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Natioanl Liability Insurance |
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Product Liability Insurance
Salient Feature
Policy indemnifies the insured against legal liability to third parties in consequence of death / bodily injury arising from the use of product sold to them.
Scope of Cover
Policy indemnifies the insured all sums which the insured shall become legally liable to pay as damages in consequence of accidental death/bodily injury or disease to third party or damage to their property arising out of any defect in the products manufactured and covered under the policy after such products have left the insured's premises.
Main Exclusions
1. Product Recall.
2. Deliberate, willful or international non-compliance of any statutory provision.
3. Loss of goodwill, loss of market.
4. Fines, penalties, punitive/exemplary damages.
5. War and War like situations.
6. Any loss occurring prior to the Retroactive Date mentioned in the policy.
Premium Rating
Premium : -
Premium will depend on the kind of products produced by the insured i.e. insured's classification as per Risk Group. Turnover, Ratio of Any One Accident Limit to Any One Year Limit etc.
Excess : -
Policy is subject to Compulsory Excess i.e. in the event of a claim, the insured must bear 0.50% to 1% of the limit of indemnity.
Public Liability Insurance
Salient Features
The policy indemnifies the insured for his legal liability to pay compensation including claimant's cost and fees, in respect of death/injury to third party or damage to property belonging to third party, arising out of the business of the Insured.
Scope of Cover
Three types of covers are available under Public Liability Insurance
1. Act policy
2. Industrial and storage risks - Market Agreement
3. Non-Industrial Risks - Market Agreement
Premium Rating
The premium is computed taking into account the risk group classification, limits of indemnity, ratio between the limits of indemnity, number of factories, gross annual turnover and the extensions sought by Insured.
Extensions
The policy can be extended to cover the following risks by charging additional premium.
1. Pollution Risks
2. Storage Risks
3. AOG Perils
4. Transportation Risks
5. Collaborators Liability
6. Effluent Risks
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