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Royal Sundaram Liability Insurance |
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Product Liability
Scope of Cover:
Product liability insurance provides Indemnification against legal liability coverage in connection with the business of the Insured for any loss in respect of-
• Accidental injury to persons
• Accidental damage to tangible property
Products Liability insurance indemnifies the seller or supplier (including manufacturer, wholesaler, etc.) of goods in respect of liabilities that may arise from the product after it has left their immediate control.
Main Exceptions:
The Company shall not be liable in respect of-
• Liability to employees
• Liability assumed by the insured under agreement
• Liability for Personal Injury/Bodily injury/property loss due to gradual seepage/pollution or contamination and cost of removing, seeping, polluting or contaminating substances. However accidental pollution can be covered.
• Fines or penalties, exemplary or punitive damages
• Damage directly or indirectly caused by arising out of use of asbestos
Workmen´ Compensation
Standard Cover:
The policy provides cover for any insured employee who may sustain personal injury by accident or disease arising out of and in the course of his employment. The company will indemnify the insured against all sums for which the insured is held liable to pay to his employees under Workmen's Compensation Act, 1923, the Fatal Accidents Act 1855 and at Common Law. And also, the costs and expenses incurred with the consent of the company in defending any claim for such compensation.
Salient Features:
Workmen´s Compensation Insurance provides for two forms of Insurance-
Table A:
Indemnity against legal liability for accidents to employees under the Workmen´s Compensation Act, 1923, the Fatal Accidents Act 1855 and at Common Law
Table B:
Indemnity against legal liability under the Fatal Accidents Act 1885 and at Common law
• All the employees in the enterprise, as per the provisions of W.C. Act are to be insured
• In case of public bodies where employees can be covered section wise or unit wise, or in the case of a risk where the employees are covered under ESI act 1948, Table B cover can be issued for employees not falling under the definition of Employee as per WC Act 1923 as amended
• The policy is adjusted on the basis of the actual wages at the end of the policy period
Principal Exclusions:
• Any injury by accident or disease directly attributable to war invasion and like perils
• Liability towards the contractor´s employees
• Any liability attached due to an agreement, which would not have attached in the absence of that agreement
• Any sum which the insured would have been entitled to recover from any party but for an agreement between the insured and party
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