Frequently Asked Questions

No, BUNDA is not an insurance company. BUNDA is a Coverholder at Lloyd’s, authorized to underwrite insurance risks, enter into contracts of insurance, collect insurance premiums and settle insurance claims on behalf of Lloyd‘s Europe

No, BUNDA is not an insurance company and does not undertake the insurance risk itself. The insurance risk is being undertaken by Lloyd’s Europe. Please refer here for more information.

All insured events, except for travel insurance, are administered by BUNDA claims management specialists. Travel insurance claims are administered by OPS Lietuva Assistance.

Lloyd’s is not an insurance company that you may ask for a quote just by calling or sending a written request. Rather, Lloyd’s is a market where some very specific rules apply. One of such rules is that policyholders and insurance brokers may only access the Lloyd’s market via Lloyd’s broker or Coverholder.

Unlike a broker, a Coverholder is a company that is delegated a binding authority, which means it is authorized to underwrite insurance risks and enter into contracts of insurance on behalf of Lloyd’s syndicate. Coverholders may also have the authority to collect premiums and settle claims. While Coverholder status offers much more opportunities, it also requires for more responsibilities to be taken.

BUNDA is Coverholder at Lloyd’s since 2015.

On 1st January 2019 Lloyd’s Insurance Company S.A., registered in Brussels (Belgium), started its operations, and BUNDA became its authorized representative (Coverholder). This change was directly related to the United Kingdom withdrawal from the European Union (BREXIT). Lloyd’s Insurance Company S.A. is licensed in a non-life insurance business and has the same financial strength ratings as Lloyd’s of London. Lloyd’s Insurance Company S.A. has all the powers of Lloyd’s of London and is supervised by the National Bank of Belgium.

No, this type of insurance only covers bodily injury or property damage suffered by the other persons, if the Policyholder is held liable for such damage. Damage to Policyholder’s own assets or employees can be covered by other types of insurance.

D&O insurance policies offer liability cover for company managers to protect them from claims which may arise from the decisions and actions taken within the scope of their regular managerial duties.

D&O insurance policy provides coverage for directors, officers, managers, committee members, some employees, and sometimes volunteers who are acting under the direction of the organization. The full definition of the insured person is indicated in the policy wording.

Yes, board members are covered in the D&O insurance, unless otherwise mentioned in the policy wording.

Yes, D&O insurance covers former directors. So, any claim made against them for their actions while they were in that role of the director – is covered. Not just that, in addition to the former and present directors, D&O insurance also protects the future directors, as well as other relevant parties.

a) Shareholders, unless otherwise mentioned in the policy wording;

b) Employees;

c) Third parties (Creditors, Partners, Clients, Regulators, others).

a) Negligent management;

b) Misuse of powers (authority);

c) Claims related to contractual disputes, false advertising, misleading product information, and privacy violations;

d) Employment practice claims (wrongful termination, discrimination, harassment, and similar;

e) Insolvency;

f) Breaches of fiduciary duties and/or misrepresentation;

g) Failure to comply with local law regulations;

h) Other claims.

a) Loss amount;

b) Defence costs;

c) Loss mitigation costs;

d) Investigation costs;

e) Emergency and crisis management costs;

f) Assets and Liberty costs, extradition costs;

g) Occupation Health & Safety and Corporate Manslaughter Costs;

h) Other costs.

a) Fraud;

b) Intentional non-compliant acts;

c) Illegal remuneration of personal profit;

c) Bodily injuries or property damages;

d) Claims covered by other insurance;

e) Prior & Pending litigation before policy inception date.

Administrative or Civil fines and penalties can be covered only provided they are insurable by local law.

If you use computers and the Internet in your business, collect and store data about your customers, employees or others, then yes, this insurance is right for you!

General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is excluded from a general liability policy.

How much professional indemnity insurance your business will require is dependent on the potential financial impact of a mistake in your line of work. Your policy amount should be enough to cover the cost of defending or settling any claims you could potentially face

Both professional indemnity and public liability cover might be considered important types of insurance for businesses to have.
However, the nature of claims associated with these policies differ. While a PI insurance claim may be for a professional mistake or negligence, a public liability claim will come from injuring or causing illness to a member of the public, or damage to their property as a result of your business activities.

These are 4 different types of insurance, with just one common feature – they are all human life and health oriented. Below are their main differences:

 Personal Accidents Insurance Health insurance Travel medical expenses insurance Life risk insurance 
Death due to illness No  
(but death due to certain diseases can be covered by BUNDA, subject to the additional agreement) 
No No Yes 
Death due to an accident Yes No No Yes 
Disability due to illness No  
(but disability due to certain diseases can be covered by BUNDA, subject to the additional agreement) 
No No Yes 
Disability due to an accident Yes No No Yes 
Medical expenses in the state of insured’s residence No (but can be covered by BUNDA, subject to the additional agreement) Yes No No 
Medical expenses abroad No No Yes No 

Yes, we do.

If critical illness coverage is chosen, we will pay insurance indemnity (subject to other terms and conditions of the insurance policy) if the Insured is diagnosed with one of the critical illnesses during the insurance period.

