Ubisoft 2009 Annual Report Download - page 41
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37
1.1.7.6 Insurance and risk coverage
The Group benefits from professional liability coverage taken out by Ubisoft Entertainment SA, covering all of
the worldwide subsidiaries except those in the United States, Canada and Japan, which each have their own
local insurance policies.
Depending on the nature of its business, each subsidiary is covered in particular for:
property damage and damage to IT data
employee health risks
vehicles
apartments leased to employees on assignment
inventory
transport to customers
etc.
Each foreign subsidiary tailors and manages its local coverage according to its business and the specific
characteristics of the country.
All policies have been renewed, and for some subsidiaries enhanced, to ensure maximum, appropriate
coverage of risks.
The absence of any major damage that is not covered confirms the relevance and adequacy of the cover
that has been taken out.
Half of the insurance programs are negotiated through a local insurance broker, which ensures appropriate
advice and consistency in risk cover.
Each new subsidiary that is acquired therefore reviews its cover policy in accordance with the latest strategy
established within the Group.
Ubisoft has taken out an assistance policy for individuals on work assignments in France and abroad. This
policy covers all employees of French sites for assistance and repatriation when abroad.
The Group’s business does not incur any extraordinary risk of work-related accidents. This has not
prevented the introduction of workers’ compensation policies to meet the legal requirements of different
countries. This has been the case for subsidiaries in the United States, Australia, Japan, Spain, Italy, China,
Canada and Switzerland.
Some companies are insured in the event of operating losses. This particularly applies to subsidiaries in the
United States, Canada and Germany.
The limits of coverage according to each type of insurance taken out by subsidiaries in the Company’s main countries (all
activities combined) are as follows:
Coverage limits
France
in thousands of
euros
United States
in USD
thousand
Canada
in CAD thousand
China
in CNY
thousand
General liability
4,000
7,500
29,000
1,500
Property insurance
8,587
13,000
47,700
34,400
Inventory insurance
6,000
22,000
15,000
-
Total premiums paid on insurance policies valid during the financial year ended March 31, 2010 amounted to
some €1,297 thousand excluding credit insurance, compared with €1,196 thousand the previous year,
representing an increase of 8.37 %.