declined to insure any of the machinery now
Proposed ? (a) Yes/No
( b) Required an increased premium or imposed
special conditions
(c) Requested for repairs or made other special(b) Yes/No
stipulations for risk improvement ?
4. (a) Are you aware of any defects/damage existing (a) Yes/No
in the machinery.
(b) If so, give details thereof (b)
5. (a) Has your machinery sustained any damage from
breakdown or other cause during last 3 years ? (a) Yes/No
(b) If so, give details of damage/s and repairing cost(b)
6. (a) Are regular periodical inspections of the machinery (a) Yes/No
carried out ?
(b) If so, by whom and at what intervals ? (b)
7. On payment of additional premium do you wish to If yes, provide limits
cover :- of indemnity
(a) Express Freight (excluding Airfreight), overtime
and Holiday rate of wages (a) Rs. No.
(b) Owners surrounding property (b) Rs. No
(c) Third party Liability (c) Rs. No.
8. Period of Insurance From To
SCHEDULE OF MACHINERY TO BE INSURED
GUIDE NOTES
1. Each Machinery should be entered separately with necessary specification as mentioned in Schedule column No. 3
2. The sum Insured must be calculated on the present day new replacement value of the Machinery to be insured including provision for packing, freight and also value of foundations, erection costs, customs duty, to afford full protection under this Policy.
3. If any of the Machines is a ‘Stand by’ this fact should be mentioned.
4. All portable Machines must be so designated. All items in the open must be so described separately.
5. Separate value for foundations masonry and brickwork or oil in transformers and other electrical equipments are to be specified if cover is required.
Sr. Quantity Description Type, Model Maker’s Name & Year of Make Sum Insured
No. Capacity of Machine/ Country of Origin
Serial No. H.P./KVA Volts
AMPS, RPM
1 2 3 4 5 6
I/We the undersigned hereby declare that the above statement and particulars are true and complete and I/we declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Place :_________________
Dated :_________________ Proposer’s Signature_____________
PROHIBITION OF REBATES
Section 41 of Insurance Act 1938
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy; nor shall any person taking out or renewing or continuing a policy accept such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
2. Any person making default in Company with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
------------------------------------------------------------------------------------------------------------
ASSURANCE COMPANY LIMITED
The Issue of this form is not to be taken as an admission of liability.
Policy No. Claim No._______________
MACHINERY INSURANCE
Notification of Physical Loss or Damage
Name
Address
Question Answers
1. When did the loss or damage occur ?
(State date and hour)
2. Give the name and address of the witness
to the occurrence.
3. What was damaged ?
(a) Item of the Inventory (a)
(b) Sum Insured (b)
(c) Type of machine output of capacity (c)
(d) Manufacturers and year of manufacture (d)
(Full details on maker's plate to be
given)
(e) What is the cost of replacement of the (e)
machine by a new machine of the same
size and capacity.
4. (a) Was the property brand new or second (a)
hand ?
(b) What was the last occasion before the (b)
damage when the machine was over-
hauled or attended to for maintenance
or damage
5. Is the damaged property totally destroyed ?
Questions Answers
6 What has occurred and which parts of the property are damaged to such an extend the replacement is necessary?
7 Has the period of guarantee expired?If so, when ?
8 What is the estimated amount of loss orDamage?
9 What was the cause of the damage and how did it occur?(This question must be answered in detail and a sketch given wherever possible)
10 (a) Has the property undergone any repairs previously(b) What was the nature of such repairs ? (a)(b)
11 Give the name and address of the workshop where repairs will be executed :(Provisional repairs will be indemnified)
As soon as loss or damage has become known the Company at its Head Office must be notified without delay on the present form. The Agents are not authorized to accept notification of loss or damage.
The undersigned policyholder declares to have answered the above questions conscientiously and faithfully and he is liable for the correctness and completeness of his statement.
_________________ 20_____ ________________________
Signature
1. What has occurred and which parts of the
property
Download Forms (RTF Format)
Application Form Claim Form
Any Query on this policy mail us at engineering.nia@newindia.co.in
More Industrial Policies
· Highlights· Scope· Add on coversHow to claim
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of accidental electrical and mechanical breakdown.
Highlights
This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.It reimburses the insured for the cost of repairs or replacement of machinery of like nature.· Who can take this Insurance:This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.· What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.· What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.
Top^
Scope
The policy covers all kinds of electrical and mechanical breakdown subject to the following exclusions:a. Faulty material/workmanship of the machine b. Action of centrifugal forces contributing to disruption of the rotating parts c. Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown. d. Malfunctioning or failure of safety devices. e. Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions. f. Abrupt and sudden stoppage of other connected machinery. g. Entry of foreign bodies into running machine. h. Inexperienced operations causing damage due to error of judgment or error in operation.
Top^
Add on covers
The policy can be extended to include the following risks on payment of additional premium.1. Damage to foundation of machinery 2. Damage to oil in electrical apparatus 3. Express freight (excluding air freight), holiday rates, overtime charges 4. Air freight 5. Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured. 6. Own surrounding property i.e. damage to the insured’s own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy. 7. Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.
Top^
How to claim
In case of any such incident which falls under the scope of the policy, the following steps should be followed:1. Please inform the insuring office by phone, letter or fax. 2. Take all necessary steps to minimise the loss. 3. Obtain estimate of repair from repairer of your choice. 4. Submit this repair estimate and claim form to the surveyor deputed by the insurance company. 5. After getting clearance from the surveyor, proceed for repairing machine or ordering for replacement as the case may be. 6. Submit actual bills of repair/replacement with proof of payment to the surveyor.
ASSURANCE COMPANY LIMITED
PROPOSAL FOR MACHINERY INSURANCE
(The liability of the Company does not commence until this proposal has been accepted by the Company and premium paid)
(Information given herein will be treated in strict confidence)
PUT A ( ) MARK WHEREVER APPLICABLE
(a) Proposer’s Name ____________________________________________
(b) Proposer’s Trade or Business ___________________________________
(c) Proposer’s Postal Address _____________________________________
___________________________________________________________
_____________________________
(b) Address where plant to be Insured is located ______________________
(e) Nearest Railway Station and Distance ____________________________
1. Do the items listed represent the whole of the Plant Yes/No
2. (a) Are you at present Insured : (a) Yes/No
(b) If so with whom ? (b)
3. Has any Company -
(a) Declined to insure any of the machinery now
Proposed ? (a) Yes/No
( b) Required an increased premium or imposed
special conditions
(c) Requested for repairs or made other special(b) Yes/No
stipulations for risk improvement ?
4. (a) Are you aware of any defects/damage existing (a) Yes/No
in the machinery.
(b) If so, give details thereof (b)
5. (a) Has your machinery sustained any damage from
breakdown or other cause during last 3 years ? (a) Yes/No
(b) If so, give details of damage/s and repairing cost(b)
6. (a) Are regular periodical inspections of the machinery (a) Yes/No
carried out ?
(b) If so, by whom and at what intervals ? (b)
7. On payment of additional premium do you wish to If yes, provide limits
cover :- of indemnity
(a) Express Freight (excluding Airfreight), overtime
and Holiday rate of wages (a) Rs. No.
(b) Owners surrounding property (b) Rs. No
(c) Third party Liability (c) Rs. No.
8. Period of Insurance From To
SCHEDULE OF MACHINERY TO BE INSURED
GUIDE NOTES
1. Each Machinery should be entered separately with necessary specification as mentioned in Schedule column No. 3
2. The sum Insured must be calculated on the present day new replacement value of the Machinery to be insured including provision for packing, freight and also value of foundations, erection costs, customs duty, to afford full protection under this Policy.
