Financial Risk Insurances

Cyber Risk Insurance: 

Subject to the conditions and exceptions specified in the policy, it covers any data protection damage that may arise due to cyber security risk, damage due to business interruption, defenses against public authorities and relevant fines, and cyber ransom loss, as well as information security and privacy responsibility and data breach costs.

OYAK Group (Re)Insurance Brokerage has signed a cooperation agreement with HAVELSAN, which develops technology in the defense, simulation, informatics, country security and cyber-security sectors, specifically against cyber risks, which have recently proliferated. 

Under the cooperation agreement, OYAK Group (Re)Insurance Brokerage and HAVELSAN provide consultancy services to corporate firms through a jointly-enforced effort against cyber threats that have increased globally, especially following the ongoing pandemics.

At the same time, OYAK Group (Re)Insurance Brokerage provides services in insurance processes. The “Cyber Security Risk Assessment Service” and “Advisory Risk Evaluation Scoring” carried out in cooperation with OYAK Group (Re)Insurance Brokerage and HAVELSAN to determine the level of cyber security of institutions shed light on the pre-insurance process.

Bankers Blanket Bond (BBB) for Financial Institutions:

This insurance is a very wide-ranging policy which covers damages and loss that banks and financial institutions may suffer due to the misuse and neglect of the safety of their self-employed personnel during their corporate activities and the malicious acts of third parties that constitute a crime such as theft, robbery, fraud, etc. The scope of this policy varies according to the applications and it provides not only indoor locations but also damages that may occur during shipments between the sites specified in the policy. However, the liability of the insurance company is subject to certain limits.

Political Risk Insurance:

Political Risk Insurance is an insurance product that protects companies with international activities against risks that are not under the control of the company, such as political instability and political crises, and their investments and activities in foreign countries.

Professional Liability:

It provides coverage against the damage that may be caused by attorneys, architects, engineers and such professionals to third persons as a result of faults and/or unsatisfactory work while practicing in their field of specialization.

Directors & Officers liability Insurance:

It puts under coverage any damage claims and litigation defense costs that may arise from any damage due to the fault or neglect of directors or managers of the company and its affiliates, or any company personnel acting as auditor while performing their duties, after it is claimed from them. Additional coverage may also be provided against administrative fines imposed on the insured by governmental authorities. Any damage claims by third persons who incur loss due to fault, neglect, misstatement, violation of mandate liabilities, or any other wrongful acts and omissions by the insured are indemnified under the policy. Such policy is valid not only in Turkey but also internationally.

Trade Credit Insurance:

Trade Credit Insurance protects your company against the risk of non-payment of trade debts. The ultimate goal of receivables insurance, which compensates for losses that may arise due to non-payment of a commercial receivables, is to protect your operations from large-scale losses and ensure that it continues to grow profitably.

In the event of non-payment of your clients, the Trade Credit insurance that comes into operation will deal with the debt collection by paying you the cost of the insured bills themselves. In order to use this insurance product, your company needs to run credit account.

Fidelity Insurance:

Insurance for breach of trust provides coverage against any loss that may be incurred by the insured due to deception, fraud, embezzlement, or such acts by persons related to the insured company. Your policy is indemnified within limits during the time coverage of the insurance, i.e., during the period of service in the enterprise of the employee who commits such risk and within 6 months after his/her death, dismissal or retirement, if it comes to notice.

Surety Bond:

This insurance product, which is considered as "Surety Bond" or "Bonding" in international terminology, is equivalent to the letters of guarantee provided by the banking system. The institution providing surety insurance (Insurance Company) provides the creditor/employer with the guarantee of payment of the relevant contract amount against the risk that the debtor does not fulfill his obligation arising from the contract and/or the law.

Coverages:

Tender Participation Guarantee (Provisional): It provides guarantees against the risk of the supervisor leaving the tender before the tender is completed, ceasing to sign the tender agreement, failing to present the guarantees that s/he should present.

Advance Payment Guarantee: It provides collateral against the risk that the advance payment or payments made by the beneficiary to the supervisor will not be reimbursed as a result of the supervisor not fulfilling his obligations to the beneficiary.

Performance Guarantee: It provides guarantees against the risk that the supervisor does not meet the requirements of the work in accordance with the requirements set out in the contract.

Manufacturing/Maintenance/Repair Guarantee: This insurance provides coverage against damages resulting from the evaluation of business performance such as construction, engineering, and machine production.

 

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