2018-04-02 00:00:00 UTC
This post talks about all the liability policies provided by United India General Insurance company ltd
This liability insurance policy is intended to provide cover to the insured party (up to the limit of liability) in the event of a claim being brought against him. This may be caused by anything harmful or defective in the products sold or supplied by the insured in connection with the business specified. The Insurance Company in addition will reimburse all costs and expenses incurred with its written consent defending such a claim for compensation. A product liability policy will however not cover the cost of removing, replacing or repairing defective products or loss of use thereof. To learn more about Product Liability Insurance or get a quote, click here
The policy seeks to indemnify the insured against his legal liability to pay compensation (including claimants costs fees and expenses) in respect of injury damage or pollution for third parties. This applies to claims arising out of accidents due to any defects in the products specified in the policy during the period of the insurance and first made against the insured during the policy period. For the purpose of determining the indemnity granted :
Injury shall mean death , bodily injury, illness or disease to any person
Damage shall mean actual and / or physical damage to the atmosphere or of any water land or other tangible property
Pollution shall mean pollution or contamination of the atmosphere or of any water land or other tangible property
Product shall mean any tangible property after it has left the custody or control of the Insured which has been designed, specified, formulated, manufactured, constructed, installed, sold, supplied distributed ,treated ,serviced, altered or repaired by on behalf of the Insured
Accident shall mean a fortuitous event or circumstance that is sudden, unexpected and unintentional including resultant, continuous, intermittent or repeated exposures arising out of the same fortuitous event or circumstances.
1) CLAIMS MADE BASIS: The policy is on 'Claims made basis. This means that the accident giving rise to the claim shall occur during the period of insurance and further that the claim shall be first made against the insured during the policy period.
2) RETROACTIVE DATE: This is the date of commencement of the first 'Claims made product liability policy. This date will remain unaltered as long as the policy has been renewed without break and there has been no substantial material change in the risk.
3) PERIOD OF INSURANCE: This is the period commencing from the retroactive date and terminating on the expiry date of the policy.
4) POLICY PERIOD: This is the period commencing from the midnight on the inception date and terminating at midnight on the expiry date of the policy.
The policy excludes liability for costs in the repair, reconditioning , modification or replacement of any part of any product which is or is alleged to be defective.
For cost arising out of the recall of any product or part thereof.
Arising out of any product which is intended for incorporation into the structure, machinery or control of any aircraft.
Arising out of deliberate, wilful or intentional non-compliance of any statutory provision.
Arising out of pure financial loss such as loss of goodwill ,loss of market etc.
Arising out of fines penalties punitive and exemplary damages.
For injury and/or damage occurring prior to the Retroactive date shown in the schedule.
Arising out of deliberate, conscious or intentional disregard of the insured’s technical or administrative management of the need to take all reasonable steps to prevent claims.
For injury to any person under a contract of employment or apprenticeship with insured where such injury arises out of the execution of such contract.
Arising out of contractual liability which would not have existed in the absence of the specific contract.
Arising out of any product guarantee.
Arising out of claims for failure of the goods or products to fulfil the purpose for which they were intended
In addition, the united india product liability policy will not pay loss or damage due to:
War and war like perils
Wear and tear depreciation consequential loss
Nuclear group of perils
Gross and wilful negligence of Insured
Violation of policy conditions
Loss/damage/liability where Insured's family or Insured's employee are involved as principal/accessory
Intentional act/self injury/ influence of drug/intoxicant.
Lawyers Other professions such as software services are covered as well. to get a quote for your profession, click here
Any criminal act or violation of any Act of Statute
Services rendered under the influence of intoxicants or narcotics
Performance by Dentists under general anaesthesia or any procedures carried out under general anaesthesia unless performed in a hospital.
Wilful neglect or deliberate act
Third Party Public Liability
Pure financial loss due to loss of goodwill or loss of market
The Public Liability Act 1991 was made effective from 1st April 1991. The object of this Act is to provide through insurance immediate relief to persons affected due to accident while handling hazardous substance by the owners on no fault liability basis. This has also been brought under Tariff. The definition of Owner is so comprehensive as to cover any person who owns or has control over any hazardous substance at the time of accident. This includes any Firm or its partners. Association or its members Company or its Directors and all other persons associated and responsible to that Company in the conduct of their business. United India’s Public liability policy covers all liability in accordance with the act.
