aig yacht insurance

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Marine & Inland Marine

Why choose aig for marine insurance.

We can provide flexible, tailored marine solutions for importers, exporters, vessel owners/operators and inland marine, recreational marine and marine operations worldwide.

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Aig marine & inland marine solutions, cargo insurance.

Comprehensive all risk coverage for goods in transit for manufacturers, importers and exporters, commodity traders, logistics companies and more.

Marine Liability

Those companies servicing and supporting the maritime industry which facilitate the safe transport, logistics, handling and storage of goods are vital to the success of a marine-related operation.

We understand marine is a global business and provide the specialized primary and excess liability coverages marine-related operations need to move forward with confidence. We combine our local expertise and knowledge with the quality and responsiveness of our international network, to ensure the best possible protection for our clients’ assets and their business reputation.

Features & Benefits

• Claims and underwriting collaboration as embedded culture for a thorough understanding of customers’ needs
• Large geographic footprint benefiting companies doing business in multiple jurisdictions - global coverage with local policies where needed for multinational risks
• More than 90 years of experience and commitment to the industry offering stable, high-limit capacity with a diverse appetite for risk
• Marine Loss Control Engineering (MLCE) group staffed with experienced loss control professionals across the globe
• Recovery and risk management services provided by marine specialists throughout the world
• Stevedore’s Liability: for a client’s liability as a stevedore for third-party property damage and bodily injury arising out of vessel loading and unloading operations
• Wharfinger’s Liability: for a client's liability as a wharf owner for third-party property damage and bodily injury arising out of the care and custody of vessels
• Terminal Operator’s Liability: combines Stevedore’s Liability and Wharfinger’s Liability with other coverages, depending on the nature and scope of a client’s activities
• Marine General Liability: protects marine industry artisans and contractors for third-party bodily injury, property damage, personal and advertising industry and contractual liability arising out of their operations
• Ship Repairer’s Liability: for a client’s liability for vessels and other third-party exposures (including bodily injury) arising out of repair operations
• Charterer’s Liability: for a client’s liabilities assumed under a charter party; primarily hull damage and protection and indemnity (P&I) risks
• Excess Marine Liabilities: for a client’s capacity needs in excess of any of the above coverages and/or excess P&I, collision liability and tower’s Liability
• Bumbershoot: marine umbrella policy providing coverage in excess of marine and incidental non-marine primary policies, with a self-insured retention feature for uninsured marine perils

Inland Marine

Inland marine insurance addresses the needs of many.

Whether it is an excavation contractor, a property developer, a trucker or a specialty operation, coverage can be essential to protecting business property in an ever-changing market.

Our inland marine team provides comprehensive coverage offerings, seasoned underwriting knowledge and market-leading claims services to complement the needs of our customers.

• Comprehensive coverage for a wide variety of risks including trucking and logistics, contractor’s tools and equipment, installation and builder’s risks (general contractors, artesian contractors, building owners and real estate developers, municipalities, fabricators), property (office buildings, repair bays and facilities, warehouses and terminals, ancillary property, including tool sheds, etc.), mobile electronic devices and miscellaneous articles (rolling stock, mobile electronic equipment, scheduled articles, mobile medical equipment)
• Flexible programs, tailored to our clients’ needs
• Our own in-house claims and loss control engineers who have been addressing inland marine risks for years and can provide aid in the form of loss prevention techniques and loss mitigation for our customers

Downloadable Materials

Download pdf [316.5 kb], download pdf [121.1 kb], download pdf [84.0 kb], download pdf [54.6 kb], download pdf [399.6 kb], download pdf [587.0 kb], related content.

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Log in to pay bills, manage policies, view documents, company news, materials & more.

Individuals

A travel assistance website for Lifeline Plus policyholders with resources that help prepare for a trip and offer support while abroad.

Virtual Medical Care

Round-the-clock access to UK GPs for virtual consultations and an expert case management service for second medical opinions. (A complimentary service included with specific AIG policies).

A travel assistance website for Lifeline Plus policyholders with resources that help prepare for a trip and offer support while abroad

AIG Multinational Insurance Fundamentals

Receive free, accredited online training in multinational risk assessment and program design.

Health and Safety eLearning

Our safety, cyber and workplace skills eLearning platform for Employers’ Liability policyholders helps drive down their total cost of risk. 

Trade business online with AIG. AIG eXtra is a full-cycle e-trade platform that allows brokers to quote and bind SME business with AIG.

myAIG Portal for Multinational

Track the status of controlled master programs, view policy details, download policy documents, access invoices, and more.

IntelliRisk Advanced

Clients and brokers can file claims, manage risks, and access claims data from 100+ countries.

Risk Managers

Our safety, cyber and workplace skills eLearning platform for Employers’ Liability policyholders helps drive down their total cost of risk.

Log in to access our supporting tools and services, plus portals for brokers and risk managers. 

