Public Liability Policy broadly covers Legal Liability of the insured towards damages to third party in respect of accidental death or bodily injury or disease and loss or damage to property arising out of such accidents. It also covers legal costs and expenses incurred with prior consent of the Insurer and within the limit of the indemnity.
Premium - Premium charged depends on two factors:
Main Extensions :
Covers legal liability of the Insured towards damages to third party with respect to:
Product Insurance Policy broadly covers legal liability of the Insured towards damages to the third party arising due to faulty products manufactured / sold by the insured, liability with respect to:
Legal costs and expenses incurred with the prior consent of the Insurer and within the limit of indemnity.
Sum Insured - Depending on exposure (end users, sales territories, nature of products & turnover), the proposer has to fix two limits of indemnity under the policy:
AOA and AOY can be in ratio of 1:1, 1:2, and 1:3 and maximum can be 1:4. It is not permissible to issue the policy with unlimited liability.
This policy covers claims, which the insured becomes legally liable to pay to third parties as a result of bodily injury or property damage arising out of the use or consumption of products manufactured, sold and /or distributed by the Insured.
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