Executive

AvGen Insurance Bureau’s motivation is the management of risk. AvGen recognises that in the modern world of globalization, Insurance solutions become ever more complex. Local, regional, international laws and regulations increasingly affect the way commerce is transacted. AvGen provides solutions from the simplest to the most complex exposures and tailors bespoke Insurance policies. From multinational companies to SMEs (Small to medium sized enterprises) the need for professional insurance advice is paramount. Quality, costs and service are key words to understand the AvGen philosophy.

Lord Peter Levene, Chairman of Lloyds of London, presenting the Lloyds Lutine Regatta trophy to Mr David Boorman

About us
AvGen Insurance bureau has already succeeded in providing services to clients in more than 15 countries around the world, managed by our network of local offices and monitored in real time at Head Office. AvGen technical team has decades of experience in global insurance companies, competent and mobilised staff and strong partners – AvGen is offering its services among a growing fraternity of clients. We believe in personal attitude and trustful relations in our business - and follow these rules for our clients, every day. In the Global Insurance Marketplace AvGen’s services are greatly valued by our ever increasing number of clients. We comprise of an amalgam of Insurance and Risk Management companies which have combined to form one organisation . Our reach is multi-national, our strength is local, our network of offices reaches across the Middle East, Africa and beyond.

PRODUCTS LINE
Insurance coverage including, but not limited to…

 Aviation  Marine : Yacht & Leisure  Term Life  Professional Indemnity  Property  Health Care  Travel  Construction all risks  Bonds

AVIATION

Mission Statement
To manage highly professional aviation underwriting from our located offices based in Jordan, from this hub serving the spokes in the Middle East, Africa and Latin and South America. To produce prompt and competitive quotations for clients using our extensive experience and to provide practical risk management solutions delivered with a personal service. AvGen has trading partners whose combined strength enable us to offer its clients a real alternative to traditional Aviation Insurance markets. AvGen provides fair and competitive aviation solutions which may otherwise be difficult or impossible to achieve. Our tailor made quotes and policies will provide you with a perfect Aviation Insurance solution. AvGen is recognised as a prompt and efficient service provider and has a dedicated team of insurance professionals and aviation specialists alongside A rated security for your peace of mind. AvGen serves and protects your interests…….with wisdom, integrity and honour

Heavy
Modern jet aircraft present insured values that range from several million dollars upwards. Limits for Third Party indemnity are dictated by regulatory authorities. These can exceed US $1 Billion. At AvGen, a bespoke portfolio covering a wide spectrum of exposure can be arranged with ease. With access to reinsurance markets readily available, we offer Hull and General Third Party Liability, Passenger Liability, War and other Perils. Deductible Insurance including in question and foreign object damage, coverage for loss of or damage to spares inventories can be added. In addition, employee benefits are offered, Aircrew Personal Accident and/or loss of licence are products that we can offer to an air taxi operator or a large cargo operator.

Our team of aviation specialists are a network of aviation professionals, people who really know and understand aviation. They comprise an association of expertise gained from working for airlines, cargo operators and managing operations.

Light & General
AvGen Insurance supplies a niche in the supply of aviation insurance. Our services are centered around the domestic, regional and international aviation insurance markets. Centered in the Middle East, AvGen offers a real alternative to the traditional approach to providing insurance. AvGen has trading partners whose combined strength enables us to offer you, our clients, a real alternative to traditional aviation insurance company markets Historically, many clients who are based away from the traditional centres of financial services can find themselves isolated from the best standards of service. AvGen’s aim is to offer a modern approach to the supply of aviation insurance. Regular client contact and meetings providing help and advice is the backbone of our offering.

MARINE: YACHT & LEISURE
Born of decades of practical experience, few people understand the hazards of the oceans and seas better than Tony Bullimore (left). He is equally familiar with problems that can arise in harbour if a vessel`s insurance documents are not in accordance with a country`s maritime regulations. Under his guidance and tutelage the AvGen Yacht and Leisure craft insurance packages are custom built for the more discerning yacht owner. Super yachts, racing yachts are the focus of the AvGen portfolio. With an extensive network of agents around the world, AVGEN marine provides a services and assistance system. From Antibes top Antigua, Gibraltar to Grenada, Sydney to Southampton, the expertise, helpful, friendly and professional service is only Email away. Underwritten by insurers who understand the needs of the ocean cruising owner, the security of the insurers is of the highest calibre. AvGen people know at first hand the perils of the sea, for which we have created a top quality insurance product to provide protection against these exposures.

