Page 183 - Liability Insurance IC74

Guide for Liability Insurance

(ii) Acts of God which may cause catastrophic loss is.
However, earthquake risk may be covered on
payment of extra premium.

(iii) Noncompliance of rules and regulations. If
insurance coverage is provided for such liability, it'd
be contrary to public policy and against public
interest. Further, the insured has to be clear that all
the statutory provisions have been complied with.
The exclusion applies only when the non-compliance
is intentional .

(iv) Damage refers to damage of tangible property, not
of intangible property like loss of goodwill or loss of
market, etc.

(v) Liability arising out of fines, penalties, punitive
damages is excluded on the grounds of public policy.
The purpose of fines, penalties, punitive damages
etc is punishment and deterrence, hence insurance
cannot be provided.

(vi) Liability for claims arising out of transportation of
hazardous substances. This can be covered on
payment of extra premium.

Q9. Compare and contrast Claim Series Clause under:
Ans: (a) Public Liability Industrial Risk Policy - a claim series

event is deemed to be one claim and the date of loss is

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