General Insurance Corporation Of India · NSE:GICRE
General Insurance Corporation Of India — Conference Presentation
32 slides from General Insurance Corporation Of India's conference presentation
Slide 1: Changing Landscape of Liability Risks & Insurance: Commercial General Liability
Changing Landscape of Liability Risks & Insurance Commercial General Liability
Slide 2: Presentation Flow
Presentation Flow 1. ISO 2013 Changes 2. Developing Jurisprudence 3. A Closer Look: India, UK, US 4. Global Risks & Solutions 5. Looking Ahead
Slide 3: The Policy
The Policy A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. - Internatio
Slide 4: ISO April 2013 Edition of the CGL Form: Major Changes
ISO April 2013 Edition of the CGL Form: Major Changes The Liquor Exclusion The liquor exclusion will apply even if the allegations are negligence in supervising, hiring, employment, training, or monitoring of others, or failing to provide transportation for anyone who may be under the influence.
Slide 5: ISO April 2013 Edition of the CGL Form: Major Changes
ISO April 2013 Edition of the CGL Form: Major Changes Additional Insureds: Coverage will be provided to additional insureds: only to the extent permitted by law; not broader than the coverage required by contract or agreement; for no more than the limit required by the contract or agreement
Slide 6: Presentation Flow
Presentation Flow 1. ISO 2013 Changes 2. Developing Jurisprudence 3. A Closer Look: India, UK, US 4. Global Risks & Solutions 5. Looking Ahead
Slide 7: Expanding Notion of Injury
Expanding Notion of Injury Psychological Injury Fear of Disease
Slide 8: Pure Psychological Injury
Pure Psychological Injury A right to seek redress for negligently inflicted ‘pure’ psychological harm or damage. Common law jurisdictions slow to recognize such a right. Judicial bias in favour of physical injury cases. Psychological injury be shock-induced. Arise by virtue of a sudden fri
Slide 9: Fear of Disease
Fear of Disease Suits seeking medical monitoring for exposure to potentially harmful substances, even though the person has not and may never develop an illness from that exposure. Courts have as of now kept tight safe guards against such claims: “Such “injury-less” lawsuits, if allowed, will un
Slide 10: Expanding Notion of Injury
Expanding Notion of Injury Reputational Injury Violation of Privacy Infringement of Intellectual Property
Slide 11: Personal and Advertising Injury Coverage
Personal and Advertising Injury Coverage False Arrest, Detention or Imprisonment Malicious Prosecution Wrongful Eviction or Wrongful Entry Defamation, Libel or Slander Oral or Written Publication that Violates Person’s Right of Privacy Use of another's Advertising Idea in Your Advertisem
Slide 12: Personal and Advertising Injury Exclusions
Personal and Advertising Injury Exclusions Knowing Violation of Rights Publication With Knowledge of Falsity Contractual Liability Breach of Contract False Statements About Price or Quality Intellectual Property Breach (except in your advertisement)
Slide 13: Coverage for Data Breach Claims
Coverage for Data Breach Claims October 7, 2013, federal district court in California ~ Hartford Casualty Insurance Company v. Corcino & Associates Held that the Advertising Injury coverage in a comprehensive general liability policy issued by Hartford Casualty Insurance Company covered two clas
Slide 14: The New Torts
The New Torts ‘Wrongful birth’ occurs where an act of negligence causes the birth of an unplanned child. The child may be ‘healthy’ (non-disabled) or disabled. ‘Wrongful life’ occurs where an unplanned disabled child owes his very existence to medical negligence: had the negligence not occurred,
Slide 15: The Damages Debate / The Insurability Inquiry
The Damages Debate Extra Compensatory Damages The Insurability Inquiry Jurisdictions
Slide 16: Presentation Flow
Presentation Flow 1. ISO 2013 Changes 2. Developing Jurisprudence 3. A Closer Look: India, UK, US 4. Global Risks & Solutions 5. Looking Ahead
Slide 17: India: Statutory Jurisprudence