You choose the direction of your business We make your journey safe

TERM LIFE
Term Life Insurance plan for corporate clients covers its employees and workers from damage caused in working hours, as well as outside of them. Individually designed programs allowed to include such risk as: - Terminal illness - Accidents - Double Indemnity - and more, considered by the term life insurance product.

AvGen partner and the underwriters offer conditions based on your business specification and risk management. The compensation procedure comparing to other Term Life products is simplified and quick. Term Life products can be considerate as part of corporate social responsibility campaign of your business ,as taking care of your employees and their families is very important for productive and effective work on your entire corporation.

PROFESSIONAL INDEMNITY (LIABILITY)
This type of insurance is a must to have for any legal professional business, where mistakes might cause financial or personal problems for the clients. Professional Indemnity Insurance protects your business against clients for loss or damage caused to the client or Third Party if you make mistakes or found to have been negligent in some or all of the services you provide. All the damage, estimated in money equivalent, including legal costs, are covered with professional Indemnity. Going beyond the obligatory professional indemnity insurance, it is obligatory to mention that this type of insurance works as attraction of the client to your business. Trust comes over time, and before that – your current and potential clients have to be sure that wherever the outcome of your service providing are, they will not lose their money. Professional Indemnity Insurance will help them to make the right choice and cooperate with you.

PROPERTY
As businesses are created and managed by people - we do believe, that there are no absolutely equal businesses, and they all vary just like human DNAs. Therefore, we offer products including, but going beyond coverage of “standard” risks, and creating an individual approach to client’s insurance the one that really helps him to have confidence in tomorrow. Our clients’ list in property insurance coverage includes large industrial representatives, governmental and commercial organizations, who use our service in: - General damage of the property; - Contractors risk insurance; - Business interruption / property loss; - Machinery insurance, etc.

HEALTH CARE
Otherwise called “Medical expenses” AvGen has wide international experience in the field of Health Care Insurance. AvGen personnel designed a comprehensive health Care programme for the Saudi Market. Our personnel are undertaking similar studies for clients in several emerging markets. From the feasibility study stage, right the way through to design and implement AvGen specialists are widely acknowledged experts. The administration of Health Care Insurance programmes is vital. Our TPA expertise is second to none.

TRAVEL
AvGen offers a wide range of Travel Insurance products available through each of the AvGen network of offices, a suitable travel insurance will cover all contingencies. We are very experienced in the design and operation of travel insurance. Recent clients, for whom AvGen personnel have undertaken research, design and then installed. Travel programmes include Zambia, Turkey and Russia. Emergency assistance- evacuation and repatriation, providing emergency funds or a replacement credit or debit, are component elements of emergency assistance services. We offer simple, straight forward insurance policy wordings, supported by a standard of service that is at least constantly exceeding expectations. The companies aim is to offer prospective clients competitive insurance solutions that could otherwise be difficult for them to obtain. Be it single aircraft, a fleet, airline or cargo operation, AvGen has the knowledge and experience to handle clients, both big and small. The company’s objectives are to offer the full range of specialist aviation insurance covers. Practical advice, a friendly approach to dealing with enquiries is provided by our expert team who have many years of experience in the insurance industry.

CONSTRUCTION ALL RISKS
Because of the wide variety of risks inherent in power plant construction and operation, risk sharing by contractor provisions or by insurance should be carefully evaluated to protect the equity from a failure or interruption of revenue receipts. Many of the risks associated with power project construction and plant operation are generally assumed by insurance companies. However, the many insurances that are available and required can be confusing and expensive.

Insurance for power projects has to encompass many differing priorities: the owner needs the latest technology to give maximum efficiency; the contractor wants the lowest deductibles to give minimal exposure; banks need the widest protection at any price; and, the insurance industry has to comply with government regulations and the project's Power Purchase Agreement. These conflicting demands serve to further complicate the situation.

As power projects become more complex, the financial and multi-legal aspects of the project packages interface - impairing the ability of each party to compromise and accept risk. And, for that reason, the lead finance party needs to be kept well advised and involved in negotiating the conditions of insurance to ensure that all parties understand and accept the framework of the project's long term benefits. The objective of all insurances is to protect the project from risks that are unexpected and accidental. However, they cannot provide for inevitable loss, nor for the protection of developing designs.

Risk Coverage
Because privately financed project development companies generally rely on the revenue from the sale of electric power of a project, delayed completion or unscheduled outages can jeopardize the project's coverage of current expenses. - including interest payments and loan repayments. Financial backers, therefore, require that the corresponding finance agreements reached with a project company contain comprehensive obligations covering those risks. Such agreements contain minimum insurance requirements monitored by the banks or other lenders, and often require the services of special consultants. Normally, the supplier of a turnkey power plant assumes all risk and liability for property damage during the planning and construction phases until the plant is provisionally handed over to the owner/developer.

