Kathmandu. Phoenix Mills Limited has become the first company in India to get risk coverage for business disruptions related to the pandemic through a parametric insurance policy launched by New India Assurance and re-insured by Munich Rich.
Developed by Gallagher Insurance Brokers, this insurance policy will protect Phoenix Mills malls, hotels and offices across India against income loss and additional expenses arising out of pandemic events. This insurance facility will facilitate claim payment based on pre-defined indicators and terms for faster claim payment.
Phoenix Mills believes that this initiative will be a milestone in developing the practice of non-living trade barrier risk management in India.
The new agreement was announced at the Jio World Convention Centre in Mumbai in the presence of senior executives of the three companies.
Phoenix Mills Limited is a business entity operating a network of superstores and shopping malls under the Phoenix Mall brand in big cities of India.