3. If any of the Machines is a ‘Stand by’ this fact should be mentioned.
4. All portable Machines must be so designated. All items in the open must be so described separately.
5. Separate value for foundations masonry and brickwork or oil in transformers and other electrical equipments are to be specified if cover is required.
Sr. Quantity Description Type, Model Maker’s Name & Year of Make Sum Insured
No. Capacity of Machine/ Country of Origin
Serial No. H.P./KVA Volts
AMPS, RPM
1 2 3 4 5 6
I/We the undersigned hereby declare that the above statement and particulars are true and complete and I/we declare and agree that this declaration and the answers given above shall be held to be promissory and shall be the basis of the contract between me/us and the Company.
Place :_________________
Dated :_________________ Proposer’s Signature_____________
PROHIBITION OF REBATES
Section 41 of Insurance Act 1938
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an Insurance in respect of any kind of risk relating to live or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy; nor shall any person taking out or renewing or continuing a policy accept such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
2. Any person making default in Company with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
------------------------------------------------------------------------------------------------------------
ASSURANCE COMPANY LIMITED
The Issue of this form is not to be taken as an admission of liability.
Policy No. Claim No._______________
MACHINERY INSURANCE
Notification of Physical Loss or Damage
Name
Address
Question Answers
1. When did the loss or damage occur ?
(State date and hour)
2. Give the name and address of the witness
to the occurrence.
3. What was damaged ?
(a) Item of the Inventory (a)
(b) Sum Insured (b)
(c) Type of machine output of capacity (c)
(d) Manufacturers and year of manufacture (d)
(Full details on maker's plate to be
given)
(e) What is the cost of replacement of the (e)
machine by a new machine of the same
size and capacity.
4. (a) Was the property brand new or second (a)
hand ?
(b) What was the last occasion before the (b)
damage when the machine was over-
hauled or attended to for maintenance
or damage
5. Is the damaged property totally destroyed ?
Questions Answers
6 What has occurred and which parts of the property are damaged to such an extend the replacement is necessary?
7 Has the period of guarantee expired?If so, when ?
8 What is the estimated amount of loss orDamage?
9 What was the cause of the damage and how did it occur?(This question must be answered in detail and a sketch given wherever possible)
10 (a) Has the property undergone any repairs previously(b) What was the nature of such repairs ? (a)(b)
11 Give the name and address of the workshop where repairs will be executed :(Provisional repairs will be indemnified)
As soon as loss or damage has become known the Company at its Head Office must be notified without delay on the present form. The Agents are not authorized to accept notification of loss or damage.
The undersigned policyholder declares to have answered the above questions conscientiously and faithfully and he is liable for the correctness and completeness of his statement.
_________________ 20_____ ________________________
Signature
1. What has occurred and which parts of the
property
Insurance Claims
CLAIMS
In addition to a competent surveyor , Company Official should visit.
Processing of Claims
Documents :
1) Copy of the policy complete with terms , conditions & warranties
2) Claim form duly completed by Insured
3) Survey report should include :
Indication of the cause of loss
Establishment of liability
Assessment of Loss
Confirmation of compliance of policy terms , conditions & warranties
Admissibility of Claim
Photographs !
Police report ! If necessary
Fire Brigade report !
Claims arising out of AOG Perils
Documents like Newspaper cutings , photographs & meteorological reports
Attention to be paid to concurrent policy & Fin. Inst. Clause
Losses of RSMTD perils
Disposal of Salvage
Disposal of Claims
If all the papers are destroyed in Fire:
LOP
To minimise period of indemnity
IAR : Claims to be dealt as per relevant sections
======================================================
Engg Insuarnce:
Documents required as under:
a) Copy of the policy with full terms , conditions , warranties
b) Claimform
c) Survey report incl: Clear indication of the cause of loss , Extent of damage & loss,Establishment of liability , assessment of loss , confirmation of compliance
Of policy terms , conditions & warranties , Admissibility of loss
d) Photographs
e) Police Report
f) Fire Brigade Report
Items e & f may be waived where survey report is clear & does not cause any doubt on the occurrence as well as extent of loss.
1.1-Theft = FIR
1.2 Steps involved in loss-adjustment shoyuld be as under:
Gross loss assessed
a. Less Depriciation if any
b. Less: salvage
c. Less: underinsurance
d. Less :Excess
e. Net claim payable
2. MCE Policies:Marine practice to be followed for Marine
2.1 in case of mega projects , services of an on-site representative/outside project-monitoring agency could be retained, to:
a) Monitor progress of projecta-ctivity
b) Receive report on genearl conditions prevailing at site , from loss-minimisation point of view.
c) Co-ordinate with different authorities on site,
d) Collect required documents for claims already lodged to expedite disposal
e) Conduct survey of losses falling within self-survey limit
f) Preliminary survey of losses
2.2Inci Expenses like supervision/Storage to the extent they are included in S.I. & actually incurred. When replacement value is not ascertainable , assessment can be based on the original invoice value plus escalation if provided in the policy. However, it may be left to the surveyor to arrive at a value.
2.3 Loss under various extensions like additional custom duty , air freight,express freight , overtime wages etc are to beassessed sepaartely. Such Expenses will be available only when incurred by Insured. Liability under these extensions will be over & above the ones allowed under Std. Policy provided limit is not exhausted by earlier settled claims &/or Claims reported but pending settlement.
2.4 If the claim is assessed both under the main policy & extensions like additional custom duty , express freight , overtime wages etc. , specified excess will be applied for each of these sections separately.
C A R
Surveyor shall confirm that the damage is not due to faulty design as the policy completely excludes loss due to faulty design unlike the erection policy where only a particular portion is excluded & resultant damage is paid.
Excess as applicable.
C.P.M.
Being an annual policy , validity at the time of occurrence to be evrified.
Identification of damaged equipment / item should be asked for to confirm coverage under policy. This is necessary since selection of equipments for insurance is allowed.
Surveyor should confirm accidental damage to the equipment.
For items fabricated by the Contractor & replacement values not available , the surveyor should assess the loss on the basis of actual costs incurred by the Insured.
Machinery insurance:
1) Test reports of the admaged parts if demed necessary by the Surveyor & / or suggested by the Insurers is to be submitted to the insurer/surveyor.
2) Repairs / replacement to be confirmed by surveyor.
Claim payable may include costs of dismantling , transportation to the repairer’s shop repairs & re-transportation & re-erection & other incidental expenses. If damaged equipment being sent out is covered under a Marine transit policy , the cost of such insurance may also be reimbursed.
If repeated loses are reported on same equipment , U/W office can take help of outside expert to ascertain the precise cause of repeated loses & suggest measures for avoidance/minimisation of reoccurrence of break-down / loss.
The exclusion of damage to belts ., ropes, chains , Rubber tyres,dyes , moulds to be considered.As to the oil & other operating meduia in transformer & equipment , these may be reimbursed only when specifically covered under the policy.
Loses under other extensions like additional custom duty , air freight , express freight etc. are to be assessed separately & the u/w office should confirm the availability of additional s.i. specifically for such items of expenditure while recommending the claim for settlement. If the assessment involves additional expenses for repairs / replacement , surveyor should confirm that the expenses are reasonable.
Boiler Explosion Insurance
a) Copy of the certificate issued by Inspectorate of Boilers(Wherever applicable) for operation.
b) Boiler inspection report on the occurrence.
Electrical Equipment Insurance
Since the selection of equipment is allowed , u/w office should confirm existence of cover for the damaged item.