Other risks existing on the part of the supplier, such as those related to outstanding work for completion of performance and activities governed by warranties are covered by Maintenance insurance linked to the Construction/Erection All Risks (CEAR) insurance. And, because subcontractors supply certain portions of the project, an insurance policy in the name of all participants is usually required to cover all subcontractors and consultants, as well as personnel and consultants/engineers supplied by the owner/developer. Power plants are complex and demanding when it comes to insurance coverage. Therefore, the various risks associated with project construction and plant operation must be carefully assessed, and covered by insurance policies to the greatest extent possible and economically feasible. And, because types of project coverage available vary widely, and change with the political and environmental surroundings of the territorial risk, it is necessary to arrange a package of coverage to meet the needs of all parties with interests in the project. Selection of the correct insurance program is a matter of negotiation. It needs effective and professional advice to ensure that resources are not wasted and that a long-term philosophy of protection is established for the project involving financially sound and experienced insurers and re-insurers.

Insurance Policies
Clearly, a well-defined insurance concept covering all major insurance-related risks avoids friction among the participating partners helping to ensure the on-time completion of the plant for the benefit of the customer.

Pre-Construction
Risks in the pre-construction phase include transport of plant components to the construction site from manufacturing facilities, and damage to property, covered by Marine Transit/Delay in Start-Up (MT/DSU) insurance (supplier's risk); manufacturer/set-up of plant components on suppliers' premises, normally covered by existing insurance programs of the individual suppliers/manufacturers; and loss of profit, covered by Marine Consequential Loss (customer's risk) While the market for coverage of material damage is normally large, the need to include DSU, following machine loss coverage, limits the market dramatically. Insurers often apply comparatively large deductibles to the material damage risk when DSU coverage is purchased, as compared with those deductibles available for material damage coverage alone. Construction/Erection Lenders are closely focused on ensuring the right level of project revenue, the risk exposure to that revenue, and the ability of the sponsor or contractor to adequately perform their obligations and complete the project. Thus, during the construction/erection phase of a power project, significant risks must be covered, including: storage of plant equipment on the project site and damage to property, with Construction/Erection All Risks (CEAR) insurance (contractor's risk); and loss of property, with Advanced Loss of Profit (ALOP) following CEAR insurance (customer's risk).

Construction/Erection All Risks (CEAR) - Wrap-up or owner-controlled insurance needed to ensure the availability, and most complete, coverage for construction. If the CEAR is a restricted coverage, then the scope of the DSU will be equally limited. Many DSU policies do not meet the initial operations of the project, and only respond after the anticipated performance acceptance. Thus, the widest form of protection under the CEAR will give a double benefit: enhanced material damage coverage, and wider coverage of the DSU exposure. Force majeure - This unique form of financial loss protection protects the project parties against a number of factors, including: Outside causes over which the insured have no direct control that may adversely affect the project development, such as: (direct or indirect physical damage that prevents the performance of the contract (perils in nature, strikes, etc.) - usually conventionally insured under project construction/erection "all risks" policies; and, (direct or indirect non-physical damage of a nature that can also prevent the performance of the contract (strikes, labour disputes, unanticipated changes in law/legislation, enforcement by order of court, etc.) Excusable causes granted to project participants for which an extension of time, relief, or excuse under contract might be granted - normally excluded from conventional CEAR policies. Any other cause beyond the control of all of the parties to the contract (including such things as archaeological finds, adverse soil conditions, losses under subsidiary or side agreements (such as prime tenancy, pre-determined purchase or sales agreements) - normally excluded from conventional CEAR policies.

Force majeure insurance can also be extended to include an element of advance loss of profit or delay in start-up coverage above that covered under a conventional construction "all risks" policy. Political force majeure - On international power projects, many Western companies and banks seek to mitigate political force majeure risks through insurance. The insurance market, both in the form of commercial insurers and export credit and investment agencies, creates coverages that can protect investors against risks, such as: Confiscation, nationalization and expropriation Physical damage due to war and terrorism Inability to remit hard currency earnings out of the host country Forced divestiture (where the investor's own government insists that an asset is divested) and forced abandonment (where the situation in a country deteriorates to such an extent that the asset has to be abandoned) Abrogation of allied agreements such as power purchase and fuel supply agreements. Such coverages are applicable both to equity investments and to loan capital, and are widely used by sponsors, investors, and advising banks. Loss-of-Profit - Based on the corresponding property insurance coverages, policies can be drawn up providing insurance for loss of profit caused by equipment damage during transport - Marine Consequential Loss (MCL) insurance; and during construction and erection - ALOP insurance, or alternatively - DSU insurance. Construction - Loss of profit coverage during project construction includes insurance for losses due to delayed completion of the plant, resulting from events related to deliveries to the site or to construction activities.