• INDIVIDUALS
• RISK MANAGERS

Round-the-clock access to GPs for consultations and an expert case management service for complex medical cases and second opinions. (A complimentary service included with specific AIG policies). 

Round-the-clock access to GPs for consultations and an expert case management service for complex medical cases and second opinions.(A complimentary service included with specific AIG policies). 

Marine Insurance

AIG Marine Insurance provides extensive protection for portside operations and for goods in transit around the world, with bespoke programmes that cater to the specialised needs of maritime operations.

Why Choose AIG for Marine Insurance?

AIG’s marine industry professionals deeply understand the needs of our oceangoing and inland marine service clients – from small business to multinationals. With a Marine team spanning 75+ countries across our global network, we have a complete understanding of local laws, regulations and markets. This provides a unique international trade advantage and enables us to respond swiftly and effectively – whether establishing cover or dealing with losses. 

Quick Links

• Global Marine Risk Consulting (aig.com)

Trade on AIG eXtra & Acturis

For SME clients, brokers can also quote and bind Marine CargoGuard online via our award-winning AIG eXtra platform and Acturis.

TRADE ONLINE

The AIG Advantage

Where we can help.

AIG Marine insurance is for a wide range of organisations from SMEs to multinationals across all industry sectors and geographies. 

Underwriting Expertise

We offer substantial underwriting, claims and engineering expertise in all areas of the marine industry, delivering a full suite of innovative and flexible marine solutions to clients.

Multinational Capabilities

Thanks to AIG’s Multinational Centre of Excellence’s global network and in-country expertise, we have the knowledge needed to tailor our marine solutions to our client’s complex risks.

Loss Control

We provide a world-class team of Marine Risk Consulting engineers worldwide, which includes experienced master mariners, to help clients identify exposures and reduce their risks.

Claims Excellence

AIG provides seamless claims processing, managing high-value, complex claims globally with local representatives who protect clients’ business reputation and customer base.

Dual Stamp Capacity

AIG & Talbot cross-entity International Cargo and Marine Liability solutions combine regional underwriting expertise and full Lloyd’s licenses for maximum line size capacity. 

General Average

AIG Marine is able to issue a single global average bond, helping secure our insureds cargo interests quickly and efficiently.

AIG Marine Solutions

Drawing on our deep industry expertise, our products are crafted to provide flexible solutions to address our clients' complex cover needs.

Marine Cargo Insurance

AIG’s Marine Cargo insurance offers cover for those moving goods across land, sea, or international borders — whether they’re the manufacturer, distributor, trader or retailer.

AIG Marine Cargo insurance covers goods in transit globally, helping to prevent supply chain disruptions that have adverse effects on customer loyalty, corporate reputation and cash flow.  We cover accidental physical loss and damage to cargo in transit, which can be extended to encompass storage risks outside of the ordinary course of transit.

Our product offering also covers third party liability for transportation and logistics companies for both standard trading conditions and bespoke contracts.

Marine Liability Insurance

AIG’s Marine Liability insurance offers critical protection for a wide variety of portside operations. 

AIG delivers a versatile cover solution to address needs across the maritime spectrum. We provide broard and flexible cover for third party liability, property damage and personal injuries. Our solutions are also adjustable based on the true needs of our clients, which range from port owners and operators to shipyard and vessel owners and a variety of operations in between. Our global reach is an additional asset for businesses operating internationally and requiring multinational risk solutions. It enables us to combine local expertise with the exceptional quality and responsiveness of our international network for asset and reputational protection.

Our Marine Leadership Team

View contact information for AIG UK’s Marine leaders.

Downloadable Materials

Download pdf [120.5 kb], download pdf [617.5 kb], download pdf [409.0 kb], related content.

Winning with AIG

Global Specialty Products & Services

Multinational Insurance

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Claims Support

If you have a claim, we provide swift personal attention and real solutions.

Although we handle complex losses everyday, each one comes with its own set of circumstances. Tailoring service to suit your specific needs is simply business as usual. Here are a few examples:

S.O.S? Help is Just a Call Away

A fire started onboard a policyholder’s yacht. The local fire and rescue team cut a hole in the side and filled it with water until it sank. Although this action was necessary, the policyholder was told that due to potential fuel leaks he would be fined $30,000 a day until the yacht was raised from the water. AIG retained an attorney who specialized in local environmental protection and a team to secure the area around the yacht. Divers performed an underwater survey and determined that the fuel tanks were still intact. Based on these findings, the Coast Guard approved a salvage plan that was executed within 48 hours. The hefty fines were waived, and the policyholder was reimbursed for the full hull value within 14 days of the incident.

