Middle East: BHSI rolls out D&O liability, professional indemnity policies
Berkshire Hathaway Specialty Insurance (BHSI) has finalised proprietary directors and officers (D&O) liability and professional indemnity (PI) policy wordings for customers in the UAE and throughout the Middle East.
“Companies in the Middle East are increasingly concerned about management and professional liability exposures particularly in the challenging business environment created by the COVID-19 pandemic,” said BHSI Middle East head of executive and professional lines Aisling Malone in a statement. “Our new policy forms enable customers and brokers to secure broad coverage that is backed by excellent financial strength and the deep claims expertise of BHSI.”
The specialty insurer said its D&O liability insurance is a clear and simply worded form built expressly for the complex and evolving risks facing directors, officers and their companies. It can also be easily customised to include features that customers want in their D&O policy for specific business needs and exposures.
Similarly, its PI insurance form is clearly worded and is designed to provide broad civil liability coverage which can be tailored to suit individual needs.
Both D&O liability and PI coverage are available to customers on a direct insurance basis in the DIFC or on a reinsurance basis elsewhere in the Middle East. Coverage can be provided to both publicly listed and private companies, traditional professions as well as miscellaneous professions and financial institutions.
UAE: Travel insurance with COVID-19 coverage
VFS Global, a visa outsourcing and technology services specialist for governments and diplomatic missions worldwide, has launched a travel insurance that will provide COVID-19 health-related coverage, exclusively developed by global insurers such as AIG, Allianz and AXA.
Available through VFS Global’s online and offline distribution channels, the policy complies with EU requirements and waives the exclusion of epidemic and pandemic diseases in most travel medical insurance plans to give consumers confidence when travelling abroad.
Travellers to countries in the Schengen area, Russia, Turkey and Ukraine require travel insurance with a COVID-19 cover ahead of applying for a visa. The policy offered through VFS Global caters to the requirements of client governments whilst protecting travellers against COVID-19-related issues whilst abroad.
The coverage includes emergency medical care and repatriation costs should travellers contract the virus whilst travelling and need to return home. Additionally, COVID-19 cover is also available for those travelling to other destinations worldwide, including the US and Canada.
Although not mandatory for visa applications, travellers may need insurance with a COVID-19 cover as a precaution when travelling overseas.
The cost of the insurance plan is calculated in consideration of the duration of stay, visa applicant’s age and if any additional benefits requested.
Basic insurance with COVID-19 cover for a minimum of five days costs AED95 ($26) for applicants aged 65 and below. VFS Global offers a 50% discount for children under 16.
“Many travellers want to be assured about health insurance cover in case of any unprecedented circumstances arise around COVID-19. With limited options in the marketplace for travellers seeking relevant coverage, our robust policy offering is for those who are planning to head abroad again as travel restrictions begin to lift,” said VFS Global regional group COO – South Asia, Middle East & North Africa, Americas Vinay Malhotra. M
AED1 = $0.27