Liability Insurance provides an effective protection against Legal Liabilities fastened upon you due to your unintentional acts. Liability insurance is designed to offer specific protection against third party claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies.
Liability insurance is only responsible for the other party's losses. It protects you from being held responsible for the other party's damages.
1. Public Liability Policy:
This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions. For more information kindly Click Here .
2. Product Liability Policy
This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:
- accidental death/ bodily injury or disease to any third party.
- accidental damage to property belonging to a third party.
- arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured's premises.
3. Professional Indemnity Policy:
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service. Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defence of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected.
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4. Directors and Officers Liability Policy:
Directors and Officers Liability is the liability (or exposure to litigation) of corporate board members and officers arising out of their actions pertaining to their management duties of the corporation. Directors and Officers Liability Insurance insures the personal assets of corporate board members and officers [as well as the company’s corporate assets] from lawsuits arising out of their capacity as directors or officers of the cooperation.
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5. Employers Liability Policy:
The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by the workmen arising out of and in course of employment. Those employees who do not qualify as 'workmen' can be covered under separate table. For more information on this policy Kindly Click here.
6. Carriers Liability Insurance:
Pay all sums for which the insured shall become legally liable as compensation for physical loss or destruction of or damage to goods or merchandise ... while in transit ... including during loading or unloading and while temporarily housed on or off vehicles in the ordinary course of transit. For more information on this policy Kindly Click Here7. Liability Insurance Act Only:
The policy covers the statutory liability of insured arising out of accidents occurring during the currency of the policy due to handling hazardous substances as provided in the PUBLIC LIABILITY INSURANCE ACT 1991 and the Rules framed thereunder. For more information on this policy Kindly Click Here
For any additional information on the above policy kindly contact us, or post your questions in the comment section.
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