Quick Action Leads to a Quick Recovery

A policyholder’s yacht, valued at over $2 million, had been stolen from its berth in a marina in Florida. AIG's claims team was notified within hours of the incident, and staff immediately reached out to his contacts in South Florida and the Bahamas. Lookouts were posted along the inter-costal waterway bridges and alerts were sent to fueling stations and marinas. Legal counsel was also retained to facilitate the possible need for warrants, investigative actions and to assist in coordinating efforts to secure the vessel. Within a few hours, a sighting was made at a fueling station in the Bahamas. AIG then hired a pilot to search for the yacht in the vicinity around the fueling station. The pilot quickly spotted the vessel and reported its position. With help from customs officials, AIG also learned the first name of one of the false crew members. Aware of AIG's efforts and concerned about their freedom and safety, the false crew quickly agreed to cooperate. AIG made arrangements for the crew to take the yacht—while under surveillance from air and shore—to a secure private island in the Bahamas where a representative for the policyholder could take possession. The following day, AIG flew the true captain to the yacht to ensure a safe return to Florida. The false captain and crew—hired by an unknown kingpin to deliver the boat to the Dominican Republic for sale using a fake title—were turned over to the authorities. Upon arrival in Florida, AIG had the boat surveyed and cleaned. Fortunately, the yacht did not suffer any damage and the policyholder and his captain were quickly reimbursed for all costs associated with recovering the vessel.

Bracelet Falls into Marina

While lounging on her boat at the marina, a policyholder felt her diamond bracelet—a gift to commemorate the birth of her child—slip off her wrist and fall into the water. AIG recognized the item's sentimental value. Rather than simply paying the claim, AIG hired a professional diver. He successfully recovered the bracelet and returned it to our relieved policyholder. AIG strives to exceed expectations and are proud of the fact that policyholders responding to AIG's claims satisfaction surveys overwhelmingly rate AIG's service as “exceptional.”

All references to claim settlement information are based on the loss being covered by the policy and are subject to change without prior notice.

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Marine Liabilities

The Talbot Marine Liabilities team provides protection for a wide range of marine related businesses. We protect against liability for damage to third party property, injury to crew, pollution liability, contractual liability, professional indemnity and liability for injuries to third parties.

We offer coverage worldwide and can also work with our other specialist teams to provide you with a combined package for the cover you need.

• Ship managers
• Vessel construction
• Financial institutions
• Port and terminal owners/operators
• Yacht owners

Placement types

• Binding authority
• Facultative
• Quota share
• Excess of loss

Contacts by region

Head of Marine & Energy Liability, Talbot & AIG UK

T +44 20 7390 5759

[email protected]

Alex MacLennan

Class Underwriter

T +44 20 7550 3799

[email protected]

North America

Tom guarnera.

Vice President

T +1 212 785 2011

[email protected]

Christian Platusich

T +1 212 785 2010

[email protected]

Toni Trapani

T +1 212 785 2017

[email protected]

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Why is american international group (aig) up 1.6% since last earnings report.

A month has gone by since the last earnings report for American International Group (AIG). Shares have added about 1.6% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is American International Group due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

AIG Q2 Earnings Miss Estimates on High Catastrophe Losses

American International Group reported second-quarter 2024 adjusted earnings per share of $1.16, which missed the Zacks Consensus Estimate by 16.6%. However, the bottom line improved 9.4% year over year.

Operating revenues amounted to $6.6 billion, which declined 11.8% year over year. Also, the top line significantly missed the consensus mark.

The weaker-than-expected results were caused by an increase in catastrophe losses and higher general operating and other expenses. This was partially offset by Global Commercial’s strength and improved net investment income.

Quarterly Operational Update

Premiums of $5.7 billion declined 13.1% year over year in the quarter and missed the Zacks Consensus Estimate of $5.8 billion. Total net investment income increased 18.3% year over year to $990 million, attributable to increased income from fixed maturity securities and dividends received from Corebridge Financial. The metric beat the consensus mark of $9.8 million.

Total benefits, losses and expenses fell 9.3% year over year to $5.9 billion. The year-over-year decline came on the back of lower policyholder benefits and losses incurred, and amortization of deferred policy acquisition costs. This was partially offset by higher general operating and other expenses.

Adjusted return on common equity of AIG was 6.2%, which improved 70 basis points (bps) year over year.

Segmental Performances

General insurance.

The segment recorded net premiums written of $6.9 billion, which declined 8% year over year on a reported basis and rose 7% on a comparable basis. The metric benefited from Global Commercial Lines growth in the second quarter. North America Commercial Lines benefited from new business production and new business offerings, whereas International Commercial Lines benefited from improved renewal retention and strong new business.

Underwriting income of $430 million declined 28% on a reported basis and rose 2% on a comparable basis. The metric benefited from strong contributions of International Commercial and Personal Insurance lines. Catastrophe losses rose 29.5% year over year to $325 million. The combined ratio of 92.5% deteriorated 160 bps year over year or 10 bps on a comparable basis, attributable to an increase in catastrophe loss ratio.

