|
 |
 |
 |
Royal Sundaram Business Insurance |
|
 |
|
Liability Insurance
Introduction - Basics of Legal Liability
Generally, the law in all countries intends that a person who causes injury or damage to another party should compensate the other party for that loss. The compensation will be in the same proportion as his/her liability. The burden of liability and the means and standard of proof necessary to establish it, will vary from country to country and from one particular subject-matter to another within the same legal system.
Liability arises from a civil wrong or breach of personal duty imposed by law on a person and owed to his/her fellow citizens. In some countries, legal rights and duties are framed in a Civil Code. In others they are not codified but drawn from the precedent of decisions handed down in the courts over the centuries, this is known as “Common Law”.
Two main sources of Law affecting this Insurance
Civil Law is concerned with Regulating the conduct of people towards one another, and providing a mechanism where one party may be required to provide compensation to another who suffered harm as a result of their failure to behave in accordance with acceptable standards.
Insurance policies are concerned with breaches of Civil Law, i.e. with civil liability and the two main sources are
1. Common Law
• Often referred to as Judge-made law
• Based on customs and traditions
• Developed by Judges through precedent
2. Statute
• Written law
• Sets down what should and should not be done
• Usually introduced by Acts of Parliament
• By amending common law or replace it with new
Industrial All Risks
Industrial All Risks Policy
Wide and comprehensive cover for the large sized business where the assets at all locations of the insured exceeds Rs.100 Crores.
It is an All Risks Policy covering a wide range of perils such as fire and allied perils, burglary, accidental damage, breakdown as well as business interruption.
It also has an optional Machinery Breakdown Loss of Profits Cover.
Standard Cover
Section I:
Material Damage - It covers accidental physical loss or damage (including machinery breakdown) to the property insured due to any cause other than those excluded.
Section II:
Business Interruption- It covers loss due to business interruption following a Physical loss or damage to the property covered and the same is admissible, under material damage section of the policy.Loss of Profits arising out of machinery breakdown is optional.
Salient features
• Quick and expert risk inspections where required.
• Expert Risk Control Programme by our Risk Engineers on all aspects of safety and Loss Prevention/ Minimization
• Availability of various optional covers
• Rating based on individual risk features including claims experience and fire protection systems availability
• Superior claim service
|
|
|
 |
 Top Providers |
 |
ICICI Prudential Life |
|
SBI Life Insurance |
|
Life Insurance Corp. |
|
Bajaj Allianz Insurance |
|
United India Insurance |
|
|
| |
|
|
|