Avrious exclusions under the basis policy /./ It should be ensured that claim does not fall under any exclusions.
LOP Insurance
Claim admissible only if loss or damage to M/C or Boiler covered under corresponding policy is admissible.
Selection allowed.Reconfirm coverage.
Applicable time excess. Selection of indemnity period is made depending upon type of M/C.
MD surveyor & LOP Surveyor should report on steps
======================================================
Misc. accid ent
Personal Accident
Generally scrutiny of following documents is esential.
a) Duly completed claim form.
b) Report of attending Doctor either as a sepaarte document or on the reverse of claim-form
c) Invest reports like Lab tests,X-ays & reports esential for confirmation of injury
d) Police reports wherever necessary.
e) Certificate of proof of age of dependent childin case claim is under Education grant provision.
f) Med Bill corresponding to doctor’s prescription where medical extension is granted.
In case of fatal accidents , following documents will be scrutinised
1) Death Certificate
2) Post-Mortem Report
3) Coroner’s report.
4) Inquest report
Original documents to be returned, only photocopies retained.
Bills/Receipts for Company records
Affidavit for legal heir to be obtained.
All Risk
Theft Claim
In case of personal efects , invoice / bill should not be insisted upon but Market value should be the basis of settlement.While final police report should be called for , where it is not forthcoming within 6 Months of the loss, claim may be settled on the basis of 1st Investigation report lodged providedother documents are in order. Indemnity bond is to be obtained before settlement.
Baggage Insurance
Following Documents:
1) Duly completed claim form
2) Final Investigation Report
3) Survey Report
4) Photographs
In case of small losses upto a specified amount by dealing office.
Burglary Insurance
1) Duly completed claim form
2) Final Investigation report of police
3) Survey report
4) Photos
In case of small losses , dealing office can settle the claim.It is preferable to appointan investigator to check up books of accounts involving assessment . This has to be a licensed surveyor.
Waiver of Final Invest Report can be considered at the discretion of competent authorityso long as report does not raise any doubt. Subrogation / Indemnity letter is a must.
Money Policy
Following documents are considered important while processing claims:
1) Duly completed claim form
2) Final investigation report from Police
3) Survey Report
Incase of losses reported from premises , procedure to be followed on similar lines of Burglary.
However if infidelity of the employee is involved, Dept proceedings & / or criminal action to be initiated against erring employee
Limit per sending declared will be max. indemnity & average will not apply if cash carried is more than limit intimated.
Since policy is on adjustment basis , annual estimate of carrying does not have any bearing on claim.
Fidelity Guarantee
Completed Claim Fiorm , Survey Report & / or inestogator’s report & Final Investigation report.It is necessary to verify with the employer whether any amt. Is due to defaulting employee which can be withheld by the employer & adjusted against claim.
However, Final investigation report may be waived where the surveyor / Investigator have not raised any doubts as to cause / quantum of loss. Settlement of claim to be effected after obtaining letter of indemnity / subrogation from the Insured.
Where Dept. inquiry by employer has established guilt of the employe & asessment report is clean , settlement may be effected after suitable indemnity / subrogation letter is received from Insured without waiting for the outcome of any criminal action pending in any court of law./
Shopkeepers’ Insurance
Package Policy- Various covers such as Fire , burglary , cash in Transit , PA &/or liability.Depending on section aplicasble , procedure for settlement of claim/guidelines may be followed.
Householders’ Comprehensive
Each specified class would be same as per respective class.
CLAIMS
In addition to a competent surveyor , Company Official should visit.
Processing of Claims
Documents :
1) Copy of the policy complete with terms , conditions & warranties
2) Claim form duly completed by Insured
3) Survey report should include :
Indication of the cause of loss
Establishment of liability
Assessment of Loss
Confirmation of compliance of policy terms , conditions & warranties
Admissibility of Claim
Photographs !
Police report ! If necessary
Fire Brigade report !
Claims arising out of AOG Perils
Documents like Newspaper cutings , photographs & meteorological reports
Attention to be paid to concurrent policy & Fin. Inst. Clause
Losses of RSMTD perils
Disposal of Salvage
Disposal of Claims
If all the papers are destroyed in Fire:
LOP
To minimise period of indemnity
IAR : Claims to be dealt as per relevant sections
======================================================
Engg Insuarnce:
Documents required as under:
a) Copy of the policy with full terms , conditions , warranties
b) Claimform
c) Survey report incl: Clear indication of the cause of loss , Extent of damage & loss,Establishment of liability , assessment of loss , confirmation of compliance
Of policy terms , conditions & warranties , Admissibility of loss
d) Photographs
e) Police Report
f) Fire Brigade Report
Items e & f may be waived where survey report is clear & does not cause any doubt on the occurrence as well as extent of loss.
1.1-Theft = FIR
1.2 Steps involved in loss-adjustment shoyuld be as under:
Gross loss assessed
a. Less Depriciation if any
b. Less: salvage
c. Less: underinsurance
d. Less :Excess
e. Net claim payable
2. MCE Policies:Marine practice to be followed for Marine
2.1 in case of mega projects , services of an on-site representative/outside project-monitoring agency could be retained, to:
a) Monitor progress of projecta-ctivity
b) Receive report on genearl conditions prevailing at site , from loss-minimisation point of view.
c) Co-ordinate with different authorities on site,
d) Collect required documents for claims already lodged to expedite disposal
e) Conduct survey of losses falling within self-survey limit
f) Preliminary survey of losses
2.2Inci Expenses like supervision/Storage to the extent they are included in S.I. & actually incurred. When replacement value is not ascertainable , assessment can be based on the original invoice value plus escalation if provided in the policy. However, it may be left to the surveyor to arrive at a value.
2.3 Loss under various extensions like additional custom duty , air freight,express freight , overtime wages etc are to beassessed sepaartely. Such Expenses will be available only when incurred by Insured. Liability under these extensions will be over & above the ones allowed under Std. Policy provided limit is not exhausted by earlier settled claims &/or Claims reported but pending settlement.
2.4 If the claim is assessed both under the main policy & extensions like additional custom duty , express freight , overtime wages etc. , specified excess will be applied for each of these sections separately.
C A R
Surveyor shall confirm that the damage is not due to faulty design as the policy completely excludes loss due to faulty design unlike the erection policy where only a particular portion is excluded & resultant damage is paid.
Excess as applicable.
C.P.M.
Being an annual policy , validity at the time of occurrence to be evrified.
Identification of damaged equipment / item should be asked for to confirm coverage under policy. This is necessary since selection of equipments for insurance is allowed.
Surveyor should confirm accidental damage to the equipment.
For items fabricated by the Contractor & replacement values not available , the surveyor should assess the loss on the basis of actual costs incurred by the Insured.
Machinery insurance:
1) Test reports of the admaged parts if demed necessary by the Surveyor & / or suggested by the Insurers is to be submitted to the insurer/surveyor.
2) Repairs / replacement to be confirmed by surveyor.
Claim payable may include costs of dismantling , transportation to the repairer’s shop repairs & re-transportation & re-erection & other incidental expenses. If damaged equipment being sent out is covered under a Marine transit policy , the cost of such insurance may also be reimbursed.
If repeated loses are reported on same equipment , U/W office can take help of outside expert to ascertain the precise cause of repeated loses & suggest measures for avoidance/minimisation of reoccurrence of break-down / loss.
The exclusion of damage to belts ., ropes, chains , Rubber tyres,dyes , moulds to be considered.As to the oil & other operating meduia in transformer & equipment , these may be reimbursed only when specifically covered under the policy.