Adjusted pre-tax income declined 10.8% year over year to $1.2 billion, lower than the Zacks Consensus Estimate of $1.3 billion.

Other Operations

Net investment income rose a whopping 171% year over year in the second quarter due to a dividend income from Corebridge and improved income from the parent’s short-term investments.

Interest expenses declined 17% due to a debt reduction. Adjusted pre-tax loss narrowed from $278 million to $158 million.

Financial Position (As of Jun 30, 2024)

AIG exited the second quarter with a cash balance of $1.4 billion, which dropped from $1.5 billion at 2023-end. Total assets of $167.9 billion declined from $539.3 billion at 2023-end.

Long-term debt amounted to $9.9 billion, which declined from $10.4 billion at 2023-end.

Total equity of $44 billion fell from $45.4 billion at 2023-end. Total debt to total capital was 18.1% at the second-quarter end, which deteriorated 130 bps year over year.

Adjusted book value per share declined 7.3% year over year to $72.78.

Capital Deployment Update

AIG rewarded shareholders to the tune of share repurchase worth $1.7 billion and distributed common and preferred dividends of $261 million.

Deconsolidation Update

AIG completed the deconsolidation of Corebridge in the second quarter. AIG, now retains an ownership of 48.4% in Corebridge.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -20.97% due to these changes.

At this time, American International Group has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, American International Group has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

American International Group, Inc. (AIG) : Free Stock Analysis Report

To read this article on Zacks.com click here.

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Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off Sicily, Sources Say

Yacht insurance provider OMAC is the carrier on the hull for the Bayesian, a 56-meter-long (184-ft) sailboat, that was hit by a ferocious storm on Monday, sinking off the northern coast of Sicily, two sources with knowledge of the matter said.

The syndicates providing insurance include Travelers Companies Inc., Navium Marine and Convex, while British Marine is the protection and indemnity (P&I) insurance provider, the sources said.

Reuters could not ascertain the value of the yacht or what the value of potential claims could be.

Update: Divers Retrieve 5th Body From Mike Lynch Yacht Sunk Off Sicily

Ships typically have P&I insurance, which covers third-party liability claims including environmental damage and injury. Separate hull and machinery policies cover vessels against physical damage.

Convex declined to comment, while OMAC, Travelers, Navium and British Marine did not immediately respond to Reuters’ requests for comment.

The British-flagged superyacht was carrying 22 people and anchored off the port of Porticello when it was hit by a fierce, pre-dawn storm on Monday. Fifteen people managed to escape the yacht before it capsized.

Four bodies were found on Wednesday aboard the sunken wreck of the yacht belonging to the wife of British tech magnate Mike Lynch, sources close to the rescue operation told Reuters.

Morgan Stanley’s and Hiscox’s Bloomer Among Those Missing After Yacht Sinks

The global yacht insurance market has faced significant challenges in recent years, largely due to natural disasters like Hurricane Maria in 2017 and Hurricane Ian in 2022, which devastated numerous charter bases and hundreds of yachts.

In response, insurers have increased rates and reevaluated their guidelines and risk appetite. Insured losses in the market have mostly stemmed from hurricanes, severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh .

(Reporting by Noor Zainab Hussain and Manya Saini in Bengaluru; editing by Michelle Price and Sandra Maler)

Photograph: Italian firefighters scuba divers are docked at the harbor of Porticello, southern Italy, Tuesday, Aug. 20, 2024, as rescue teams returned to the site of a storm-sunken superyacht to search for six people, including British tech magnate Mike Lynch, who are believed to be still trapped in the hull 50 meters (164-feet) underwater. (AP Photo/Salvatore Cavalli)

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• Categories: International & Reinsurance News Topics: British Marine , Convex Group Ltd. , marine insurance , marine liability insurance , Navium Marine , OMAC , protection and indemnity (P&I) , superyacht insurance , The Travelers Cos. , yacht insurance
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Gordon Browne rejoins AIG from Allianz as global head of specialty

• by Claire Wilkinson

• Aviation , Construction , Energy , Excess and Surplus Lines , Marine , P/C Insurers
• United Kingdom
• AIG , Allianz
• May 22, 2024

American International Group Inc. on Wednesday named Gordon Browne global head of specialty, effective June 11.

Mr. Browne rejoins AIG from Allianz SE, where he was global head of specialty, and replaces Paul Greensmith, who has decided to leave the company.

London-based Mr. Browne will report to Jon Hancock, executive vice president and CEO, international insurance and will serve on the international insurance leadership team.

AIG’s global specialty business includes marine, aviation, credit lines, and energy and construction.

Prior to joining Allianz last year, Mr. Browne was global head of energy and construction and head of North America specialty at AIG.

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Yacht Buying Guide

Perhaps you’re buying your first sailing yacht or you’re onto your second or third motor yacht. When looking at yachts for sale, it’s essential to do your research and consider all options before making one of the most rewarding purchases of your life. Here are several important factors to consider when purchasing a new boat.

