Page 30 - Insurance Times March 2016 Sample

Continued from last issue : Underwriting Liability Insurance - Public Liability Insurance (Act Policy)

UNDERWRITING
LIABILITY
INSURANCE -
PUBLIC LIABILITY
INSURANCE (ACT
POLICY)

9. Relief or Compensation for death, relief on the basis of percentage of disablement as
injury or damage as per following certified by an authorised physician. The relief for total
schedule of the Act permanent disability will be Rs. 25,000.

THE SCHEDULE iv) For loss of wages due to temporary partial disability
which reduces the earning capacity of the victim, there
[See Section 3(1)] will be a fixed monthly relief not exceeding Rs.1000 per
month up to a maximum of 3 months, provided the
i) Reimbursement of medical expenses incurred up to a victim has been hospitalized for a period exceeding 3
maximum of Rs. 12,500 in each case. days and is above 16 years of age.

ii) For fatal accidents the relief will be Rs. 25,000 per v) Up to Rs. 6,000 depending on the actual damage, for
person in addition to reimbursement of medical any damage to private property.
expenses if any, incurred on the victim up to a
maximum of Rs. 12,500. The above limits of relief per person can be briefly
outlined below;
iii) For permanent total or permanent partial disability or  Fatal Accidents: Rs25000/-+ Medical Exp. up to
other injury or sickness, the relief will be (a)
reimbursement of medical expenses incurred, if any, up Rs12500
to a maximum of Rs. 12,500 in each case and (b) cash
 Injury: % of Disability + Medical .Exp, as above
CA. R C Guria
 Loss of Earning: Rs1000/-p.m if hospitalized for more
CA, FIII, M.COM. than 3 days.
WBA&AS (Ex) EX-CRM
New India Assurance Co. Ltd.  Property Damage: Rs.6000/-

Importantly, Sec 3 of the Act precisely provides that the
owner (defined in Sec.2) shall be liable to give relief as
specified in the Act for death or injury to any person (other

30 The Insurance Times, March 2016