Loses under other extensions like additional custom duty , air freight , express freight etc. are to be assessed separately & the u/w office should confirm the availability of additional s.i. specifically for such items of expenditure while recommending the claim for settlement. If the assessment involves additional expenses for repairs / replacement , surveyor should confirm that the expenses are reasonable.
Boiler Explosion Insurance
a) Copy of the certificate issued by Inspectorate of Boilers(Wherever applicable) for operation.
b) Boiler inspection report on the occurrence.
Electrical Equipment Insurance
Since the selection of equipment is allowed , u/w office should confirm existence of cover for the damaged item.
Avrious exclusions under the basis policy /./ It should be ensured that claim does not fall under any exclusions.
LOP Insurance
Claim admissible only if loss or damage to M/C or Boiler covered under corresponding policy is admissible.
Selection allowed.Reconfirm coverage.
Applicable time excess. Selection of indemnity period is made depending upon type of M/C.
MD surveyor & LOP Surveyor should report on steps
======================================================
Misc. accid ent
Personal Accident
Generally scrutiny of following documents is esential.
a) Duly completed claim form.
b) Report of attending Doctor either as a sepaarte document or on the reverse of claim-form
c) Invest reports like Lab tests,X-ays & reports esential for confirmation of injury
d) Police reports wherever necessary.
e) Certificate of proof of age of dependent childin case claim is under Education grant provision.
f) Med Bill corresponding to doctor’s prescription where medical extension is granted.
In case of fatal accidents , following documents will be scrutinised
1) Death Certificate
2) Post-Mortem Report
3) Coroner’s report.
4) Inquest report
Original documents to be returned, only photocopies retained.
Bills/Receipts for Company records
Affidavit for legal heir to be obtained.
All Risk
Theft Claim
In case of personal efects , invoice / bill should not be insisted upon but Market value should be the basis of settlement.While final police report should be called for , where it is not forthcoming within 6 Months of the loss, claim may be settled on the basis of 1st Investigation report lodged providedother documents are in order. Indemnity bond is to be obtained before settlement.
Baggage Insurance
Following Documents:
1) Duly completed claim form
2) Final Investigation Report
3) Survey Report
4) Photographs
In case of small losses upto a specified amount by dealing office.
Burglary Insurance
1) Duly completed claim form
2) Final Investigation report of police
3) Survey report
4) Photos
In case of small losses , dealing office can settle the claim.It is preferable to appointan investigator to check up books of accounts involving assessment . This has to be a licensed surveyor.
Waiver of Final Invest Report can be considered at the discretion of competent authorityso long as report does not raise any doubt. Subrogation / Indemnity letter is a must.
Money Policy
Following documents are considered important while processing claims:
1) Duly completed claim form
2) Final investigation report from Police
3) Survey Report
Incase of losses reported from premises , procedure to be followed on similar lines of Burglary.
However if infidelity of the employee is involved, Dept proceedings & / or criminal action to be initiated against erring employee
Limit per sending declared will be max. indemnity & average will not apply if cash carried is more than limit intimated.
Since policy is on adjustment basis , annual estimate of carrying does not have any bearing on claim.
Fidelity Guarantee
Completed Claim Fiorm , Survey Report & / or inestogator’s report & Final Investigation report.It is necessary to verify with the employer whether any amt. Is due to defaulting employee which can be withheld by the employer & adjusted against claim.
However, Final investigation report may be waived where the surveyor / Investigator have not raised any doubts as to cause / quantum of loss. Settlement of claim to be effected after obtaining letter of indemnity / subrogation from the Insured.
Where Dept. inquiry by employer has established guilt of the employe & asessment report is clean , settlement may be effected after suitable indemnity / subrogation letter is received from Insured without waiting for the outcome of any criminal action pending in any court of law./
Shopkeepers’ Insurance
Package Policy- Various covers such as Fire , burglary , cash in Transit , PA &/or liability.Depending on section aplicasble , procedure for settlement of claim/guidelines may be followed.
Householders’ Comprehensive
Each specified class would be same as per respective class.
CLAIMS
Tuesday, March 3, 2009
Genius-What makes a Genius
How to be a genius
Scott Berkun
Geniuses don't exist in the present. Think of the people you've met: Would you call any of them a genius in the Mozart, Einstein, Shakespeare sense of the word? Even the MacArthur Foundation's "genius" grants don't call their winners geniuses.
In Pictures: 10 Geniuses And What Made Them Great
Editor's Choice
CEOs Who Appear In Their Own Commercials
When The Egg Comes Before The Chicken
How Emerging Designers Stand Out
In Pictures: How To Figure Out Where You Fit
We throw the g-word around where it's safe: in reference to dead people. Since there's no one alive who witnessed Wolfgang Amadeus Mozart pee in his kindergarten pants or saw young Pablo Picasso eating crayons, we can call them geniuses in safety, as their humanity has been stripped from our memory.
Even if you believe geniuses exist, there's little consensus on what being a genius means. Some experts say genius is the capacity for greatness. Others believe it's that you've accomplished great things.
Forget this pointless debate. Chasing definitions never provides what we want: a better understanding of how to appreciate, and possibly become, interesting creative people. Instead let's run through the history of geniuses and pull out some telling patterns.
Have a great, or horrible, family
Picasso, Mozart, Beethoven, Einstein and Goethe are popular geniuses whose parents were interested in their creative lives. Mozart and Beethoven both had fathers who were professional musicians and they were taught by them during childhood to play instruments. Can you guess what Picasso's dad did? Yes, he was a painter, and he spent many hours with young Pablo.
One popular legend surrounding Einstein is that he was obsessed with a compass given to him by his dad. The more potent factor in his development was family friend Max, who taught Einstein science and philosophy. Then, of course, there's Van Gogh. The only healthy relationship he ever had was with his brother Theo.
But lousy families can make geniuses, too.
Beethoven's dad was cruel, torturing him during practice sessions. Unlike many child prodigies who burn out at adolescence, Beethoven kept his passion for music. Leonardo da Vinci barely knew his father.
Isaac Newton was also born to a single-parent home and hated his stepfather. From that broken relationship may have come the seed of unrest that fueled his independent life and ideas.
Also read
• Images: Sleek gadgets
• Reliance-RPL merger
• Auto Special
• Gadgets & Gizmos
• Gold rates
• Latest on Satyam fiasco
• Images: Rajdhani Express turns 40!
Be obsessed with work
Show me a genius and I'll show you a workaholic. Van Gogh produced 2,000 works of art between 1880 and 1890 (or 1,100 paintings and 900 sketches). That's four works of art a week for a decade. He didn't even get started until age 25.
Da Vinci's journals represent one clear fact: Work was the centre of his life. He had neither a spouse nor children. Picasso was a machine, churning out 12,000 works of art. He said, "Give me a museum and I'll fill it" and made good on that boast. Shakespeare wrote more than 40 plays, plus dozens of sonnets, poems and, of course, grocery lists.
These are people who sacrificed many ordinary pleasures for their work.
The list of lazy geniuses is short. There are burnouts, suicides and unproductive years in retreat--but none could be called slackers. Malcolm Gladwell, in his book Outliers contends that the key to any success is 10,000 hours of practice.
The debate over talent vs. effort is moot: History makes it clear you always need extraordinary effort.
Have emotional or other serious problems
For all their brilliance, most geniuses did not live well-adjusted lives. Picasso, Van Gogh, Edison, Einstein and Nietzsche (and most major modern philosophers) were often miserable. Many never married or married often, abandoned children and fought depression.