Operation
Loss of profit coverage during plant operation is of particular importance to the operator, because the warranty extended by the power plant supplier, covering the construction, commissioning, and warranty periods, is limited to property damage, whereas the risk of loss of profit rests with the customer alone, (except for liquidated damages). In the event that no revenue can be realized from the sale of the electrical power, such monetary risks can also be covered by insurance. However, it normally requires that corresponding property insurance also cover the property damage resulting in monetary loss. During plant operation, loss of profit is normally covered by Business Interruption (BI) insurance following Property All-Risk (PAR) insurance, including Machine Breakdown (MB) coverage. The better the property insurance coverage, the better the loss-of-profit insurance

AVGEN SOLUTIONS LTD
In the current economic climate, contractors are increasingly being asked to provide a performance bond. A performance bond is a form of security provided by a contractor to a developer and consists of an undertaking by a bank or insurance company to make a payment to the employer in circumstances where the contractor has defaulted under the contract.

Conditional Bonds
A conditional bond, by contrast, is common within the construction industry. Such a bond is usually issued by an insurance company, and payment is usually conditional upon the employer who makes the call proving the amount of loss which he has suffered. In practice, therefore, a conditional bond may require litigation before any payment can be obtained. The value of a performance bond is usually expressed as a percentage of the contract price, usually between five and twenty per cent of the contract price with ten per cent by far the most common figure. A bond issued under English law is usually executed as a deed.

Banks vs. Surety Companies
The two main suppliers of Performance Bonds are banks and surety companies. Banks will generally take 100% cash collateral security for the duration of the contract. If you have that amount of cash in credit, this is a fantastic option as the bank will pay interest on the cash amount which will probably pay for the bond itself. The downside to this arrangement could be a serious affect on your business’ cash flow for the duration of the contract as the cash is not immediately accessible. An overdraft facility can often be set up to resolve this but these usually need to be secured with personal guarantees or property. As a result, using a bank could end up more expensive and prohibitive. Bonds and surety are a strange world and we often find that it is not until you are about to sign up with banks that they tell you about the cash collateral. Our best advice would be to check with them before signing anything. Using a surety company, on the other hand, means that cash flow will not be affected and the cost of the bond will therefore stand apart from company banked finances. The surety market, however, is international so care should be taken with the details. You should be especially aware where personal guarantees are requested. Should the product pay out, surety companies will seek recovery from individuals.

We would always recommend you get specialist advice on any surety product before purchase. As with most financial products, the devil is in the detail.

Other Types of Bonds
Advance Payment Bonds - A bond to cover any advance you may receive from your employer. Usually the advance is used to buy materials to get prepared for a job. These bonds will be 100% of the advance payment made. Retention Bonds - A bond given to the employer in lieu of them holding retention monies against them. This can free-up cash to assist cash flow and is usually in the region of 2.5% or 5% of the contract value.

SERVICES IN REINSURANCE
 Risk monitoring analysis of basic requirements of the client (or insurance company)and his business;  Establishment of Insurance products structure, price and conditions with our partners. Organisation of insurance tender.  Analysis of the given proposals. Negotiations of prices/conditions, until the final proposal are received. Choosing the best match of price of service for the client.  Professional and legal review of the contract. Detailed explanation on the basic issues.  Preparation of the contract signing process;  Insurance service monitoring and claims handling globally.

THE LONDON MARKET
The London Market is what is popularly known as, the home of insurance. It’s the world’s largest and ancient market; going back to more than 3 centuries old! London is home to some of the biggest insurance companies, underwriters and brokers; and also the Lloyd’s of London – which contrary to popular understanding is not a company. The origins of the London Insurance market and that of Lloyd’s of London can be traced back to 1688 when Edward Lloyd’s coffee house was a popular place for sailors, merchants & ship-owners. The shipping industry community frequented the place discuss insurance amongst themselves. The London Insurance market works a lot differently that any other insurance market in the world. A lot of that is to do with tradition not uncommon in the British world of things. However, the last couple of years have seen the ‘ancient’ market embrace some of the latest developments to make London as the Market of Choice. The London market has a good technical background supporting the broker/underwriter relationships. Traditionally, the London Insurance Market is a lot about face-to-face business. However, in the recent past, it has seen the introduction of Electronic Claims to ensure speedy agreement of claims. With regulation & transparency at an all-time high, it won’t be long before the London Insurance market regains some of the glory it has lost.

