Scope of cover
This Policy broadly covers the Owner´s statutory liability on the no-fault principle for the following conditions resulting from an accident while handling any hazardous substances:
• death of or injury to any person
• damage to property
Sum Insured
The Public Liability Insurance Act, 1991 provides that the Indemnity limit for Any One Accident should not be less than the paid-up capital of the undertaking and not more than the amount, as may be prescribed by rules framed under the Act.
The rule currently stipulates that the Insurer is liable to pay not more than Rs. 50 Million for any one accident and not more than Rs 150 Million for any one-year.
Premium
Premium charged depends on two factors:
• limit of indemnity selected
• annual turnover (Gross Sales of all goods including all levies and taxes)
A matching amount should be contributed towards the Environment Relief Fund.
Workmen´s Compensation Policy
Scope of cover
The policy, provides for two forms of insurance viz, Table A -
Indemnity against legal liability to all employees (whether or not coming within the definition of the term Workmen) under the W.C.Act 1923 and subsequent amendment to the said Act prior to the date of issue of the policy, the Fatal Accidents Act, 1855 and at Common Law.
Table B -
Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law. (Table B policies may not be issued to cover employees who fall within the definition of “Workmen” under the Workmen´s Compensation Act, 1923 as amended).
Sum Insured
The policy does not have a Sum Insured but the estimated “Earnings” of the workmen for the policy period is mentioned on the policy.
Premium
The Premium rate depends on the occupation of the workmen and his/her annual “Earnings”
Significant Exclusions
The Insurance Policy does not cover losses arising out of war and allied perils, nuclear activities and contractual liabilities.
