Jgm-insurance

1 week ago

Mumbai Maharashtra, India Nayara Energy Full time

**3. ACCOUNTABILITIES &**

**RESPONSIBILITIES
**ACCOUNTABILITIES
**ACTIVITIES
**1**
- Timely renewal of insurance policies as per timelines in Insurance SOP (i.e. initiation of renewal 45 days before the expiring date, renewal completion 7 days before the expiring date).
- To ensure the insurance coverages, placement and claims related to following policies:

- Commercial General Liability (Primary & excess policies)
- Employers Practice Liability Insurance
- Director & Officer’s Liability Insurance
- Public Liability Insurance

Crime Insurance
- Study of policies and clauses issued by the insurers.
- Closed interaction with the business and legal team to have effective usage of the above policies and carry on improvements in the coverage/ premium and implementation of warranties/ conditions as part of due diligence
- Obtain timely additions in the policies / information to insurer on change of facts and information’s from renewal date, checking and advice for premium payment/ refund on additions/ deletionsUploading of the policies and endorsements on DMS.**2**

Insurance claims

Management related to area assigned by Head - Insurance
- To ascertain exact cause of loss and identify the responsible party of the loss. Steps for loss minimization.
- Completion of formalities of claims, negotiation with the surveyor and follow up with the insurer for quick settlement of claims.
- To recover the loss under terms of the insurance policy.
- To ensure the timely reporting, discussion with business /legal team and Head -Insurance for finalizing the settlement of claims
- To Ensure Proper discharge documents are executed and provided to the Insurers/ Brokers for receipt of the claim value.

**3**
- Monthly MIS- To have the proper MIS containing policies status, additions/deletion during each and every month for the policy year

To ensure the CD statements reconciliation with Insurer’s, claims & their status, claims Vs. premium analysis

To have the proper MIS for insurance invoice received / pending to be submitted to IDT and Accounts team

To maintain the historical data in terms of coverage, premium amount, change in policy terms etc. for management analysis as when required.

To maintain the statement policy wise refund status, insurable and non-insurable claims and their status.
- To maintain the record for data submitted by user department for future audit and analysis purpose

**4**
- Clearance of of advances in books and to avail CENVAT credit.- The premium paid in advance. Submission of premium receipts to Accounting team to clear the advances.
- Ensure the submission of insurance documents along with receipts in CENVAT format to avail timely credit through IDT.

**5**
- Cost savings without diluting coverages- To explore the idea for reduction in premium amount minimum - 5% from the expiring premium without diluting coverages
- To discuss with Head -Insurance and take his view to maximum the cost saving benefits to the Company.

**6.**
- Liaison and Co-ordination
- Co-ordination with the all concerned department of Nayara Energy to get updated information for renewals/ fresh policies.

Liaison with Corporate teams for taking appropriate decisions in risk management.

Liaison with Insurers/Re-Insurers/ Brokers wherever required
- Liaison with Internal and External Auditor of the Company wherever required

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