PERSONAL INSURANCES

This policy is a very comprehensive insurance policy designed to provide protection against any loss or damage caused by the infidelity and negligence or omission of the personnel employed by banks and financial institutions during their business activities as well as by the malicious and offensive acts of third parties such as theft, robbery and fraud. Its scope of coverage varies according to practices, but such a policy covers any loss or damage occurring during shipments between places named in the policy, as well as indoor spaces; however, the liability of the insurance company shall attach for the claim in excess of certain limits.

This policy provides protection for professionals such as lawyers, architects, engineers for claims that they will have to pay as a result of damage to third parties due to errors and/or omissions that may arise from professional services given.

                                             We can find very rapid solutions for the following profession groups:

• • • • Architecture and Engineering companies,
• Technology companies,
• Mid-size and large-size Accounting offices,
• Mid-size and large-size law offices / law partnerships,
• Translation offices,
• Telecommunication companies,
• Media, Multimedia companies,
• Management consulting (advisory) companies,
• Travel agents / tourism companies,
• Call centre companies,
• Outsourcing companies,
• Financial institutions.

This policy provides protection for claims for indemnity or legal expenses incurred by reason of neglect, error or omission committed in the conduct of the professional business of board members, directors and managers, and company employees acting as directors and managers or auditors of the company or subsidiaries thereof. This insurance can be extended to cover administrative fines imposed on the insured persons by governmental agencies. The policy indemnifies the insured for claims for indemnity brought by third parties who suffer from the insured?s failure to fulfil obligations in consequence of the insured?s error, omission, misrepresentation, and breach of duties and responsibilities, and all other wrongful acts and omissions. Such a policy is valid, not only in Turkey, but also all around the world.

Today initial public offerings are preferred in line with growth strategies and investment plans of companies.

This product (POSI) is an insurance product that covers liabilities of companies applying to the Capital Markets Board for initial public offerings, or corporations, shareholders and managers who perform a public offering of securities, which liabilities arise from the relevant Security Offering Prospectus.

This product tailored to portfolio or fund management companies is a special insurance product that grants cover for claims for indemnity and expenses which arise from errors and omissions of employees during their performance of relevant financial services and for claims which can be filed by third parties and for which corporations are legally liable for indemnity and also that provides protection in terms of managerial liabilities of directors and officers of such corporations.

This insurance covers your receivables from sales of goods and services and eliminates collection risks posed when buyers become insolvent or fall into protracted default.

The trade credit insurance provides three added-value services.

• Prevention of the risk
• Collection of receivables
• Indemnity payment

Why Purchase a Trade Credit Insurance Policy?

• It reduces the financial risk and regulates the cash flow.
• No provisions are required for doubtful trade receivables.
• It facilitates prompt and efficient collections.
• It improves the sales and credit management.
• It supports the selection and entry of right buyers into new markets.
• It is more affordable than other conditions of sale such as letters of credit and letters of guarantee.
• It provides advantages under competitive conditions as alternatives to collection instruments such as cheques, bonds, letters of credit etc.

Threats that present cyber security risks for corporations are gradually increasing. Organizations of all sizes across all industries around the globe are suffering more from the financial or reputational impact caused by cyber attacks, thus leading to further concerns being raised in the business world.

The digital technology is an indispensable part of the corporate and social life in the age we are living in and cyber risks will continue to become further widespread in parallel with the pace of such technologies. Each person and organization that processes and stores electronic data, whether by mobile devices, computers, servers or online, faces such a risk. Turkey ranks among top eight countries with the highest prevalence of cyber attacks, which indicates that we need to focus more on ever-increasing cyber risks.

Elements of cover that will add value to your Company under a Cyber Risk policy;

Operational Risk:

• Business Interruption
• System Error
• Related Business Interruption/System Error
• Cyber Extortion
• Restoration of Digital Assets 

Confidentiality and Network Security Risk:

• Data Privacy and Network Security Liability
• Regulatory Fines 
• Media Liability
• PCI (Payment Cards Industry) Fines
• Breach Event Crisis Management Expenses

This is a service offered for claims for indemnity incurred as a result of unlawful transactions committed by debit cards and plastic cards given by banks.

Advance payments, Performance or Production / Maintenance and Repair Bonds 

Subject to the general terms and also provisions and conditions set out under the policy?s special clauses, the insurer provides insurance for the beneficiary specified as a guarantor to the debtor as named in the policy against the failure of the debtor to fulfil its liabilities set forth in the policy. The insurer makes payments to the involved beneficiary(ies) as per its/their liability undertaken under this insurance contract.

The Insurer can be a guarantor to the beneficiary by way of direct surety bonds, or can provide assurance with regard to banks, loan guarantee institutions or other financial institutions standing surety for the liability of the debtor against the beneficiary by way of indirect surety bonds.

?Surety bond? in terms of this insurance means guarantee for debts of debtors or other undertakings related to such debts.

Solutions from Domestic and Global markets can be created in line with the financial strength of the insured.

This insurance defined as political risk insurance provides protection for investments made in another jurisdiction against adverse political actions in the hosting country

Covered risks;

Various acts such as civil war, sabotage and destruction between or among states or within a state,   

Neutrality of regulations,

Changes in domestic (internal) regulations,

Privatization or expropriation (nationalization),

Cancellation of licences,

Non-approval of contracts by the state,

Change of political regime,

Change of government,

Amendments performed under tax laws,

Problems encountered in the supply of raw materials due to embargo or war.

The number of projects in which architecture and engineering companies based in Türkiye are involved both in Türkiye and abroad has a rapid growth during recent years. In parallel with increased legal and contractual liabilities, such companies are required to take out Professional Indemnity Insurance Policies that provide insurance for such projects under contracts or in terms of relevant authorities of states where projects are / will be put into effect.