Newton and Tesla spent years in isolation by choice and had enough personality disorders to warrant cabinets full of pharmaceuticals today. Michelangelo and da Vinci quit jobs and fled cities to escape debts.
Kafka and Proust were both hypochondriacs, spending years in bed or in hospitals for medical conditions, some of which were psychological. Voltaire, Thoreau and Socrates all lived in exile or poverty, and these conditions contributed to the works they're famous for.
Happily positive emotions can work as fuel, too. John Coltrane, C.S. Lewis and Einstein had deeply held, and mostly positive, spiritual beliefs that fueled their work.
But the real lesson is that all emotions, positive or negative, provide fuel for work and geniuses are better at converting their emotions into work than more ordinary people.
Don't strive for fame in your own lifetime
Most people we now consider geniuses received little publicity in their lifetimes compared with the accolades heaped on them after their deaths. Kafka and Van Gogh died young, poor and with little fame.
Desiring fame in the present may spoil the talents you have. This explains why many young stars have one amazing work but never rise to the same brilliance later: They've lost their own opinions. Perhaps it's best to ignore opinions except from a trusted few and concentrate on the problems you wish to solve.
In Pictures: 10 Geniuses And What Made Them Great
To focus on learning and creating seems wise. Leave it to the world after you're gone to decide if you were a genius or not. As long as you're free to create in ways that satisfy your passions and a handful of fans, you're doing better than most, including many of the people we call geniuses.
Scott Berkun
Geniuses don't exist in the present. Think of the people you've met: Would you call any of them a genius in the Mozart, Einstein, Shakespeare sense of the word? Even the MacArthur Foundation's "genius" grants don't call their winners geniuses.
In Pictures: 10 Geniuses And What Made Them Great
Editor's Choice
CEOs Who Appear In Their Own Commercials
When The Egg Comes Before The Chicken
How Emerging Designers Stand Out
In Pictures: How To Figure Out Where You Fit
We throw the g-word around where it's safe: in reference to dead people. Since there's no one alive who witnessed Wolfgang Amadeus Mozart pee in his kindergarten pants or saw young Pablo Picasso eating crayons, we can call them geniuses in safety, as their humanity has been stripped from our memory.
Even if you believe geniuses exist, there's little consensus on what being a genius means. Some experts say genius is the capacity for greatness. Others believe it's that you've accomplished great things.
Forget this pointless debate. Chasing definitions never provides what we want: a better understanding of how to appreciate, and possibly become, interesting creative people. Instead let's run through the history of geniuses and pull out some telling patterns.
Have a great, or horrible, family
Picasso, Mozart, Beethoven, Einstein and Goethe are popular geniuses whose parents were interested in their creative lives. Mozart and Beethoven both had fathers who were professional musicians and they were taught by them during childhood to play instruments. Can you guess what Picasso's dad did? Yes, he was a painter, and he spent many hours with young Pablo.
One popular legend surrounding Einstein is that he was obsessed with a compass given to him by his dad. The more potent factor in his development was family friend Max, who taught Einstein science and philosophy. Then, of course, there's Van Gogh. The only healthy relationship he ever had was with his brother Theo.
But lousy families can make geniuses, too.
Beethoven's dad was cruel, torturing him during practice sessions. Unlike many child prodigies who burn out at adolescence, Beethoven kept his passion for music. Leonardo da Vinci barely knew his father.
Isaac Newton was also born to a single-parent home and hated his stepfather. From that broken relationship may have come the seed of unrest that fueled his independent life and ideas.
Also read
• Images: Sleek gadgets
• Reliance-RPL merger
• Auto Special
• Gadgets & Gizmos
• Gold rates
• Latest on Satyam fiasco
• Images: Rajdhani Express turns 40!
Be obsessed with work
Show me a genius and I'll show you a workaholic. Van Gogh produced 2,000 works of art between 1880 and 1890 (or 1,100 paintings and 900 sketches). That's four works of art a week for a decade. He didn't even get started until age 25.
Da Vinci's journals represent one clear fact: Work was the centre of his life. He had neither a spouse nor children. Picasso was a machine, churning out 12,000 works of art. He said, "Give me a museum and I'll fill it" and made good on that boast. Shakespeare wrote more than 40 plays, plus dozens of sonnets, poems and, of course, grocery lists.
These are people who sacrificed many ordinary pleasures for their work.
The list of lazy geniuses is short. There are burnouts, suicides and unproductive years in retreat--but none could be called slackers. Malcolm Gladwell, in his book Outliers contends that the key to any success is 10,000 hours of practice.
The debate over talent vs. effort is moot: History makes it clear you always need extraordinary effort.
Have emotional or other serious problems
For all their brilliance, most geniuses did not live well-adjusted lives. Picasso, Van Gogh, Edison, Einstein and Nietzsche (and most major modern philosophers) were often miserable. Many never married or married often, abandoned children and fought depression.
Newton and Tesla spent years in isolation by choice and had enough personality disorders to warrant cabinets full of pharmaceuticals today. Michelangelo and da Vinci quit jobs and fled cities to escape debts.
Kafka and Proust were both hypochondriacs, spending years in bed or in hospitals for medical conditions, some of which were psychological. Voltaire, Thoreau and Socrates all lived in exile or poverty, and these conditions contributed to the works they're famous for.
Happily positive emotions can work as fuel, too. John Coltrane, C.S. Lewis and Einstein had deeply held, and mostly positive, spiritual beliefs that fueled their work.
But the real lesson is that all emotions, positive or negative, provide fuel for work and geniuses are better at converting their emotions into work than more ordinary people.
Don't strive for fame in your own lifetime
Most people we now consider geniuses received little publicity in their lifetimes compared with the accolades heaped on them after their deaths. Kafka and Van Gogh died young, poor and with little fame.
Desiring fame in the present may spoil the talents you have. This explains why many young stars have one amazing work but never rise to the same brilliance later: They've lost their own opinions. Perhaps it's best to ignore opinions except from a trusted few and concentrate on the problems you wish to solve.
In Pictures: 10 Geniuses And What Made Them Great
To focus on learning and creating seems wise. Leave it to the world after you're gone to decide if you were a genius or not. As long as you're free to create in ways that satisfy your passions and a handful of fans, you're doing better than most, including many of the people we call geniuses.
Monday, March 2, 2009
Top 10 Global Insuarnce Companies
0
50,000
100,000
150,000
200,000
250,000
2000 2001 2002 2003
UK Germany France Italy Netherlands
The Top 10 Global Insurance Companies
Increasing profitability, market share and competitive edge
Financial Services Management Report
Source: The Top 10 Global Insurance Companies
Total life and non-life premium volume
in the top five European markets
“Last year saw a further decrease in life insurance premium
income, in many countries including the UK. This trend is
because of the recession and persistent low interest rates,
resulting in life insurers offering lower returns...”
Improve profitability and exploit new opportunities in insurance markets
using this new report’s analysis of the strategies helping top insurers remain global leaders...
BUSINESS INSIGHTS
Total Premium Volume (€m)
Business Insights’ portfolio of financial services management reports are designed to help you make well
informed, timely business decisions. We understand the problems facing today’s financial services executives when
trying to drive your business forward, and appreciate the importance of accurate, up-to-date, incisive product,
market and company analysis. We help you to crystallize your business decisions.
The strength of our financial services research and analysis is derived from access to unparalleled databases
and libraries of information and the use of proprietary analytic techniques. Business Insights reports are authored
by independent experts and contain findings garnered from dedicated primary research. Our authors’ leading
positions secure them access to interview key executives and to establish which issues will be of greatest strategic
significance for the industry.
