Page 36 - Liability Insurance IC74

The Insurance Times

to take care of large losses. Market pools formed
by a consortium of insurers are not very common in
liability insurance except perhaps in extra hazardous
risks e.g, demolition contracts.

However, public liability insurance for nuclear
reactor operators is available, on a pooling basis,
from the British Insurance(Atomic Energy)
committee comprising insurance companies and
Lloyd's underwriters.

(d) Liability Reinsurance program in India - Reinsurance
protection in liability insurance is self evident as
public liability and employer's liability insurance may
involve heavy potential losses.

Certain public liability insurance have to be compulsorily
insured. The policies have to be renewed from time to
time, so that the policies are in force throughout the
period during which the hazardous substances are
handled. In India, Public and products liability insurance
is protected by 'Excess of Loss' cover arranged by G.I.C
on behalf of the four companies. The cover is arranged
in layers as follows:
Layer I Rs.20 crores in excess of Rs.10 crores.
Layer II Rs.30 crores in excess of Rs.30 crores.
Layer III Rs.40 crores in excess of Rs.60 crores.

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