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ICICI Lombard Liability Insurance

Irrespective of the size of business, it is pivotal to consider liability insurance. It is prudent to cover your business against all kinds of liabilities -- public liability (third party injury or property damage) from industrial and non-industrial operations, product liability, professional indemnity, D&O liability and E&O liability. ICICI Lombard offers wide array of liability products to suit your business needs.

Liability Products: -

Public Liability Insurance (Industrial Risks) Policy

Scope of cover
Legal liability of the Insured towards damages to third party with respect to:
•  accidental death
•  bodily injury or disease
•  loss or damage to property.
•  Legal costs and expenses incurred with the prior consent of the Insurer and within the limit of indemnity.

Policy Details
Sum Insured
Depending on exposure, the Proposer has to fix two limits of indemnity as under (for both premises and transportation):
•  any One Accident (AOA)
•  any One Year (AOY)

AOA and AOY can be in ratio of 1:1, 1:2, 1:3 or 1:4. It is not permissible to issue the policy with unlimited liability.

Premium depends on:
•  risk group
•  limits of indemnity selected
•  ratio of limits
•  number of locations
•  annual turnover.

Significant Exclusions
This Policy does not cover liability arising out of or in connection with:
•  pollution
•  any product
•  personal injuries
•  libel
•  slander
•  fines
•  penalties punitive or exemplary damages
•  transportation of materials.

Policy is subject to a compulsory excess of 0.5% of AOA limit, subject to a maximum of Rs 3,00,000/- and minimum of Rs 2000/-. Higher excess opted on a voluntary basis qualifies for a discount in the premium level.

Main Extension
•  Industrial Seepage, pollution and contamination extension
•  Carriage of effluents (outside the premises) extension
•  Transportation extension
•  Technical collaborators extension
•  Act Of god
•  Perils extension.
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