1. For PHD Chamber of Commerce
Innovations in Liability Insurance
UTTARA VAID ADVISORY
Delhi 3rd June 2015
For PHD Chamber of Commerce

2. Contents The Changing Regulatory And Business Scenario
Changing Mindsets reflecting International Best Practices
Insurance Industry’s Response
Changes in Liability Insurance Industry
New Products : Cyber Insurance, Reputation Protect
Innovations in Existing Products : D & O, Crime, E & O
Conclusion – Questions ?
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3. The Changing Scenario Uttara Vaid Advisory
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4. Changing Regulatory and Business Scenario
Companies Act Changes which have impacted the D & O landscape
Section 201 of the erstwhile Act scrapped
Section 197 (13) grants statutory recognition to D & O insurance
Class Actions permitted
“Make in India” Government Initiatives
Regulatory Mandates
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5. Changing Mindsets / International Best Practices
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6. Changing Mindsets/International Best Practices
Deductibles Consolidation Higher involvement of senior management in risk transfer and insurance purchasing decisions Appreciation of necessity behind risk transfer and contractual mandates
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7. Liability Insurance Industry’s response to these changes
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8. New Focus on meeting Industry’s needs
Responding to demands from the Industry to introduce new policies which are combining various coverages from different classes of business to provide fit-for-purpose policies
For existing policies endeavours to understand pain points and introduce wording to cover insurable risks
Introducing sector-wise special forms to meet sector specific needs
Bundling various policies together to provide comprehensive coverage
Drive towards improvements necessitated from legal outcomes
and claims experience
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9. Innovations from the Liability Insurance Industry
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10. New Products Cyber Insurance Reputation Insurance Uttara Vaid Advisory
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11. Innovations in Existing Products - D & O Ins.
Fewer Exclusions
More protection to Non-Executive Directors
More protection to Retired Directors
Trending towards Side A covers
Many different forms to cater to specific risk exposures
More willingness to cover Incidental Expenses covers (To the main claim, though may often be sublimited)
Claims handling procedures improved and more empathetic
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12. Innovations in Existing Products - E & O Ins.
More emphasis on Sector Specific wording which meet sector specific requirements . Examples abound
Industry/Sector E & O Form/Wording
Construction Construction PI
Health Care Medical Malpractice
IT/Communication ITC E & O/ Technology E & O
Financial Sector FIPI, Stock Exchange PI, IMI
Media Multimedia E & O
More reality based wording with need-based endorsements
More choice to the Insured to select the claims handling protocols
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13. Innovations in Existing Products - Crime Ins.
New Wording can be adapted for both Insured’s needs and also the Business Financier’s/ Lending Institutions’ needs
More comprehensive wording takes care of both first party crime and third party crime in the same form.
One bundled wording that eliminates the need to have specific policies such as
Money-in-transit /Cash in safe policy
Burglary and House-breaking policies (?)
Fidelity Guarantee policies
Many new, topical coverages added in the Crime form
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14. Conclusion Uttara Vaid Advisory
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15. Conclusion
An exciting time to be in the field of Liability Insurance today, in any capacity – as a buyer, seller or broker ! Winds of change observed From the Insurer’s side - An increased readiness to achieve actual risk transfer From the buyer’s side - An increased awareness to get fit-for-purpose products with emphasis on coverage and claims handling From the broker’s side – Ask and you shall get !
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