Major critical diseases:

  1. Cancer
  2. Cerebral infarction (stroke)
  3. Myocardial infarction
  4. Loss of vision (blindness)
  5. Renal insufficiency
  6. Multiple sclerosis
  7. Loss of limbs / Loss of limb function
  8. Internal organ transplantation
  9. Aortic aneurysm
  10. Coronary artery bypass graft surgery
  11. Cardiac valve surgery
  12. Benign tumors of the brain and spinal cord
  13. Cerebral aneurysm
  14. Deafness
  15. Speech loss
  16. Parkinson’s disease
  17. Alzheimer’s disease

Additional critical diseases:

  1. Type I diabetes mellitus
  2. Systemic lupus erythematosus
  3. Addison’s disease
  4. Muscular dystrophy
  5. Becherov’s disease
  6. Rheumatoid arthritis
  7. Comma
  8. High degree of burns
  9. End-stage liver failure

The insurance indemnity will be paid only in case of long-term or permanent disability of the Insured, and if the appropriate level of disability for the Insured is determined by the competent authority within one year from the date of the accident.

In the case of disability of the insured from the age of 18 to the retirement age, the insurance indemnity shall be calculated as a percentage from the disability sum insured, according to the determined level of incapacity for work.

Yes, if individual or group sports activities are only a form of the Insured’s leisure time and are held for health and / or education purposes.
Note: the coverage is valid provided that the Insured does not take part in any sporting activities, training or competitions organized by the sports organization and that such leisure activities are not high-risk leisure activities as defined in the Personal Accident insurance terms and conditions.

Is there an insurance coverage while driving a motorcycle?

Yes. An additional extension is only necessary for skiing on unmarked slopes.

No, this requires an additional extension.

No, this requires an additional extension.

Yes. Under the Injury Insurance Clause, we will indemnify for cosmetic plastic surgeries to remove cosmetic defects caused by soft tissue injuries to the face or neck during an accident. Expenses will be reimbursed according to the bills provided by the medical institution, but the insurance indemnity payment will not exceed 10% of the Injuries sum insured.

Yes, but only if the policy is endorsed to cover Medical Expenses incurred as a result of a Personal Accident. In such case, doctor-prescribed and medically justified treatment services and facilities shall be compensated up to the sum insured.

Yes, but only if the policy is endorsed to cover Medical Expenses incurred as a result of a Personal Accident. In such case, medically justified rehabilitation treatment prescribed by a doctor shall be covered up to the sum insured.

Yes, but only if the policy is endorsed to cover Medical Expenses incurred as a result of a Personal Accident. The costs of treatment of dental injuries, caused by an accident, shall be reimbursed up to the sum insured.

In case the Insured person faces any health issues during the trip, needs urgent medical assistance, or in case of any other emergency, please contact OPS Lithuania Assistance 24/7:

  • Phone: +370 5 279 0860
  • E-mail: pagalba@ezalos.lt
  • https://www.ezalos.lt/

Assistance is provided in Lithuanian, Latvian, Estonian, English, Russian and German

When reporting an event, it is advisable to know:

  • Insurance policy number
  • If the Policyholder is a legal entity, the name of the company and, preferably, the company code
  • If the policyholder is a natural person, his name and, preferably, his personal identification number or date of birth
  • Name and date of birth of the injured person (Insured)
  • The date, time and circumstances of the event

If the Insured is diagnosed the disease, the costs of the Insured‘s medically justified treatment abroad shall be reimbursed up to the Medical Expenses sum insured.

 

If the Insured is required to self-isolate in the home country (being diagnosed a disease or after a contact with a sick person) and is unable to departure to a trip on time, then trip cancellation costs, actually incurred for travel tickets, hotels, etc. that cannot be recovered from the tour operator or other third parties

  • For the sick / isolated Insured shall be reimbursed up to the Trip Cancellation risk (if covered) sum insured
  • For the other Insured co-travellers who did not fall ill, or self-isolate shall be reimbursed up to the Trip Cancellation (if covered) sum insured (applies only to personal travel)

If the Insured is required to self-isolate in the foreign country (being diagnosed a disease or after a contact with a sick person) and is unable to return home on time, then isolation costs (hotel, etc., necessary for longer stays abroad) and the purchase of new travel tickets (if tickets are not exchanged)

  • For the sick / isolated Insured shall be reimbursed up to the Trip Cancellation (if covered) sum insured
  • For the other Insured co-travellers who did not fall ill or self-isolate shall be reimbursed depending on the number of Insureds, their age, medical indications of the sick Insured and the laws in force in that country (applies only to personal travel), but in all cases up to the Trip Cancellation (if covered) sum insured

WHAT COSTS ARE NOT RECOVERABLE?

  • Expenditure on compulsory temporary quarantine on arrival to the foreign country
  • Costs of self-isolation, quarantine and treatment in the home country
  • Costs for Covid-19 tests
  • Insurance coverage shall not be valid if the Insured is unable to travel due to travel restrictions nationwide, including, but not limited to the cases if the government of the country the Insured is traveling to decides not to allow tourists, or airlines cancels flights.

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