Our financial services portfolio of reports can be used across a wide range of business functions to assess market
conditions and devise future strategies. The order form on the back of this brochure lists titles available within the
following categories: Banking, Finance, Insurance, Wealth Management, Investment and Strategy.
Business Intelligence for the Financial Services Industry
“Japan is an
over-insured market.
Three of the top 10
Japanese insurers,
Mitsui Life, Sumitomo
Life, and Asahi Life,
have been marked
with non-investment
grade ratings...”
Examining the Key Issues
• Bancassurance - identify the most effective models using this
report’s examination of penetration levels and profiles of major
European bancassurers including Lloyds TSB, Allianz, Banca
Unicredito and Caj Madrid.
• New European regulations - predict their effects by reading this
reports explanation of the impact of changes to regulations
including depolarization in the UK and pension reform in Germany.
• Global stock-market decline - discover the strategies global
insurers are implementing to compensate for the resulting
reduction premium revenues and sluggish growth.
• Mergers and Acquisitions - they may offer access to new market
segments, new products and new customers, but find out the real
costs and benefits of mergers including that of Allianz and Dresdner
in this report’s analysis of merger activity.
Germany 19% 51% 9% 21% 0%
UK 18% 17% - 56% 9%
Italy 56% 34% 9% 1% 0%
France 61% 8% 6% 9% 16%
Spain 77% 0% 3% 20% 0%
IFAs/ Other
brokers
Direct
sales-force
Tied
agents
Banks/
bancassurers
Country
The Top 10 Global Insurance Companies
The Answers to Your Questions
• Which countries show the most rapid growth in insurance premiums?
• What is the most effective method of life insurance distribution
through bancassurance in each of the major European markets?
• What are the key characteristics of the world's most successful
insurers?
• How and why are so many insurers seeking to enter new markets?
• Which life insurance distribution channels are the most popular in
Europe and why?
• How are insurers reacting to the effects of stock-market decline?
Last year, after two years of worldwide recession the insurance market
finally showed signs of recovery. However, increased competition from
new entrants combined with a lack of consumer confidence still create a
difficult environment in which to either acquire or retain customers.
The Top 10 Global Insurance Companies: Increasing profitability,
market share and competitive edge provides an overview of the
global insurance market, including statistics on both life and non life
insurance. Uniquely, this report not only details the global insurance
market but also analyses the key issue of bancassurance. Ten extensive
profiles of global insurers are included, examining the reasons behind
each organisation’s growth, their potential weaknesses and defining the
threats that could affect their global position in the future.
Find new ways to gain profit using this report's analysis of key
market trends and the strategies of the world's most successful
insurers.
“The most successful bancassurance market in
Europe is Spain, where banks dominate the market
with 77% market share. Prior to 1992, banks were
not allowed to distribute life assurance products.
Spanish banks own seven of the top 10 life
assurance competitors...”
Source: The Top 10 Global Insurance Companies:
Increasing profitability, market share and
competitive edge
Distribution of life assurance by distribution
channel
Source: The Top 10 Global Insurance Companies
“After the lesson
learned by the Allianz
and Dresdner deal,
bancassurance players
prefer strong
partnerships rather
than full-scale
mergers...”
• Growth rates in the global insurance industry are recovering after
two years of global recession. To limit exposure to the stock-market
insurers are trying to diversify their portfolios into less risky products
including bonds.
• Insurers are expanding their product offerings and making their
services more customer friendly in search of higher profitability.
• Non-life insurance growth is being driven by renewed premium
rate increases rather than new business, as new non-financial
entrants create competition.
• Unit linked insurance real growth was negative in France, Spain
and the UK as customers were reluctant to buy products directly
linked to the stock-market.
• Developing markets in Asia are now an increasingly attractive
market for insurers, especially China, because of its strong growth
and low insurance market penetration.
Key findings from this report
The Value Proposition
Benefit from 130 pages of expert insight and analysis, enabling you to:
• Increase profitability by directing your investments to the
products and markets targeted by top insurers.
• Identify the best bancassurance strategy for your company
using this report's examination of the most successful European
bancassurance models.
• Benchmark your performance against the top European
insurers, learn best practices, avoid their mistakes, replicate their
successes and be aware of the potential threats they are facing.
• Improve your strategic planning using global premium income
and growth data split at country level.
“UK insurers face
tighter regulations
after the collapse of
the commercial
insurer, Independent
Insurance and the
problems at Equitable
Life, the world's oldest
mutual life assurer...”
“Almost all of the
global insurers are
trying to win a share
of the precious, fast
growing Chinese
market, forecasted by
FT World Insurance to
be $33.82 billion by
2005...”
Strengths
Strong U.S. brand name:
State Farm has been in the insurance business for over 75 years and during this
time the company has grown from a small farm mutual auto insurer to one of
the world's largest financial institutions. Further, its customer oriented service,
strong distribution network in the United States and positive financial ratings all
contribute to its brand image, which can be leveraged suitably.
Major U.S. property and casualty insurer
State Farm is the main home insurer in the United States, the company has over
73 million policies in force and about 28 million households are insured with
the company. One out of every five automobiles in the United States is insured
by State Farm, meaning that State Farm is the main car insurer in the country.
The company is licensed to sell insurance products in all 50 states, an
advantage over other insurance companies operating there.
Extensive distribution network
State Farm has about 76,000 employees working across the United States and Canada and nearly 17,000 agents who are trained to sell State
Farm insurance products and 58,000 staff members. However, the company had to close some of its offices, including the Winter Haven office.
Weaknesses
Risk factors: weather and equity markets
State Farm has significant exposure to severe weather, such as windstorms and hail, given its top five market share throughout the United
States. Another risk is the fact that the personal lines insurance industry is heavily regulated, which imposes limits on company's ability to alter
rates, or products. Additionally, State Farm is exposed to equity market volatility and it has asbestos exposure in discontinued operations, which
further increases the risk the business faces. The exposure to equity markets was one of the reasons why the year 2001 experienced the largest
underwriting loss ever. The year 2003 saw some improvements, and the property and casualty ratio for State Farm has improved, by moving
from 125.1% in 2001 to 100.6% in 2003.
Home insurance, construction, replacement, repair costs
Homeowners insurance is facing some difficulties at the moment, due to the fact that according to some insurers, it is now increasingly used
like a warranty product, rather than protection against sudden and accidental losses. Competitive actions over the course of previous years,
such as offering low deductibles and inadequate exclusions for mould or water damage claims in the policy form, contributed to the lowered
threshold for filing a claim affecting all homeowner insurers. At the end of 2002 the company announced an unexpected increase in
homeowners insurance rates by an average 5.2%. According to State Farm, although mould and water claims are starting to stabilise now in
the homeowners insurance market, construction, replacement and repair costs are increasing.
Mutual status means lack of ability to raise capital
State Farm insurance is a large mutual insurance company, which means that it is owned by its policyholders. However, the mutual status
restricts the potential for development transparency of its operations and it means that the company is unable to raise capital by selling
stocks, which can be used for funding growth and paying for acquisitions.
Sample information from the report
Chapter 9: State Farm Insurance Companies
Threats
• High interest rate increases
• Increasing property prices
• Regulatory changes
• Competition
Opportunities
• Cost conscious management
• Small business insurance market
Weaknesses
• Risk factors: weather, equity performance
• Home insurance, construction, repair and
replacement costs
• Mutual status means lack of ability to raise
capital
Strengths
• Strong US brand name
• Major US property and casualty insurer
• Extensive distribution network
State Farm Insurance Companies
SWOT Analysis
Source: The Top 10 Global Insurance Companies
Order this report today to find out more...
