Calcutta, Jan. 18: Tata AIG General Insurance company has announced a one-stop insurance solution for members of the Federation of Indian Exports Organisation (FIEO). The arrangement will make two key insurance products — Product Liability and Marine Insurance — available to 7,000 FIEO members.
“The joint venture will help us explore the possibilities of making the international policy available to Indian exporters,” said Uttara Vaid, vice-president of Contingency Lines. “Besides the policy, Tata AIG will also offer advisory services in all insurance related matters.”
The Rs 81.6-crore insurance company is a 74:26 joint venture between Tata Group and US-based American International Group (AIG). The company had offered around 90,000 policies as on March 31, 2002.
With almost 70 per cent of Indian exports being routed through FIEO, the tieup will open up opportunities and create awareness for members. The main features of the policy include the ‘duty to defend’ clause, which will help the exporter in case of litigation overseas. Tata AIG will take up the case from the exporter’s end and offer all required assistance to take the case to its logical conclusion.
“The Contingency Lines division sources policies which are popular overseas and acts as a conduit in introducing them to India,” says Vaid. “We also offer the Directors and Officers Policy, Commercial General Liability and Excess/Umbrella coverage, which is the first of its kind offered in the country.”
Vaid also said that the company had filed requests with the regulator to introduce policies for product contamination, trade credit, political risks and cyber crime related issues. The cyber crime policy will help an entrepreneur cover his entire IT network from risks arising from virus attacks, hacking and other forms of cyber terrorism.