A plan in which more than one employer contributes, or a plan required by a collective bargaining agreement.

During the first half of the twentieth century, insurers were licensed to write property insurance or liability insurance but not both. Two insurers were needed to write automobile liability and physical damage insurance, for example, in a contrivance called a combination policy. Not long after World War II, states began licensing insurers to write both forms of insurance introducing what was then called the multiline era.

International multimodal transport has been defined as the carriage of goods from one country to another by more than one mode of transport on the basis of a single contract. The consignor entrusts the goods to the person who undertakes to organize multimodal transport and make all th intermediate arrangements necessary for through movement of the goods and their delivery to the consignee at destination. The multimodal transport operator acts as the principal and not as Agent of the consignor. When such a door-to-door contract on through freight rate is planned the burden of documentation and other formalities connected with the system is reduced to the minimum.

The Multimodal Transportation of Goods Act, 1993 provides for legal liability for loss or damage to cargo. It provides for the creation of a licensed operator called the MTO who could be held responsible for the loss or damage to the cargo entrusted to them for transportation. One of the requirements of the MTO license is the insurance to cover liability that arises on them. MTO is liable for (a) Act for their Principal I arranging shipping and transport services, or (b) Contract with the cargo owner to transport goods; or (c) Provide expert advice, assistance and opinions. Although the MTO came into effect in 1993 Indian insurers were not providing this cover till 2001. Currently few insurers are offering this cover in the market. In the light of above Ministry of Finance had given special dispensation allowing foreign insurers to directly underwrite this business. Coverage : To cover insured’s liability to (a) A customer or third party for loss or damage to cargo in the insured’s care, custody or control (ii) A third party for death, bodily injury or damage to property (c) A customer or third party for errors and omissions or professional negligence (iv) An Authority for fines and duty. Cargo Liability : Indemnity is provided to the insured for its legal liability an claims expenses in respect of claims which arise from physical loss of or physical damage to cargo provided such liability arise from The Indian Multimodal Transport Act, FIATA or Combicon Bill of Lading or the Insured’s house bill of lading or standard trading conditions or other recognized transport convention. Third Party Legal Liability : Indemnity is provided to the insured for its legal liability in respect of a claim arising from an accident causing (i) Bodily injury to a third party, or (ii) Physical loss or physical damage to third party property, or (iii) Consequential loss suffered by a third party. Professional Indemnity : Usually an add on extension. Covers the legal liability and expenses arising from (i) The negligent performance of a professional duty, (ii) Fraud by an employee (iii) Libel, slander or infringement of personal rights that has not arisen from publication in an independent journal etc (iv) An unintentional breach of warranty of authority where the insured has contracted on another person’s behalf believing they have the authority to do so.(v) A misdirected claim against the insured being one which results from (a) an accident for which legal liability would in the normal course of vessel operations be covered by any protection and indemnity policy for the vessel owner or operator, or (b) A contract into which the insured entered, within the scope of the insured services believing that the insured was acting as the principal’s agent only. Fines and Duties : This too is an extension if opted for. Rating : (a) Gross Freight Receipts (GFR), (b) The number of containers handled (in terms of 20 TEU). The rate shall depend on (i) Limit of liability for cargo and TP Liability (ii) Extensions Opted (iii) Deductibles (iv) Past claims experience (v) Nature of cargo handled (vi) Destination of Cargo e.g., the % of cargo normally dealt with towards USA/South America/Eastern Europe/Africa etc. (vii) Quality of Management.

1. Vessel operating MTOs : Individual shipping companies or group of companiesProducers/exporters of certain commodities who are the major users of their own multimodal transport operations but also operate with owned or chartered ships.2. Non-vessel-operating MTOs : Freight forwardersRoad transport operatorsRailwaysAirlinesNew companies specialized in multimodal transport operations only.M/V or M.V . : Motor Vessel

A trust comprised of several small employers who work in the same field. This trust is created to purchase group insurance at a lower cost, or establish a self-funded plan.

Funds and trusts financed by the employer to provide medical benefits.

Using a separate fund as well as insurance cash values to provide retirement benefits.