Why the need for Specialized Industry Focused Training Programme on Emerging Risks and Liability Insurance?
In the last 20 years, profile of Indian economy has changed from basic industry and we are seeing large growth in Servicing Industry, as a result it has become a significant player in the growth of Indian economy. IT, e-commerce, exports, project exports, acquisition of companies in foreign countries by Indian Companies or inflow of PE, VC Funding from foreign investors in Indian companies especially in Pharma, IT and e commerce is resulting in changes in Board Room and the way in which risk is perceived and handled. These changes have ever resulted in need for Insurance Policies as a part of Shareholders agreement being signed between Indian Promoters & Strategic Investors or PE/VC funds.
Increase in the exports of Pharma Products, Automobiles, Fully Assembled Engines and Automobile Parts in the recent years has resulted in need for Product Liability Insurance as due to quality complaint or need for recall there can be heavy liability on the Indian Manufacturers or Exporters.
We come across need for buying of D & OE insurance Policy or 3rd party liability insurance policy as a requirement clearly recorded in shareholders’ agreement. Now a day’s 3rd party liability insurance policy is required by RWA or owner of the building for getting license from Government authorities in Haryana for issuing license for operating lifts in Multi story towers.
Objectives of the Training Programme:
The Training Programme will address following issues
- Risk perception faced by Indian Companies & Exporters.
- Risk perception of non-executive/ independent/ female directors joining board of Indian Companies.
- D & O E Insurance: Need of modern industry.
- Legal Issues arising due to complex legal agreements among:
- Vendors and OEM Customers.
- Strategic Partners and Technology Providers.
- Impact of Social Media and interaction among customers/ opinion makers spread all over the world.
- Role of NGO’s.
Topics to be covered:
During this Training programme high level of clarity will be achieved by discussing the following
- Good understanding of Risk analysis in changed scenario.
- Need for Product Liability Insurance.
- Human resource aspects & its correlation with D&OE policy.
- D & OE/ Errors & Omissions: Need of IT Industry, BPO, KPO or E- Commerce supported by case studies within India and abroad.
- #MeToo type cases – Do we have an Insurance Coverage for such movements?
- Learnings from case studies showing impact of Social Media/Consumer Activists/NGO’s/Human Rights Groups.
- Product Recall Case Studies.
Who Should Attend the Training Programme (Target Participants?)
This will be an opportunity to you to upgrade yourselves to handle Risk Perception due to changing requirements in the economy .This is a good opportunity for:
- Directors/ Independent Directors.
- HR Managers.
- Company Secretaries.
- Specialists handling underwriting/ business development/ claims pertaining to Liability Insurance in
- Insurer Firms.
- Insurance Broking Firms.
- Insurance Manager of Corporate.
- Insurance Institutes/ Academic Faculty/ Students.
- Lawyers/ Law Firms
- Academic – Faculty
What can you Expect from the Training Programme?
Increasing exports is very good for Indian manufacturers/ exporters as well as our country but this also increases responsibility of corporate as any hiccup can result in loss of image/ heavy liability in the form of penalties awarded by courts/authorities in foreign countries and consequently loss of market share of corporate.
Multiple Laws, Regulations, Factors, Internal Policies (e.g. HR policy) are guiding your business in complex & continuously changing business environment. Sitting in the Board of Directors meeting without understanding these requirements and need for Insurance policies is the minimum requirement from any one to make a value addition in the Board Room. In short participant will be adding knowledge in 7 hours for which he/she may need 95 hours of study on Internet.
Ms. Shveta Kaushal
Programme Coordinator, Insurance Foundation of India Om Plaza, 430/7, 1st Floor, Sant Nagar, East of Kailash, New Delhi – 110065