Deals with preface of risk management, coverage and applicability of insurance, Liability Insurance, Employer Liability Policy and Insurance provisions under FIDIC.

1. Insurance and Risk
Management
Sarbesh Mishra, PhD
Sr. Associate Professor
NICMAR, Hyderabad.
Dr Sarbesh Mishra
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2. About Myself
Name
:
Dr Sarbesh Mishra
Qualifications
1.
2.
3.
4.
B.Com (Hons)
Post-graduate in Commerce
M.Phil in Commerce
Ph.D. (Commerce)
Experience
:
Joined University of Delhi, as a
Lecturer in Commerce in 2001
and continued till 2005 and then joined
Army Institute of Management,
NOIDA as Senior Faculty, Finance
prior to current appointment at NICMAR
since 2007.
Dr Sarbesh Mishra
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3. Publications
1.
Book titled “Working Capital Management” is in
circulation since 2007 & approved text book in IMT,
Ghaziabad & MDU, Rohtak Management Syllabus.
2.
Book titled “Insurance & Risk Management” was
launched in Oct, 2013. It has been adopted by Manipal
University and SMU DMS.
Both the books have been published by Vikas Publishing
House, NOIDA.
Dr Sarbesh Mishra
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4. Related to Insurance (Thoughts)
• Fun is like life insurance; the older you get, the
more it cost. Kin Hubbard
• One of the major goals of health insurance reform
is to bring down the cost. Valerie Jarrett
• The availability of private insurance provides
tremendous insulation for millions of individuals.
Lawrence Summers
Dr Sarbesh Mishra
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5. Functions of Insurance
Risk Sharing and Risk Transfer:
• Shifting or transferring of risk from one
person to a group
• Sharing losses, on some equitable base,
by all the group members
Dr Sarbesh Mishra
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6. Methodology
1. Risk Reduction through Pooling
2. Theory of Probability and Law of Large
Numbers
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7. Role of Insurance in Managing Risk Financing
Applicability of Coverage
1.
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7.
Real and Personal Property
Machinery
Crime Coverage
Extra Expense and Valuable Papers
Worker’s Compensation
Comprehensive General Liability
Automobile Liability & Physical Damage
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8. Health Insurance
• Individual / Group / Deferred / Overseas
Mediclaim Policy
• Domiciliary Hospitalization
• Maternity Benefits
• Exclusions / Pre-existing Illness
Qualifying Age Limit – Baby of 01 Day old to
70 Years.
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9. Liability Insurance
1. Product Liability Policy – Products are sold to their
users/consumers, if defective, may cause death, injury,
illness or property damage. Manufacturers of such product
are liable to pay relief to accidental victims
Coverage – Manufacturers / Marketers
2. Professional Indemnity Policy – Extends protection to
professionals such as Doctors, Solicitors, CA, Architects.
(ii) No legal liability to pay damages arising out of negligence
in the performance of their professional duties.
3. Directors’ and Officers’ Liability Policy – This policy is
designed to provide protection to directors and officers
against their personal civil liability as the Directors hold the
position of trust and responsibility
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10. Employer’s Liability Policy
It’s otherwise referred as Workmen’s compensation
Insurance.
• Offers protection to Employers against their legal
liability for payment of compensation in case of
death or disablement of employees arising out of
and in the course of employment.
• Table A – Covers those who come within the
definition of “Workmen”.
• Table B – Covers those who are not “Workmen”
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11. Insurance Provision Under FIDIC
19.1 – General Requirements by Contractor
19.2 – Insurance by contractor during
Design-Build Period
19.3 – Insurances to be provided by
Contractor during the operation service
period.
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12. THANK
YOU
Dr Sarbesh Mishra
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