Decide on a Yacht Type

With so many boats and manufacturers to choose from today, making the right decision can seem quite challenging. Depending on how large of a vessel you are looking for, typically your search would begin (whether it is a sailing yacht or motor yacht) with considering the following four main categories.

Do I wish to purchase:

• A production yacht.  These are vessels that are mass-built, much like cars, and are fairly readily available. You can go see built, ready to go boats right at a shipyard or dealership.
• A semi-custom yacht . This is a larger yacht that has already been partially completed but still allows for the opportunity for an owner to have some customization.
• A fully customized yacht.  These are larger and more detailed yachts that are built to the exact design specifications the owner is looking for. These yachts usually bring together a team of marine specialist hired by the owner such as a naval architect, interior designer and the owner’s Captain that will all play an important part of the building process. Keep in mind that these fully customized yachts generally require two to three years to build.
• Or lastly, a pre-owned yacht . A “used” yacht can be refitted to meet your tastes and needs and refitting allows you to purchase a customized yacht more quickly than building one from the ground up.

Find an Experienced Yacht Broker

The size and complexity of the yacht you are looking to purchase will dictate the team you should have assisting you. One of the best ways to search for your yacht is to hire a reputable yacht broker to guide you through the selection process. A yacht broker is trained to help you find the perfect yacht and can assist you by providing you with online listings, hard-copy information of potential yachts that fit your criteria, as well as taking you on actual walk throughs of various yachts being offered for sale.  

Viewing Actual Yachts

One of the most straightforward ways to see a wide variety of yachts is to attend a boat show where builders and buyers can view and discuss a variety of watercraft in one place. There are several large boat shows that take place in Florida each year, which include the  Miami International Boat Show  held in February, the  Fort Lauderdale International Boat Show  now held in November and the Palm Beach Boat Show held in March. There are many others held throughout the U.S. and internationally. Boat shows avail you to a wide variety of manufacturers and models that will give you a sense of what is available and possible.

Shipyard tours are a good idea if you’re seeking a semi-custom or custom designed yacht. Your yacht broker can arrange shipyard tours where you can either bring your team with you or meet the naval architects, project managers and interior designers that are onsite and available via the builder. That way all key players who would be involved in the creation of your yacht, if you choose to have one made by that shipyard, can be together to collaborate with you.

Experience a Sea Trial

Once you’ve narrowed your focus to a particular yacht, you’ll want to see how it performs prior to purchasing it. Like any test drive, arranging for a sea trial allows you to get a good idea of how a yacht handles and performs, while evaluating everything from the steering to the engine. Conduct the sea trial in open water and spend at least a day on the yacht. Again, depending on the size and value of your yacht, the hiring of a certified/licensed yacht surveyor to do a full survey of the yacht is essential. Undertaking a survey will ensure you understand the full scope of the condition of the yacht if you are looking to purchase a pre-owned vessel.

Boat Financing and Insurance

Once you’ve decided on your yacht, if you wish to finance her, this is the next step: Securing favorable yacht financing. Terms can vary greatly. You could be looking for a loan with a possible interest only period and a balloon payment at the end or a fully amortizing loan over the life of the loan. It is important therefore to look into what options are available in the market. You’ll also want to secure hull and liability insurance for your yacht that ensures the occupants of the yacht, as well as the yacht itself, are protected in case of any incidents that may occur on the water. When considering yacht insurance, remember there is much more to consider than the premium price. Work with an insurance advisor that has yacht experience or access to an insurance provider’s yacht team to assist in choosing coverage options that will make you feel most at ease on the water!

Workmen Compensation

Employees are undeniably the backbone of any organisation, contributing significantly to its success. Consequently, it is crucial for employers to ensure that their workforce receives adequate financial compensation in case of workplace accidents. To address this need, various laws were enacted, such as the 1884 Compensation Act and the Fatal Accidents Act of 1885.

However, these early laws were insufficient in providing comprehensive financial support to injured workers. Recognising this gap, the Indian Parliament passed the Workmen’s Compensation Act in 1923.

This landmark legislation was designed to offer better financial protection to workers who suffer injuries while performing their duties.

Keep reading to discover how the workers compensation law benefits employees.

What is Workers’ Compensation?

Workers' compensation is a type of insurance that provides financial compensation and optional medical care to employees who get injured due to any accident in the course of their employment. The benefits of workers' compensation include partial wage replacement for the period during which the employee cannot work.

This means that if an employee is unable to perform their job due to a workplace injury, they will still receive a portion of their regular wages.

In addition to wage replacement, workmen’s compensation benefits may also cover the cost of medical treatments on an optional basis, including healthcare services and occupational therapy needed for recovery. This ensures that employees do not have to bear the financial burden of medical expenses resulting from workplace accidents.

Most workers' compensation programs are funded by private insurers, with premiums paid by individual employers.