The various terms like Accident Hazardous substances as defined in the Act are given below: Accident means an accident involving a fortuitous sudden or unintentional occurrence while handling any hazardous substance resulting in continuous intermittent or repeated exposure to death of or injury to any person or damage to any property but does not include an accident by reason only of war or radioactivity. Handling in relation to any hazardous substance means the manufacture processing treatment, package, storage , transportation by vehicle, use, collection, destruction, conversion offering for sale transfer or the like of such hazardous substance. Accident means an accident involving a fortuitous sudden or unintentional occurrence while handling any hazardous substance resulting in continuous intermittent or repeated exposure to death of or injury to any person or damage to any property but does not include an accident by reason only of war or radioactivity. Hazardous Substance means any substance or preparation which is defined as hazardous substance under the Environment (Protection) Act 1986 and exceeding such quantity as may be specified by notification by the Central Government. Hazardous Substance means any substance or preparation which by reason of its chemical properties or handling is liable to cause harm to human beings other living creatures plants micro-organism property or the environment (as per the Environment (Protection) Act 1986.
Public liability Insurance limits are as below:
Any one accident: Minimum equal to Paid up Capital up to a maximum of Rs.5 crores.
Any one year: 3 times of `Any one accident limit subject to a maximum of Rs.15 crores.
Liability beyond Insurance
In case of claim/s exceeding the above statutory limit/s it is to be met by the Environmental Relief Fund to be set up under Section 7A of the Act and managed by the Authority appointed by the Central Government.
The liability beyond the total of the insurance and the Relief / Fund is to be borne by the Owner.
Contribution to the relief fund
An amount equal to the insurance premium chargeable is to be paid simultaneously by every owner with the insurance premium to the underwriting Company.
All proposals can be rated and accepted at DO level in terms of the rating structure laid down.
Schedule of payments
As per Public Liability act, 1991, below are the schedule of payouts:
Reimbursement of medical expenses incurred up to a maximum of Rs.12, 500 in each case.
For a fatal accident the relief will be INR 25,000 per person in addition to reimbursement of medical expenses if any incurred on the victim upto a maximum of Rs.12,500
For permanent total or permanent partial disability or other injury or sickness the relief will be :
Reimbursement of medical expenses incurred if any up to a maximum of Rs.12 500 in each case and
Cash relief on the basis of percentage of disablement as certified by an authorized physician. The relief for total permanent disability will be Rs.25000
For loss of wages due to temporary partial disability which reduce the earning capacity of the victim there will be a fixed monthly relief not exceeding Rs.10000 per month up to a maximum of 3 months provided the victim has been hospitalized for a period exceeding 3 days and above 16 years of age.
In respect of damage to private property up to Rs.6000 per claim.
Apart from Public liability insurance Act policy policies are also available to cover the legal liability of the insured against third parties for claims arising due to industrial accidents. Two different types of policies are available to cover accidents in industries like factories etc and non-industries like hotels ,schools ,exhibitions and storage tanks etc.
Get Public Liability cover for your needs with perilwise, just click here
Liability of an employer for employment injury (including death) of any of his employees who is a workman as defined under Workmen Compensation Act. You can get Workman Compensation insurance online through perilwise, just click here , that gives you a price estimate, and sends you automated quotes within 24 hours.
Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law; can take workman compensation insurance. Employer can cover Employees who do not qualify as "Workmen" under separate table, also under the tariff. The United India Workman Compensation policy covers both
Indemnity to insured against his liability as an employer to accidental injuries (including fatal) sustained by the workman whilst at work.
On extra premium-medical surgical and hospital expenses including the cost of transport to hospital for accidental employment injuries
Liability in respect of diseases mentioned in Part C / schedule III of WC Act on additional premium; which arise out of and in the course of employment.
Subject to the provisions of WC Act the amount of compensation / reimbursable would be as follows:-
Where employment injury results in death then United India will pay 40% of the monthly wages of the deceased multiplied by the relevant factor or Rs. 20000 whichever is more.
Permanent Total Disablement 50% of the monthly wages of the injured disabled (PTD) workman multiplied by relevant factor or Rs. 24000 whichever is more.
Permanent Partial Disablement
For an injury specified in Part II of disablement (PPD) schedule. The percentage of loss of earning capacity caused applied to the compensation payable for permanent total disablement.
For an injury not specified in schedule - the percentage of permanent loss of earning capacity as assessed by qualified Medical Practitioners applied to the compensation payable for permanent total disablement.
Where more than one injury is caused by same accident it shall be aggregate but in any case not to exceed the amount payable for permanent total disablement.
Temporary disablement - A half monthly payment equivalent to 25 % (total or partial) of monthly wages of the workman to be paid in accordance with the provisions of Sub section (2) of the WC Act.
