HDFC ERGO lead insurer for Formula 1
HDFC ERGO, in collaboration with Ace Insurance Brokers, the risk management and insurance intermediary company will provide an insurance cover of US $15million.
The Insurance Cover would protect the Formula 1 Grand Prix event against adverse weather, non-appearance of several teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation.
Mr. Anuj Tyagi, Head - Corporate and Rural & Agri Business, HDFC ERGO General Insurance, speaking on the occasion said, “Underwriting a prestigious event like Formula 1 Race is unique and a momentous occasion for us, as it once again demonstrates our capability to insure large-size, multifaceted projects. Insuring such a high-profile event in a country like India is a great learning experience.”
An adverse incident can have the potential to ruin a planned event by forcing the event to be canceled, postponed or abandoned and when an event cannot take place as planned, the organizers often have to write off costs incurred up to the point of cancellation. These expenses include deposits, advertising and printing costs, booking fees etc. “A policy like Event Cancellation Insurance Policy is thus a savior for the organizers because it pays any irrecoverable cost or expense which have been or will be incurred in connection with the event, following a cancellation, interruption, postponement or relocation due to any of the insured perils,” said Mr. Anil Arora, Director, Ace Insurance Brokers.
Mr. Tyagi further added " an experienced team of Underwriters and actuaries at HDFC ERGO has been able to evaluate the risks involved in event such large as Formula 1 and design insurance solution to suit the needs of insured.
These types of policies are fully re-insured with international re-insurers.
About ACE Insurance Brokers Private Limited
Ace Insurance Brokers Pvt Ltd, headquartered in the capital city is one of the leading Risk Management, Insurance and re-insurance intermediary in India.
Being a customer centric company our goal is to safeguard our clients’ interest and offer them effective risk management solutions. Our team of professionals work closely with clients and offer them customized spectrum of risk mitigation and insurance products.
We are driven by a desire to bring best possible service to our clients. We use our experience to help clients optimize their insurability and reduce costs ensuring uninterrupted business.
About HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company Limited is a 74:26 joint venture between HDFC Limited, India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. HDFC ERGO (http://www.hdfcergo.com) offers complete range of general insurance products ranging from Motor, Health, Travel, Home and Personal Accident in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space.
HDFC ERGO is the 5th largest private sector general insurance company in India as rated by IRDA. HDFC ERGO has been expanding its presence across the country and is today present across 71 cities with 80 branch offices with an employee base more than 1107 professionals. The company has a wide distribution network comprising of brokers, retail and corporate agents, bancassurance besides its own direct sales force.
HDFC ERGO has been assigned the rating of ‘iAAA’ by ICRA indicating its highest claim paying ability. The company also has ISO certification for its claim services.
HDFC ERGO General Insurance Company Ltd.
6th Floor, Leela Business Park,
Andheri Kurla Road, Andheri(East), Mumbai :- 400 059
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