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Reliance Liability Insurance |
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Product Liability
This policy can be taken by any manufacturing or industrial organisation
The policy covers
1. Legal liability arising out of accidents due to any defects in the products sold or supplied by the Insured.
2. Legal costs, fees and expenses incurred with the prior consent of the Company.
The Policy does not cover liability arising out of
1. Cost, repair or replacement of allegedly defective product
2. Product recall
3. Contractual agreement liability
4. Any product which is intended for incorporation into any aircraft
5. Financial loss or loss of goodwill
6. Deliberate, wilful, intentional non-compliance of statutory provisions
7. Any Product guarantee
8. Fines, penalties, punitive or exemplary damage
9. War and nuclear perils
The policy provides for following extensions
1. Exports to North America
2. Vendors Extension Clause
Workmen´s Compensation
The Workmen´s Compensation Act, 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment.
The Policy indemnifies you for
1. Legal liability to your employees under the Workmen´s Compensation Act, 1923, Indian Fatal Accidents Act, 1855, both as amended to the date of issue of the policy, and at Common Law. OR
2. Legal liability to your employees under the Indian Fatal Accidents Act, 1855, as amended to the date of issue of the policy, and at Common Law.
In addition, the policy also provides for payment of legal costs and expenses incurred with the concurrence of the Company
The Policy does not cover
1. Any interest and/or penalty which may be imposed on all insured or an insured on account of failure to comply with the requirements of the said Workmen´s Compensation Act, 1923 as amended.
You can opt for the following extensions
1. The insurance under table “A” can be extended to cover disease mentioned in part ‘C’ of Schedule III of Workmen´s Compensation Act.
2. Medical expenses
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