India: Statutory Jurisprudence Retributive Justice Restorative Justice Crime is an act against the state, a Crime is an act against another person and violation of a law the community Victims are central to the process of Victims are peripheral to the process resolving a crime. Focus on the problem
Slide 18: Tort Liability In India
Tort Liability In India Bhopal Gas Tragedy – 1984 / 1989 US$ 350 Mn ~ INR 100,000 for death claims and Rs. 45,000 for personal injury Upahaar Cinema Fire – 1997 / 2011 Rs. 10 lacs for next of kin of those over 20, Rs. 7.5 lacs of those under 20 Medical Malpractice – 1998 / 2013 Rs. 6 Cro
Slide 19: MWe cia rule Ss}
MWe cia rule Ss} Qo.longer apply ge Philip Sanders 20 are expensive d busifiess)
Slide 20: Statute: Environment Protection Act
Statute: Environment Protection Act Offences By Companies Where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary or
Slide 21: Environmental Tort Law
Environmental Tort Law Vellore Citizens Welfare Forum vs. Union of India ‘Polluter Pays Principle’ Absolute liability for harm to the environment extends not only to compensate the victims of pollution but also the cost of restoring the environmental degradation. ‘Precautionary Principle’ Required e
Slide 22: Vicarious Liability
Vicarious Liability There is no concept of vicarious liability in criminal law, except that if there is an abetment, the abettor may be joined with the principal offender. If there is a common intention or a conspiracy, that is understandable. Otherwise there is no vicarious liability. If my driver
Slide 23: Tort Liability In UK
Tort Liability In UK Bogle and others v McDonald's Restaurants Ltd Dismissed: Group action for personal injuries caused by the spillage of hot drinks Held: Although customers would expect basic precautions to be taken against risks, that was not to the point that they should be denied the basi
Slide 24: UK: Sources of Increased Product Liability Claims
UK: Sources of Increased Product Liability Claims Source: BLG Survey
Slide 25: Piercing The Corporate Veil
Piercing The Corporate Veil David Chandler v Cape Plc Cape lost its appeal against the decision awarding David Chandler £120,000 compensation for his asbestosis after he was exposed to asbestos at a subsidiary company, Cape Building Products Limited. This long-awaited High Court appeal decisio
Slide 26: US – Tort Drivers
US – Tort Drivers Food Class Action Litigation “The United States is experiencing substantial increases in overweight and obesity that cut across ages, racial and ethnic groups, and both genders, has been increasing in every State in the Nation [and] has reached epidemic proportions. . . left un
Slide 27: Buckyball Recall
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Slide 28: Presentation Flow
Presentation Flow 1. ISO 2013 Changes 2. Developing Jurisprudence 3. A Closer Look: India, UK, US 4. Global Risks & Solutions 5. Looking Ahead
Slide 29: Controlled Master Program
Controlled Master Program Combines the best of both - global policy and local policies. Key Features • A single insurance covering Global DIC/DIL multiple territories Coverage • Consistent coverage and limits through Difference in Conditions/Difference in DIL Limits coverage Broad Form • Local premi
Slide 30: Tax Liability & Capital
Tax Liability & Capital Key Questions Will the claim need to be paid in- country? Exposure Income Tax Evaluation If the global policy cannot respond by paying the claim locally and must instead pay the parent company, will the parent incur tax liability in its home Claims Coverage country? Wil
Slide 31: Presentation Flow
Presentation Flow 1. ISO 2013 Changes 2. Developing Jurisprudence 3. A Closer Look: India, UK, US 4. Global Risks & Solutions 5. Looking Ahead
Slide 32: Commercial General Liability Combined Ratio: 2005–2015F
Commercial General Liability Combined Ratio: 2005–2015 F 112.9 110.8 115 108.3 107.1 105.8 110 104.4 101.4 105 99.8 99.0 100 95.1 94.2 95 90 85 80 05 06 07 08 09 10 11 12 13F 14F 15F Coverage Certainty vs Arbitrary Arbitrage Source: Conning Research and Consulting.
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