Anda di halaman 1dari 6

Insurance process

IL&FS Engineering and Construction Company Limited


Current insurance Program details
Type of policy Insurance Company & No. of Polices Period of Insurance Premium paid(Rs.)

CPM Policy Royal Sundaram -01 Nos. 30/01/2016 to 29/01/2017 81,00,000/-

Group health The Oriental Insurance Co. ltd -01 27/09/2015 to 26/09/2016 99,97,800/-
Nos.
Group PA ICICI Lombard -01 Nos. 31/05/2016 to 30/05/2017 2,75,000/-

Employee Liability TATA AIG GIC Ltd –I Nos. 17/12/2015 to 16/12/2016 37,63,458/-
insurance

T.P. Liability BAJAJ ALLAINZ -435 Nos. 14/11/2015 to 13/11/2016 27,37,522/-


insurances
Vehicles Future Generali – 69 Nos. 27/02/2016 to 26/02/2017 6,63,357/-

EAR/CAR – Roads sector-5 , Project Date as per Contract 5,52,89,425/-


Projects (IEECL Railways sector-7, Agreement Premium with
Polices) Buildings Sector -4 Installments
Power Sector-15
Oil &GAS -01 - Total- 32 Nos.
Insurance Process And Value added Services
1. Direct Insurance Purchases without involvement of any Broker / Intermediary since 2013

2. Premium Quotes obtained for policies from Minimum of 2/3 PSU and 4-5 Private companies

3. In house experience for preparation of RFP in due consultation with Project Team to meet the statutory and
contract’s compliances

4. Polices are being purchased from Insurers with Lowest Price only (Discount -99% to 100% on Tariff price rating Plus
premium for Add on Covers as per Tariff /GIC Circular) to meet Contractual Obligations for Optimum Coverage

5. Endorse the polices up to date towards Compliances of Contract amendments

6. Free Master Health check-up and regular Health camps arranged for all employees by the Health underwriter / TPA

7. Annual valuation for Fixed Assets (P&M) is provided by Insurer as a value added service without consideration

8. Under Liability Insurances, the Insurer directly arranges legal liable compensation along with defense costs
Claims
Claim Settled – INR (Millions)

Year 2013-2014 – CPM -10.51 ,Motor-0.2 ,W.C.Policy-6.8,EAR/CAR (Projects)-40.5, GPA Policy -0.52 ,GMC Policy-
12.6 = Total - 71.13

Year-2014-2015-CPM -5.20,Motor-0.1 ,W.C.Policy-8.3,EAR/CAR (Projects)- 40.0 , GMC Policy-8.00 =Total -61.60


Year 2015-2016 – CPM -4.0,Motor-0.1 ,W.C.Policy-4.6,EAR/CAR (Projects)-19.0, GPA Policy -0.2,GMC Policy-6.00
= Total - 33.90

Claims Under Process: INR (Millions) –As on Date


01-UILS project Irrigation Sector 40.00
02-Ambedkarnagar REC project 4.00
03-Employee Compensation 2.00
04-CPM Policy 4.00
05-GMC Policy 1.20
= Total 51.20
Additional services obtained from
brokers/insurance companies (value addition)
Best practices other group companies can
follow