Page 172 - Liability Insurance IC74

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is designed to protect the insured against legal liability
arising out of failure of products to fulfill their intended
function. The policy will pay for: (a) the cost of repairing
or replacing defective products. (b) the cost of recalling
defective products and (c) the financial loss is caused
by such products where there is no injury to or damage
to property of third parties.

Extensions available for insured's lost sales as a result
of damage to the brand name of the product, advertising
expenses already incurred, advertising expenses to
relaunch the product etc.

Q5. Enumerate the items of Risk Assessment of Public
Liability for Industrial Risks.

Ans. Repeat Q1 of Nov 2007

The major items in the form relate to the following:
(a) Particulars of insured and the management of the

company.
(b) General details of premises.
(c) Particulars of assets on premises.
(d) Effluent discharge - Ref of Q1 of Nov 2007 & Q10

of May 2009 (i) whether discharged from the plant
outside the premises by pipeline. (ii) whether effluent
treated before discharge according to Pollution

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