There are lots of companies around the world which deal in insurance, so putting up a top 25 list would be difficult. We have placed the first three in order of their Market Value. (Source:Forbes) •Allianz – Formerly known as Allianz AG, this is without doubt one of the largest insurers around the globe, providing services such as health, property life, casualty, and more. With support and backing from the Allianz Global Investors company. Allianz Global Investor`s company ,Allianz is now ranked as one of the world’s leading insurance companies and with good reason •American International Group, Inc – Another one of the worlds leading insurance companies, the American International Group, Inc., more often called AIG, this company has a solid reputation for outstanding life and non – life insurance, as well as reinsurance, retirement plans, financial services, and asset management assistance in more than 130 countries. •AXA – Made up of many mutual insurance companies ,AXA has subsidiaries in the United Kingdom, Belgium, Australia and its headquarters is located in the United States. Whether looking for personal or commercial coverage, this company offers outstanding products and services. While the world is experiencing a financial crisis, insurance companies are still forging ahead. While many people have lost their homes and jobs. Insurance is one product many people cannot live without. Whether by law or by necessity, people still have car, health, life and other types of insurance in effect. Most of the top insurance companies of the world remain financially robust with some exceptions.

LLOYD'S
Unlike many other insurance brands, Lloyd's is not a company; it's a market where our members join together as syndicates to insure risk Much of Lloyd’s business works by subscription, where more than one syndicate takes a share of the same risk. Business is conducted face-to-face between brokers and underwriters in the Underwriting Room. When we talk of Lloyd’s, we’re really referring to two distinct parts. The market, which is made up of many independent businesses, and the Corporation of Lloyd’s, which is there – broadly speaking – to oversee that market. These parts are distinct, but far from independent. Both work closely to maintain high standards of performance across the market. The following pages will give you an insight into the unique way in which Lloyd’s is structured, the role of the market and The Corporation, and the different departments (directorates) that make up Lloyd’s.

THE LLOYD'S MARKET
The Lloyd’s market is home to over 50 managing agents and over 80 syndicates, which offer an unrivalled concentration of specialist underwriting expertise and talent. Business at Lloyd’s is still conducted face-to-face, and the bustling Underwriting Room is central to the smooth running of the market. The market structure encourages innovation, speed and better value, making it attractive to policyholders and participants alike. Immediate access to decision-makers means that answers on whether a risk can be placed are made quickly, enabling the broker to provide fast, good-value solutions. The majority of business written at Lloyd’s is placed through brokers who facilitate the risk-transfer process between clients (policyholders) and underwriters. Clients can discuss their risk needs with a broker, a cover holder or a service company. Specialist underwriters for each syndicate price, underwrite and handle any subsequent claims in relation to the risk. This diagram is a basic representation of the structure of the market and its participants. A detailed description of the participants can be found below.

POLICYHOLDERS Policyholders request insurance cover. Businesses, organisations, other insurers and individuals from around the world want to protect themselves against risks that could affect them. They approach a broker and explain their individual needs.

LLOYD'S BROKERS Accredited Lloyd's brokers place risks in the Lloyd's market on behalf of clients. These brokers use their specialist knowledge to negotiate competitive terms and conditions for clients. Currently there are over 180 firms of brokers working at Lloyd's, many of whom specialise in particular risk categories. Each broker is required to demonstrate an understanding of the Lloyd's market, as part of Lloyd's assessment of its suitability to be accredited as a Lloyd's broker. All brokers must satisfy all relevant regulatory requirements. Lloyd's performs a careful assessment of all applicant brokers, affirming their reputation and financial standing and investigating the character and suitability of officers and employees before making the decision to accredit.

SYNDICATES A Lloyd’s syndicate is made up of one or more members that join together as a group to accept insurance risks. They operate on an ongoing basis, although they are technically annual ventures. Members have the right but not an obligation to participate in syndicates for the following year. In practice, most syndicates are usually supported by the same capital providers for several years. The stability of the core capital providers mean syndicates function like permanent insurance operations, under the Lloyd’s umbrella. Syndicates tailor solutions to respond to the specific risks of the client base and compete for business, thus offering choice, flexibility and continuing innovation. Syndicates cover either all or a portion of the risk and are staffed by underwriters, the insurance professionals on whose expertise and judgement the market depends.

HOW TO CONTACT US

AVGEN LTD AVGEN SOLUTIONS LTD AVGEN INSURANCE COMPANY LTD HERO SIGORTA AVGEN AVIATION

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HERO SIGORTA AVGEN AVIATION