What is the Workmen’s Compensation Act?

The Workmen’s Compensation Act 1923, enacted by the Indian Parliament in 1923, is a landmark legislation aimed at providing financial protection to workers who suffer injuries or illnesses due to their jobs.

The Act mandates that employers offer compensation to workers who sustain injuries, disabilities or diseases directly related to their employment. This compensation covers medical expenses and loss of wages during recovery and provides financial support to workers' dependents in case of fatal accidents

Updates in the Workmen Compensation Act 1923

Since its inception in 1923, the workmen’s compensation act has undergone significant updates to better serve employees. these updates aim to improve the protection and benefits provided to employees, ensuring they receive fair and adequate compensation for their contributions and risks in the workplace. the two major changes are:, name change in 2010.

In 2010, the law's name was changed from the Workmen’s Compensation Act to the Employee’s Compensation Act. This change was made to reflect a more inclusive and modern approach, recognising all employees rather than just workmen.

Increase in Compensation Amount in 2020

On 3rd January 2020, the Ministry of Labour and Employment made a significant update to the Act. The amount on which compensation is calculated was raised from ₹8,000 to ₹15,000.

This means that the basis for calculating compensation amounts has nearly doubled, ensuring better financial support for employees and their families in case of workplace injuries or fatalities.

Workers' compensation special considerations, when dealing with workers' compensation, there are several important aspects to consider:, disputed claims.

Employers may dispute a workers’ compensation claim. If this happens, the Workers’ Compensation Board is responsible for resolving the dispute. Common disputes involve questions about whether the employer is actually liable for the injury or illness.

Insurance fraud

Workers’ compensation payments can be vulnerable to fraud. This can occur when an employee falsely claims that an injury occurred on the job, exaggerates the severity of an injury or completely invents an injury.

Independent contractor exception

Only regular employees are generally eligible for workers’ compensation; independent contractors are not. This exclusion is significant as the gig economy, or short-term employment, continues to expand rapidly.

With a growing number of people working as independent contractors, either full-time or part-time, there is an increasing need for clear guidelines and potentially expanded protections for these workers.

This ongoing issue underscores the importance of addressing the rights and benefits of contract workers in the evolving employment landscape.

Why do you need a Workmen’s Compensation Insurance policy?

Having a workmen's compensation policy is essential for several key reasons:, financial support for employees.

It provides crucial financial assistance to employees who suffer work-related injuries. This includes covering medical expenses on an optional basis, rehabilitation costs and a portion of lost wages during recovery. Ensuring that employees are taken care of helps maintain their well-being and fosters a positive work environment.

Enhanced brand image

Prioritising employee safety and well-being enhances your company’s reputation. Customers and investors are more likely to support businesses that demonstrate a commitment to protecting their workforce. This positive image can lead to increased loyalty and better business opportunities.

Legal compliance

Many contracts and business agreements require employers to have workmen compensation insurance. By maintaining this coverage, you ensure compliance with legal and contractual obligations, which helps prevent potential disputes and legal issues.

Risk mitigation

Workmen’s compensation insurance mitigates financial risks for employers by providing a safety net in the event of workplace injuries. This protection helps avoid significant financial losses that could impact the company’s productivity and revenue. By fostering a secure environment, both employers and employees benefit.

Peace of mind

Having a workmen’s compensation policy provides peace of mind for employers, knowing they are fulfilling their legal duties. For employees, it offers financial security and reassurance that they will be supported in case of job-related injuries. This mutual assurance strengthens the overall stability and morale of the workplace.

What does Workers Compensation Insurance cover - Workmen's Compensation Inclusions

If you do not have an idea about what workers comp cover, you need to understand the inclusions before buying a policy. the workers comp insurance coverage offers the following inclusions:.

Bodily injuries sustained due to accidents occurring during the course of employment.

Bodily injuries resulting from diseases or conditions aggravated by the employment.

Temporary disability or death.

Partial or total permanent disability.

Legal expenses incurred with the company's consent.

What is not covered in Workmen’s Compensation Insurance policy?

The workers comp policies do not cover the following situations:.

• Injuries caused by events such as war, invasion, acts of foreign enemies, hostilities (whether war is declared or not), civil war, mutiny, insurrection, rebellion, revolution, military or usurped power, nuclear weapons, ionising radiation, or contamination from nuclear fuel or waste.
• Accidents that occur outside the specified place(s) of employment unless the employee was there on duty for the business and under the direction of the insured or an authorised official.
• Occupational diseases contracted by an employee.
• Medical expenses for treating any injury sustained by an employee.
• Interest and/or penalties imposed on the insured under any law or otherwise.
• Injuries to persons employed by a contractor or sub-contractor of the insured, unless specifically covered in the policy schedule.
• Injuries sustained by a person who is not declared for insurance under this policy or employed outside the insured's business.
• Any amount that the insured could have recovered from another party if not for an agreement between the insured and that party.
• Liabilities assumed by the agreement that would not be attached in the absence of such agreement.
• Incapacity or death resulting from the employee’s deliberate self-injury or intentional aggravation of an accidental injury.
• Injuries or accidents resulting from the influence of drugs or alcohol.