Table of Contents
EXECUTIVE SUMMARY
• The global insurance market overview
• The top 10 global insurers: Company analysis
CHAPTER 1: INTRODUCTION
• Report structure
- Global insurance overview
- Introducing the top 10 global insurance companies
CHAPTER 2: THE GLOBAL INSURANCE OVERVIEW
• Summary
• Introduction
• Life and non-life insurance markets worldwide
- Definitions
• European life bancassurance overview
- Unit linked policies
- Opportunities in European bancassurance
- Regulations
CHAPTER 3: ALLIANZ
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 4: AXA
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 5: AMERICAN INTERNATIONAL GROUP INC.
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
CHAPTER 6: ASSICURAZIONI GENERALI S.P.A.
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
CHAPTER 7: ING GROEP N.V.
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 8: NIPPON LIFE INSURANCE COMPANY
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
Table of Contents
CHAPTER 9: STATE FARM INSURANCE COMPANIES
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 10: AVIVA PLC
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 11: ZURICH FINANCIAL SERVICES
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 12: THE DAI-ICHI MUTUAL LIFE INSURANCE
COMPANY
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company news
CHAPTER 13: REPORT CONCLUSIONS
• Summary
• Global insurance industry recovers
• Japanese stagnation
• China, the land of potential
• Stricter regulations
• Bancassurance
CHAPTER 14: APPENDIX
• Definitions of distribution channels
• Index
TABLES
- Total life/non-life premium volume
(top five European markets, 2000-2003)
- Stock market indices
(major European markets, 2000-2004)
- Total life insurance premium volume
(top five European countries, 2000-2003)
- Allianz SWOT Analysis
- Axa SWOT Analysis
- AIG SWOT Analysis
- Generali SWOT Analysis
- ING Groep SWOT Analysis
- Nippon Life Insurance Company SWOT Analysis
- State Farm Insurance SWOT Analysis
- Aviva SWOT Analysis
- Zurich SWOT Analysis
- Dai-Ichi SWOT Analysis
FIGURES
- Top 10 global insurance companies
(by premium income in 2000-2003)
- Total premium insurance volume
(by country and region, 2000-2003)
- Life insurance premium volumes
(by country and region, 2000-2003)
- Non-life insurance premium volumes
(by country and region, 2000-2003)
- Distribution of life assurance
(by distribution channel, 2002)
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50,000
100,000
150,000
200,000
250,000
2000 2001 2002 2003
UK Germany France Italy Netherlands
The Top 10 Global Insurance Companies
Increasing profitability, market share and competitive edge
Financial Services Management Report
Source: The Top 10 Global Insurance Companies
Total life and non-life premium volume
in the top five European markets
“Last year saw a further decrease in life insurance premium
income, in many countries including the UK. This trend is
because of the recession and persistent low interest rates,
resulting in life insurers offering lower returns...”
Improve profitability and exploit new opportunities in insurance markets
using this new report’s analysis of the strategies helping top insurers remain global leaders...
BUSINESS INSIGHTS
Total Premium Volume (€m)
Business Insights’ portfolio of financial services management reports are designed to help you make well
informed, timely business decisions. We understand the problems facing today’s financial services executives when
trying to drive your business forward, and appreciate the importance of accurate, up-to-date, incisive product,
market and company analysis. We help you to crystallize your business decisions.
The strength of our financial services research and analysis is derived from access to unparalleled databases
and libraries of information and the use of proprietary analytic techniques. Business Insights reports are authored
by independent experts and contain findings garnered from dedicated primary research. Our authors’ leading
positions secure them access to interview key executives and to establish which issues will be of greatest strategic
significance for the industry.
Our financial services portfolio of reports can be used across a wide range of business functions to assess market
conditions and devise future strategies. The order form on the back of this brochure lists titles available within the
following categories: Banking, Finance, Insurance, Wealth Management, Investment and Strategy.
Business Intelligence for the Financial Services Industry
“Japan is an
over-insured market.
Three of the top 10
Japanese insurers,
Mitsui Life, Sumitomo
Life, and Asahi Life,
have been marked
with non-investment
grade ratings...”
Examining the Key Issues
• Bancassurance - identify the most effective models using this
report’s examination of penetration levels and profiles of major
European bancassurers including Lloyds TSB, Allianz, Banca
Unicredito and Caj Madrid.
• New European regulations - predict their effects by reading this
reports explanation of the impact of changes to regulations
including depolarization in the UK and pension reform in Germany.
• Global stock-market decline - discover the strategies global
insurers are implementing to compensate for the resulting
reduction premium revenues and sluggish growth.
• Mergers and Acquisitions - they may offer access to new market
segments, new products and new customers, but find out the real
costs and benefits of mergers including that of Allianz and Dresdner
in this report’s analysis of merger activity.
Germany 19% 51% 9% 21% 0%
UK 18% 17% - 56% 9%
Italy 56% 34% 9% 1% 0%
France 61% 8% 6% 9% 16%
Spain 77% 0% 3% 20% 0%
IFAs/ Other
brokers
Direct
sales-force
Tied
agents
Banks/
bancassurers
Country
The Top 10 Global Insurance Companies
The Answers to Your Questions
• Which countries show the most rapid growth in insurance premiums?
• What is the most effective method of life insurance distribution
through bancassurance in each of the major European markets?
• What are the key characteristics of the world's most successful
insurers?
• How and why are so many insurers seeking to enter new markets?
• Which life insurance distribution channels are the most popular in
Europe and why?
• How are insurers reacting to the effects of stock-market decline?
Last year, after two years of worldwide recession the insurance market
finally showed signs of recovery. However, increased competition from
new entrants combined with a lack of consumer confidence still create a
difficult environment in which to either acquire or retain customers.
The Top 10 Global Insurance Companies: Increasing profitability,
market share and competitive edge provides an overview of the
global insurance market, including statistics on both life and non life
insurance. Uniquely, this report not only details the global insurance
market but also analyses the key issue of bancassurance. Ten extensive
profiles of global insurers are included, examining the reasons behind
each organisation’s growth, their potential weaknesses and defining the
threats that could affect their global position in the future.
Find new ways to gain profit using this report's analysis of key
market trends and the strategies of the world's most successful
insurers.
“The most successful bancassurance market in
Europe is Spain, where banks dominate the market
with 77% market share. Prior to 1992, banks were
not allowed to distribute life assurance products.
Spanish banks own seven of the top 10 life
assurance competitors...”
Source: The Top 10 Global Insurance Companies:
Increasing profitability, market share and
competitive edge
Distribution of life assurance by distribution
channel
Source: The Top 10 Global Insurance Companies
“After the lesson
learned by the Allianz
and Dresdner deal,
bancassurance players
prefer strong
partnerships rather
than full-scale
mergers...”
• Growth rates in the global insurance industry are recovering after
two years of global recession. To limit exposure to the stock-market
insurers are trying to diversify their portfolios into less risky products
including bonds.
• Insurers are expanding their product offerings and making their
services more customer friendly in search of higher profitability.
• Non-life insurance growth is being driven by renewed premium
rate increases rather than new business, as new non-financial
entrants create competition.
• Unit linked insurance real growth was negative in France, Spain
and the UK as customers were reluctant to buy products directly
linked to the stock-market.
• Developing markets in Asia are now an increasingly attractive
market for insurers, especially China, because of its strong growth
and low insurance market penetration.
Key findings from this report
The Value Proposition
Benefit from 130 pages of expert insight and analysis, enabling you to:
• Increase profitability by directing your investments to the
products and markets targeted by top insurers.
