BHSI launches Professional First Asset Management Liability Insurance in Asia
Berkshire Hathaway Specialty Insurance Company (BHSI) has introduced Professional First Asset Management Liability Insurance, which provides comprehensive and clearly worded professional liability, directors & officers liability, employment practices liability and crime coverage for mutual funds, alternative funds and asset managers in Asia.
Asset managers can pick and choose coverage combinations and limits to suit their needs. Coverage encompasses a variety of professional services provided by asset managers and can be tailored for investment structures and vehicles across all investment classes and geographic locations. Coverage for costs incurred to proactively mitigate claims or potential claims is built into the policy.
In addition, the Asset Management Liability policy automatically extends coverage to new funds the insured creates or acquires during the policy period (with no restriction on asset or fund size) and to new subsidiaries the insured creates or acquires during the policy period (within a generous asset threshold).
Aon insurance product reduces earnings volatility from charter flight cancellations
Aon Benfield launched an innovative new insurance product that will help the charter aircraft industry avoid the financial losses associated with the cancellation of flights.
Structured in partnership with Mountfitchet Risk Solutions, the Aircraft On Ground (AOG) Protect product indemnifies aircraft operators for the financial loss incurred when their aircraft cannot be utilised by flight operators for a contracted charter flight, leaving the operator to sub-charter or reposition a replacement aircraft.
Traditionally, aircraft operators have had to replace the aircraft at their own cost, or have had to refund the flight, leaving passengers without an aircraft and affecting the operators’ profits and revenue. However, with AOG Protect, operators receive an insurance payout when a flight is cancelled for reasons including mechanical breakdown, accidental damage, crew sickness or even mid-flight diversions following mechanical fault.
AOG Protect will be offered to aircraft owners and operators through Mountfitchet Risk Solutions. The firm is already attracting some of the largest companies in the private jet sector, having already established links with Air Charter Service Plc (ACS), one of the world’s largest private charter brokers.
Insurance capacity for the product is being provided by Swiss Re Corporate Solutions.
Singapore: China Life SaveReward (RMB) endowment plan introduced with guaranteed yield of 3.55%
China Life Insurance Singapore has launched a five-year China Life SaveReward (RMB) endowment plan with a guaranteed yield of 3.55% per annum upon maturity, with premium payments for three years.
The minimum annual premium of this plan is CNY10,000 (US$1,539). The plan also offers protection against death during the policy term. In the event of death of the life insured, a lump sum of 400% of the annual premium less amounts owing (if any) will be paid.
Aviva Singapore digitises claims process for group customers
Aviva ClaimConnect – a mobile application and portal designed exclusively for its group insurance policyholders – has been launched by Aviva Singapore.
Among the key features, users can: locate their nearest panel clinic, submit employee insurance claims electronically, receive updates on the status of claims via instant notifications, access details of coverage, utilise the claims calculator, view claims history, do away with a physical employee benefits card when visiting a panel doctor.
Aviva receives about 50,000 group insurance claims per month from insured employees and panel doctors. Of these, about 13,000 are direct from employees seeking reimbursement. Since rolling out the digitised service late last year, about 140 companies who are insured with Aviva have already introduced the programme to their employees. 52% of the claims from those employees are now made via e-submission.