Page 156 - Liability Insurance IC74
P. 156
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may be lodged in the future as if they were first made
against the insured during the policy period. However,
this extension is not for an indefinite period but is subject
to the maximum time limit laid down in the Indian
Limitation Act.
(b) Extended Reporting Clause - This clause provides
for extension of time limit for notification of claims: (i)
for accidents which had taken place during the Period
of Insurance. (ii) but could not be made during the Policy
Period.
This extension of is subject to the provisos that:
(i) No insurance is in force during the extended
reporting period for the same interest, and,
(ii) Such claims shall be dealt with as if they were made
on the last day of the expiring policy period and
subject to the limit of indemnity and its terms and
conditions applicable as on that date.
(c) Indemnity to Others Clause - This clause provides
that the indemnity under the policy also extends to cover
liability of :
(i) Officials of the insured; (a) in their business capacity
arising out of the performance of their business or
(b) in their private capacity out of their temporary
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