Types of Workers’ Compensation

There are different types of workers compensation policies available which are designed to cover different types of disabilities that employees might face due to workplace injuries. here are the main types of workers compensation insurance:, temporary total disability.

This covers employees who are completely unable to work for a temporary period due to a work-related injury or illness. Once they recover, they can return to their regular duties.

Temporary partial disability

This coverage provides benefits to employees who can still work but only in a limited capacity and at reduced wages. It helps bridge the gap in income until they fully recover.

Permanent total disability

This covers employees who suffer injuries or illnesses that prevent them from ever returning to work in any capacity. These benefits are designed to provide long-term financial support.

Permanent partial disability

This applies to employees who experience a permanent injury that partially impairs their ability to work. This type of policy provides compensation based on the extent of the disability and its impact on the employee's ability to earn a living.

How to Buy Employee Compensation Insurance Policy from Tata AIG?

Purchasing a workmen’s compensation insurance policy from tata aig is simple and straightforward. here is how you can buy workers comp insurance online:, select industry category.

Choose your industry category and fill in the details about your workers.

Provide Additional Information

Enter other necessary details, such as your mobile number, email ID, company name and Pincode.

Proceed to Buy

Click on ‘Proceed to Buy’ and follow the instructions on the subsequent page to complete your purchase.

What is the claiming process for Workmen’s Compensation Insurance?

To claim workers compensation insurance policy with tata aig, follow these steps:, notify the insurance company.

Send a written notice to Tata AIG about the accident and the worker's resulting disablement or death.

Verification

An investigating officer from Tata AIG will verify the authenticity of the claim.

Gather Documentation

Collect all necessary information and documentary evidence related to the accident and the injury.

Submit Claim Form

Submit the completed claim form along with the gathered documents. Ensure you include the policy number, name of the insured, name of the injured worker, date of the accident, nature of the claim and a brief description of the accident.

Documents Required for Buying Employee Compensation Policy

Ensure you have the following workers compensation documents ready when purchasing a workmen's compensation insurance policy:, completed proposal form.

A fully filled proposal form signed by the company's authorised signatory specifying the line of work.

Organisation’s KYC Documents

Certification of incorporation

PAN (Permanent Account Number)

DIN (Director Identification Number)

Copy of business commencement certificate

Copy of ITR (Income Tax Returns)

Employee Records

Detailed records of the number of workers and their job profiles.

Salary Information

Documentation of workers' salaries.

Additional Documents

Any other documents as required by the insurance company.

Workmen's Compensation Eligibility: Who can buy a Workmen’s Compensation Policy online

If you are thinking about how to qualify for workers comp, understand this:, employers (principal or contractor).

Any employer, whether acting as a principal or contractor, who hires "employees" as defined under the Employee’s Compensation Act, 1923.

Employers with equivalent relationships

Any employer whose workers may not technically qualify as "employees" under the Act but who have a relationship with the employer similar to that of an employee-employer relationship due to the nature of their engagement.

How Much Does Workers’ Compensation Cost: Amount Payable Under This Policy?

Here are the cost of workers comp insurance policies:

Death Resulting from an Injury

Compensation equal to 50% of the deceased employee's monthly wages multiplied by a relevant factor or a minimum amount of ₹1.2 lakhs, whichever is higher.

Permanent total disablement from injury

Compensation equal to 60% of the injured employee's monthly wages multiplied by a relevant factor or a minimum amount of ₹1.4 lakhs, whichever is higher.

Permanent partial disablement resulting from injury

For injuries listed in Part II of Schedule I, compensation is based on the percentage of loss of earning capacity caused by the injury.

For injuries not specified in Schedule I, workers comp policy cost is proportionate to the loss of earning capacity as assessed by a qualified medical practitioner.

Temporary disablement (Total or Partial) resulting from injury

A half-monthly payment equal to 25% of the employee's monthly wages, paid in accordance with the provisions of sub-section (2) of the Workmen’s Compensation Act, 1923.

Workmen Compensation Insurance Policy: Add-Ons

Here are some add-ons that are available under the workmen compensation policy:, medical extension.

This add-on can be purchased by employers and is applicable when a worker is hospitalised for more than a day.

Sub-contractors Cover

If a contractor hires subcontractors who do not have a workmen compensation plan, the contractor can opt for this add-on to provide coverage for the subcontractors.

Terrorism Cover

This add-on provides coverage for losses or damages caused by terrorist attacks.