• Identify the best bancassurance strategy for your company
using this report's examination of the most successful European
bancassurance models.
• Benchmark your performance against the top European
insurers, learn best practices, avoid their mistakes, replicate their
successes and be aware of the potential threats they are facing.
• Improve your strategic planning using global premium income
and growth data split at country level.
“UK insurers face
tighter regulations
after the collapse of
the commercial
insurer, Independent
Insurance and the
problems at Equitable
Life, the world's oldest
mutual life assurer...”
“Almost all of the
global insurers are
trying to win a share
of the precious, fast
growing Chinese
market, forecasted by
FT World Insurance to
be $33.82 billion by
2005...”
Strengths
Strong U.S. brand name:
State Farm has been in the insurance business for over 75 years and during this
time the company has grown from a small farm mutual auto insurer to one of
the world's largest financial institutions. Further, its customer oriented service,
strong distribution network in the United States and positive financial ratings all
contribute to its brand image, which can be leveraged suitably.
Major U.S. property and casualty insurer
State Farm is the main home insurer in the United States, the company has over
73 million policies in force and about 28 million households are insured with
the company. One out of every five automobiles in the United States is insured
by State Farm, meaning that State Farm is the main car insurer in the country.
The company is licensed to sell insurance products in all 50 states, an
advantage over other insurance companies operating there.
Extensive distribution network
State Farm has about 76,000 employees working across the United States and Canada and nearly 17,000 agents who are trained to sell State
Farm insurance products and 58,000 staff members. However, the company had to close some of its offices, including the Winter Haven office.
Weaknesses
Risk factors: weather and equity markets
State Farm has significant exposure to severe weather, such as windstorms and hail, given its top five market share throughout the United
States. Another risk is the fact that the personal lines insurance industry is heavily regulated, which imposes limits on company's ability to alter
rates, or products. Additionally, State Farm is exposed to equity market volatility and it has asbestos exposure in discontinued operations, which
further increases the risk the business faces. The exposure to equity markets was one of the reasons why the year 2001 experienced the largest
underwriting loss ever. The year 2003 saw some improvements, and the property and casualty ratio for State Farm has improved, by moving
from 125.1% in 2001 to 100.6% in 2003.
Home insurance, construction, replacement, repair costs
Homeowners insurance is facing some difficulties at the moment, due to the fact that according to some insurers, it is now increasingly used
like a warranty product, rather than protection against sudden and accidental losses. Competitive actions over the course of previous years,
such as offering low deductibles and inadequate exclusions for mould or water damage claims in the policy form, contributed to the lowered
threshold for filing a claim affecting all homeowner insurers. At the end of 2002 the company announced an unexpected increase in
homeowners insurance rates by an average 5.2%. According to State Farm, although mould and water claims are starting to stabilise now in
the homeowners insurance market, construction, replacement and repair costs are increasing.
Mutual status means lack of ability to raise capital
State Farm insurance is a large mutual insurance company, which means that it is owned by its policyholders. However, the mutual status
restricts the potential for development transparency of its operations and it means that the company is unable to raise capital by selling
stocks, which can be used for funding growth and paying for acquisitions.
Sample information from the report
Chapter 9: State Farm Insurance Companies
Threats
• High interest rate increases
• Increasing property prices
• Regulatory changes
• Competition
Opportunities
• Cost conscious management
• Small business insurance market
Weaknesses
• Risk factors: weather, equity performance
• Home insurance, construction, repair and
replacement costs
• Mutual status means lack of ability to raise
capital
Strengths
• Strong US brand name
• Major US property and casualty insurer
• Extensive distribution network
State Farm Insurance Companies
SWOT Analysis
Source: The Top 10 Global Insurance Companies
Order this report today to find out more...
Table of Contents
EXECUTIVE SUMMARY
• The global insurance market overview
• The top 10 global insurers: Company analysis
CHAPTER 1: INTRODUCTION
• Report structure
- Global insurance overview
- Introducing the top 10 global insurance companies
CHAPTER 2: THE GLOBAL INSURANCE OVERVIEW
• Summary
• Introduction
• Life and non-life insurance markets worldwide
- Definitions
• European life bancassurance overview
- Unit linked policies
- Opportunities in European bancassurance
- Regulations
CHAPTER 3: ALLIANZ
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 4: AXA
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 5: AMERICAN INTERNATIONAL GROUP INC.
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
CHAPTER 6: ASSICURAZIONI GENERALI S.P.A.
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
CHAPTER 7: ING GROEP N.V.
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 8: NIPPON LIFE INSURANCE COMPANY
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
Table of Contents
CHAPTER 9: STATE FARM INSURANCE COMPANIES
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 10: AVIVA PLC
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 11: ZURICH FINANCIAL SERVICES
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company activity snapshot
CHAPTER 12: THE DAI-ICHI MUTUAL LIFE INSURANCE
COMPANY
• Summary
• Overview
• History
• SWOT analysis
- Strengths
- Weaknesses
- Opportunities
- Threats
• Company news
CHAPTER 13: REPORT CONCLUSIONS
• Summary
• Global insurance industry recovers
• Japanese stagnation
• China, the land of potential
• Stricter regulations
• Bancassurance
CHAPTER 14: APPENDIX
• Definitions of distribution channels
• Index
TABLES
- Total life/non-life premium volume
(top five European markets, 2000-2003)
- Stock market indices
(major European markets, 2000-2004)
- Total life insurance premium volume
(top five European countries, 2000-2003)
- Allianz SWOT Analysis
- Axa SWOT Analysis
- AIG SWOT Analysis
- Generali SWOT Analysis
- ING Groep SWOT Analysis
- Nippon Life Insurance Company SWOT Analysis
- State Farm Insurance SWOT Analysis
- Aviva SWOT Analysis
- Zurich SWOT Analysis
- Dai-Ichi SWOT Analysis
FIGURES
- Top 10 global insurance companies
(by premium income in 2000-2003)
- Total premium insurance volume
(by country and region, 2000-2003)
- Life insurance premium volumes
(by country and region, 2000-2003)
- Non-life insurance premium volumes
(by country and region, 2000-2003)
- Distribution of life assurance
(by distribution channel, 2002)
2. Complete your details:
Title: Mr/Mrs/Ms
Name
Job Title
Department
Company
Address
+44 (0)20 7900 6688
marketing@globalbusinessinsights. com
+44 (0)20 7675 0990
Business Insights
Charles House
108-110 Finchley Road
London NW3 5JJ, UK
Registered Number: 05006037
Place of Incorporation: UK
FAX BACK TO +44 (0)20 7900 6688
or +44 (0)20 7551 9089
Search effectively - through your research to find the information you need.
Create bespoke presentations - copy and paste tables and graphics into your own files
Translate your report - into nine major European and Asian languages.
Compare side by side - different sections of your report on one screen.
Cut your own report - select and save content that is relevant to your project.
MAKE YOUR REPORT INTERACTIVE
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I enclose a check payable to Business Insights Ltd for _______________________________
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Cardholder address____________________________________________________________________
Please supply purchase order number here if required by your accounts department:
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1. I would like to order the following report(s):
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_______________________________________________________________________________________ (£/€/$)________________________________
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Insights may need to process your data internationally, including in countries which do
not have data protection laws, or which have standards lower than the European Union.
Business Insights, however, seeks to protect your personal data. You have a right to see
and correct your data by writing to us. Sometimes a fee is payable. For queries about this
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Please tick the relevant box(es) if you would not like Business Insights to contact you by:
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