Page 27 - Insurance Times January 2018 Sample

Liability Insurance, Public Liability Industrial liability to pay compensation including Claimant's costs, fees
Risks: and expenses anywhere in India in accordance with Indian
Law. The Policy applies to non-industrial risks such as Hotels,
The Insurance Policy shall cover applies to Industrial and
Motels, Club Houses, Restaurant, Boarding and Lodging
storage risks such as Depots, Warehouses, Godowns, Tank Houses, Flight Kitchens, Cinema Halls, Auditoriums,
farms etc with aggregate limits of Indemnity any one year Theatres, Public Halls, Pandals, Open Air Theatres,
/during the policy period within the geographical limits of
Residential Premises, Offices/Administrative Premises,
India. Policies shall cover all sums which the Insured
becomes legally liable to pay as damages to third party in Medical Establishments, Institutions, Airport Premises (other
respect of accidental death/bodily injury/disease and loss of than aviation liabilities), Schools /Educational Institutions,
or damage to property arising out of claims first made in Libraries, Exhibitions, Fairs, and Fetes, Stadiums and Pandals,
writing against the Insured during the Policy period, Permanent Amusement Parks, Film Studios - Indoor &
including legal costs and expenses incurred with prior Outdoor, Zoos, Depots, Warehouses, Godowns, Shops,
Tank Farms and similar other non-industrial risks with
consent of Insurers, subject always to the limits of indemnity
aggregate limits of indemnity any one year /during the
and other terms, conditions and exceptions of the policy. It
policy period.
shall not be permissible to issue a Public Liability Policy with
unlimited liability. The maximum ratio of limit of indemnity Policies shall cover all sums which the Insured becomes legally
any one accident to any one year shall not exceed 1:4.
liable to pay as damages to third party in respect of accidental
Policy can be extended to cover Pollution Risks, death/bodily injury/disease and loss of or damage to property
Transportation risks outside Insured's Premises, Cover for arising out of claims first made in writing against the Insured
multiple units, Act of God perils, Technical Collaborators during the Policy period, including legal costs and expenses
Liability For the purpose of rating industries are classified incurred with prior consent of Insurers, subject always to the
under four groups. The Company will indemnify the insured limits of indemnity and other terms, conditions and
against their legal liability(other than liability under the exceptions of the policy. It shall not be permissible to issue a
Public Liability Insurance Act, 1991 or any other Statute that Public Liability Policy with unlimited liability. The maximum
may come into force after the issue of this policy) to pay ratio of limit of indemnity any one accident to any one year
compensation including Claimant's costs, fees and expenses shall not exceed 1:4. Policy can be extended to cover Pollution
anywhere in India in accordance with Indian Law. Risks, Cover for multiple units, Act of God perils.

Indemnity Limits: Company's total liability to pay Liability Insurance, Ship Repairers:
compensation, Claimant's costs, fees and expenses and This covers liabilities of ship repairers towards vessels
defence costs shall not exceed the Any One Indemnity limit repaired by them.
stated in the Schedule. Indemnity Limit applies to any one
claim or series of claims arising from one originating cause.
Liability Insurance, Stockbrokers Liability:
Any One Year Indemnity Limit shall represent the total
Stockbrokers can be liable for wrong advice to clients and
amount of Company's Liability during the Policy period.
also failure to execute or wrong execution of clients'
Liability Insurance, Public Liability Non Industrial instructions to trade. One of the condition of the coverage
is that they are registered members of a Stock Exchange.
Risks:
The Company will indemnify the insured against their legal Liability Legal, Losses:
Legal liability losses may be classified by any of several
characteristics. One possible classification is in terms of the
entities to which liability may indebted Customers, members
off the general public, employees, governmental bodies to
which an organization may own fines and possibly others.
Another way of classifying liability losses is by the source off
the legal duty whose breach has brought legal liability upon
the organization: liability for breach of a contract (through
intention non-performance or violation of a warranty, for
example), tort or criminal liability.

The Insurance Times, January 2018 27

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