Page 22 - Insurance Times January 2018 Sample

owner. Contribution to relief fund: equal to insurance employees, agents and sub agents and their properties and
premium to be paid to the underwriting company. Limit of belongings (b) Losses due to inherent defects, mechanical
Indemnity: single limit to be selected not below the PAID- or electrical derangements, (c) Consequential loses, and (d)
UP CAPITAL of the insured up to a maximum of Rs. 5 crores. Carriage of illegal, illicit or smuggled goods.
Measure of Indemnity: No fault basis. (a) Death and TPD:
Rs. 25,000/- (b) PPD: on the basis of Percentage of Duration:
disablement as Certified by authorized physician. (c) Loss of The cover is during transit, incidental storage,
wages due to TPD not exceeding Rs. 1000/-per month up transshipments and up to seven days after reaching final
to maximum of 3 months subject to hospitalization place.
exceeding 3 days and victim being above 16 years of age.
(d) Medical Expenses up to Rs. 12,500/- additional in all Liability Insurance, Charterers:
above cases. (e) Property damage up to Rs. 6000/- on This covers the damage sustained by the vessel during the
damage to PRIVATE property not belonging to leased to or
period of charter for which the charterers are held legally
under any other control of the owner. Maximum liability of
liable. This also covers demurrage if the vessel is delayed to
insurer: As per limits above.
carry out repairs for which the charterers are held legally
liable.
Liability Insurance, Bodily injury:
Insurance against loss due to claims for damages because Liability Insurance, Cinemas:
of bodily injury (including death) to persons not employees.
Policy covers legal liability for: Accidental bodily injury,
Accidental damage to property of third parties. Policy also
Liability Insurance Carriers Legal Liability
covers legal liability for accidental bodily injury / illness of a
Insurance: third party caused by poisonous or foreign or deleterious
Covers Carriers legal liability as per provisions of Carriers' Act matter in food or drink served in the auditorium.
1865. In order to provide an insurance cover to the common
carriers and transporters against the stipulation of absolute Liability Insurance, Clinical Trial Insurance Policy:
liability under the Carriers Act, the Carrier's Legal Liability The policy covers the sum which the insured shall be liable
Policy has been devised. At present the CLL policy gives the to pay as damages / compensation for claims made by
following coverage: subjects for death or injury or any other adverse reaction in
the body as a result of participating in clinical trial. The term
Basic cover: insured would include all stakeholders in the trial. The cover
covers damage to goods caused by fire, explosion and or includes legal costs also. Breaches of data may also be
accident to the vehicle carrying the goods due to negligence covered. The policy is generally issued on NO Fault principle.
or criminal act of his servants. The cover will commence
with the loading of the cargo and end with its unloading. The policy may be a single trial or multi trial policy. Post-
trial coverage is also offered for a limited period as decided.
Wider cover: The territorial limits are also specified. The policy does not
The following risks are covered in wider cover which is
allowed as a package deal and no partial extension may be
allowed: (i) Damage to cargo as in basic cover. (ii) Damage
by fire, burglary, riot & strike and malicious damage
affecting the goods at warehouses or transshipment yard,
whilst in the custody of the carrier. (iii) Shortage of goods
due to theft or pilferage of cargo at any time whilst in the
custody of the carrier. (iv) Breakage, leakage, damage due
to improper handling.

Exclusions:
(a)Riot and Strike (available as add-on), war perils, nuclear
and radiation perils, contractual liabilities, liability to own,

22 The Insurance Times, January 2018

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