Actual medical expenses incurred in connection with on-duty accident ranging from Rs.10000/- to 75000/- per case as per the option given at the inception of the policy by the insured and extra premium paid.
Legal costs and expenses incurred with the Company's consent.
Policy will not Pay under below circumstances:
Any injury which does not result in fatality or partial disablement for period exceeding 3 days
First 3 days of disablement where the total disablement is less than 28 days
For any non-fatal injury caused by any accident which is directly attributable to *Influence of drinks or drugs
Willful disobedience of an order for securing safety of the workman
Willful removal or disregard of safety guard device.
War group and nuclear group of perils
Liability to employees of contractors of the insured (unless specifically declared)
Employee who is not a "workman" as per WC act.
Liability of insured assumed under an agreement.
For occupational diseases mentioned in part "C" of schedule III of WC Act unless cover is extended on extra premium.
Increase due to any change in statute provisions after the inception of the policy. Under more than one statute / one forum for the same injury
A company’s Directors and Officers take a lot of decisions that affect the company as a whole, and can often invite lawsuits and legal action against the company at large. A Directors & Officers Liability Policy(aka DandO Insurance policy) protects the company from losses arising from such legal action.
Any wrongful act committed in the capacity as Director or Officer of the company during the period of insurance resulting in loss on account of claims made against the Company iscovered under a DandO policy. Standard exclusions mentioned belw will apply.
A Directors & Officers liability policy covers risks incurred on behalf of Directors or Officers of the Company due to any loss arising from any claim made by the reason of any wrongful act committed in their capacity.
Losses arising from any claim made against the Directors or Officers for any Wrongful Act committed in their capacity but limited to the extent that the company shall be required or permitted to indemnify them in pursuant to the Law common statutory or the Memorandum or Articles of Association are also covered.
In general and simplified terms the legal liability to both the organization and the Directors and its officers that would attach on account of claims made by the Shareholders and/or other stakeholders in the Company.
As a professional organization you have appointed responsible Directors and Officers on your Board. However, they are also human and may commit an unintentional act of error or omission during their course of work/decision making and thus bring about a situation where your company or they in their capacity as Directors/Officers are sued. This is where United India’s Directors and Officers Liability and Company Reimbursement Insurance policy comes to your rescue.
Now, you can get Directors & Officers liability insurance online, just click here to get your quote.
Libel or Slander and damage to property
Infringement of copyright or patents
Injury from products manufactured Sold or Supplied by the Company
Director versus Director
Dishonesty fraud or malicious acts of the Director
Anything brought about consequent to actions prior to inception of policy
Taxes Fines Penalties or Punitive or Exemplary damages or any claim deemed uninsurable under Law
Liability in respect of personal guarantees or warranties
Liability in respect of seepage pollution
Radio Activity from any Nuclear/War Like Perils
Any claim brought about or contributed consequent upon any profit or advantage or any remuneration to which they are not legally entitled
CLAIMs DOCUMENT REQUIRED
Claim form duly completed
First Information Report lodged with the police
Final Investigation Report of the police
Indemnity bond wherever required
Documentary proof for the items lost and also its value.
Intimate the policy issuing office or the nearest office of the company, or your broker. You can contact Perilwise at the bottom of this page.
Claim form and other documents as required by the Insurance Company should be furnished.
Also known as employee fraud insurance, Fidelity Guarantee Insurance protects the interest of the Employer in the money or property lost due to the infidelity of the named employee.
The policy is taken by a company, and only employees named in the policy are covered.
A fidelity guarantee insurance policy covers Financial loss sustained by the Insured due to any act of fraud or dishonesty of the employee in connection with his employment/occupation and his duties.
Consequential Loss is not covered
After the Death Dismissal Resignation or Retirement of the employee or within 12 months after expiry of the policy whichever shall first occur.
Any suppression , misstatement of the facts affecting the risk at the time of taking up the policy
The company shall not be liable to pay more than one claim in respect of the act of any one of the employee
Intimate the policy issuing office immediately after the discovery of loss and submit completed Claim form for further processing.
First Information Report to the Police Authorities and their final report.
All books of account and reports to be open for inspection to the insurance Company.
Pursue the claim from the erring employee.
From the date of discovery of the act of infidelity, the policy is terminated as far as the particular employee is concerned.
Immediately take all further steps to prevent loss.
Intimate the policy issuing office or the nearest office of the company.
Claim form and other documents as required by the Insurance Company should be furnished.
To learn more about fidelity guarantee liability, or to get a quote, click here