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The New India Assurance Liability Insurance |
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Public Liability Policy
Highlights
This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions.
One can insure more than one unit situated in different locations under a single policy.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Scope
We issue three types of Public Liability Policies.
1. Public Liability Non Industrial Risk - For offices,hotels, cinema houses,hospitals, schools etc.
2. Public Liability Industrial Risk - For godowns , warehouses and factories.
3. Public Liability Insurance Act 1991 - This is a mandatory policy to be taken by owners, users or transporters of hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991.
Add on covers
The Public Liability Policy can be extended to cover the following risks on payment of an additional premium.
1. Natural calamities like flooding, earthquake etc.
2. Pollution Risk subject to NOC from Pollution Control Board
3. Transportation Risk
Products Liability Policy
Highlights
This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:
1. accidental death/ bodily injury or disease to any third party.
2. accidental damage to property belonging to a third party.
Arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured´s premises.
The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.
Scope
The defect in the product may be a manufacturing defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product.
The policy covers the sales turnover of the company- both domestic and/or exports.
The policy is on a claims made basis i.e. the claims must arise and be made in writing on the insurance company during the policy period.
The policy does not cover any liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.
Add on covers
The policy can be extended to cover liability arising out of judgments or settlements made in countries which operate under the laws of U.S.A or Canada (which is an exclusion under the policy) by opting for the North American Jurisdiction Clause.
The policy can also be extended to cover Limited Vendors Liability for named or unnamed vendors. Limited vendors liability means liability arising out of the sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufacturers.
Who can take the policy
The policy can be taken by the manufacturer of any product whether it be the final product or part of the final product.
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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