Conditions Regarding Workmen Compensation

Under the law, all employees—whether working full-time, part-time, temporarily or casually—are entitled to financial protection. this protection applies in cases of injuries, incapacity, disfigurement or death while performing their duties. here are some of the workers compensation policy conditions that you should be aware of:, covered employees.

Front-line workers in the following industries are protected under this law:

Railway Employee : Non-permanent employees who do not fall under the sub- divisional, district or administrative offices.

Aviation Workers : Captains and crew members on an aircraft.

Labourers Employed Abroad : Those employed as per Schedule II of the Workmen Compensation Act, 1923.

Construction and Industrial Workers : Individuals working at construction sites, mines, docks, factories and specific places listed in Schedule II of the Act.

Automobile Workers : Drivers, mechanics, helpers and others associated with vehicle operations.

Employer Requirements

According to this Act, any company or establishment operating in the sectors mentioned above and employing more than 10 employees must comply with its rules and provide the necessary protections.

How to Find Suitable Workmen Compensation Policy Online?

Finding a suitable workmen's compensation policy online involves a few simple steps:.

First, research and compare policies from different workers comp insurance companies to understand their coverage and benefits.

Then, look for customer reviews and ratings to gauge reliability and choose the best workers comp insurance provider. Ensure the policy covers all necessary aspects, including medical expenses, disability benefits and legal liabilities. Consider any add-ons like medical extensions or subcontractor coverage if needed.

Finally, check the ease of the claims process and customer support services. By following these steps, you can find a comprehensive policy from an affordable workers comp insurance provider that meets your business needs effectively.

Why Tata AIG General Insurance Company Limited?

Indian multinationals who have workmen's compensation needs in various countries around the world can opt for global policies from Tata AIG General Insurance Company Limited, which leverage AIG's presence in more than 130 countries. Tata AIG General Insurance Company Limited can arrange locally admitted and non-admitted policies as per the demands of the jurisdiction in which the multinational operates.

Benefits of Workmen’s Compensation Insurance Policy

A few important workmen's compensation benefits are as follows:

Extensive and adaptable coverage

Tata AIG’s workmen's compensation policy offers broad coverage, including medical expenses on an optional basis for workplace injuries. This comprehensive protection benefits employees and shields employers from potential legal liabilities.

Efficient claims settlement process

Our dedicated team ensures prompt handling and review of claims. We collaborate with you for quick processing and transparent communication, minimising disruptions to your business operations.

Customised coverage for diverse business needs

At Tata AIG, we understand that every business is unique and faces different risks. Our workmen’s compensation policy is tailored to meet each business's specific requirements, providing adequate protection for all workplace environments.

Seamless purchase experience

Buying our workmen's compensation policy is easy and efficient. With just a few clicks, you can secure coverage, protecting your business and employees seamlessly from anywhere, whether you are at home or in the office.

Workmen's Compensation Exclusions

• Injuries sustained by a person who is not declared for insurance under this policy or employed outside the insured's business.

Frequently Asked Question

What types of injuries or illnesses are typically excluded from coverage under workmen's compensation insurance.

Injuries or illnesses caused by war, civil unrest, intentional self-harm, drug or alcohol influence and non-work-related accidents are typically excluded from coverage.

How does the nature of employment or work-related tasks impact the exclusions under workers' compensation insurance?

The nature of employment can impact exclusions if the injury occurs outside the designated workplace or during non-work-related activities. Certain high-risk tasks may also have specific exclusions.

Are there any pre-existing health conditions that may be excluded from coverage under WC insurance?

Yes, pre-existing health conditions that are not aggravated by the workplace or job-related activities are generally excluded from coverage under workmen’s compensation insurance.

In what situations might a workmen's compensation insurance claim be denied based on policy exclusions?

Claims might be denied if the injury was self-inflicted, occurred while under the influence of drugs or alcohol, happened outside work duties or involved fraudulent activities.

What legal liabilities are covered in the Employee's compensation policy?

The policy covers legal liabilities arising from employee injuries or illnesses sustained during employment, including medical expenses, lost wages and disability benefits.

How is the Employee's Compensation Policy different from ESIC (Employee State Insurance)?

Employee's Compensation Policy provides financial protection for work-related injuries and illnesses, while ESIC offers broader social security benefits, including medical care, sickness benefits and maternity leave.

What add-on covers are provided in the Employee's (Workmen's) Compensation Policy?

Add-ons can include medical extensions, subcontractor coverage and terrorism coverage.

What is permanent total disablement?

Permanent Total Disablement is when an employee suffers an injury that completely prevents them from working in any capacity for the rest of their life. A total permanent disability insurance plan can be of use in such cases.

What is permanent partial disablement?

Worker’s compensation partial disability coverage is when an employee suffers a permanent injury that partially impairs their ability to work, but they can still perform some job functions. An example of permanent partial disability is hearing loss or vision damage.

What is temporary disablement?

Temporary Disablement refers to an injury that temporarily prevents an employee from working, either partially or fully until they recover.

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