public Liability final

7/21/2019 public Liability final

1/17

LIABILITYINSURANCE


2/17

LIABILITY INSURANCE

COMPULSORY (Motor T.P.,

Environment Public Libilit!"

#OLUNTARY (Pro$e%%ionl

In&emnit!, '.C, Pro&uct Libilit!In%urnce"


3/17

PUBLIC LIABILITY

INSURANCE ACT, )) NO *AULT LIABILITY (Climnt nee& not

+rove tt &et, in-ur! or &me /% &ue

to n! /ron$ul ct o$ nelect0&e$ult"

INSURER, INSURE1 AN1 T2IR1 PARTY

RELIE* *OR *ATAL ACCI1ENT, PT1,

PP1 AN1 TEMPORARY PARTIAL

1ISABLEMENT TO T2IR1 PARTY

1AMA3E TO T2IR1 PARTY 1AMA3E


4/17

WHO HAS TO TAKE THIS

POLICY? ANYONE 2AN1LIN3 2A4AR1OUS

SUBSTANCES (% noti$ie& in Mini%tr! o$

Environment5% reultion o$ Mrc ))6" 2AS

TO COMPULSORILY TA7E T2IS POLICY

2n&lin inclu&e% Mnu$cture, Proce%%in,

Tretment, Pc8in, Trn%+orttion b!

veicle, etc.


5/17

9UANTUM O* LIABILITY

FATAL ACCIDENT : Rs.25,000 per person P.T.D : Rs. 25,000 per person

P.P.D : !se" on # o$

"%s!&'e(en)

Te(por!r* P!r)%!' D%s!&'e(en) +ere )e person %s

no) !&'e )o !))en" )o %s e(p'o*(en), $%-e" (on)'*

re'%e$ o$ (!-%(( Rs./0001 per (on) $or !

(!-%(( o$ (on)s 3e"%4!' E-penses o$ Rs./2,5001 %n e!4 4!se

DA3AE TO PROPERTY: Rs.6,0001


6/17

*OR 2O' MUC2 INSURANCE

2AS TO BE TA7EN: FOR CO3PANIES, LIAILITY 7Per A44%"en)

L%(%)8 ATLEAST TO THE E9TENT OF PAID

P CAPITAL.

*OR OT2ERS, T2E SUM INSURANCE

S2OUL1 BE SUM O* TOTAL ASSETS AN1

STOC7S AS ON T2E 1ATE O*

INSURANCE


7/17

WHAT WOLD E INSRER;S

3A9I33 LIAILITY? PER ACCIDENT LI3IT: RS. 5 CRORES

TOTAL LI3IT NDER THE POLICY:RS./5

CRORES.


8/17

HOW TO CALCLATE PRE3I3?

In"e(n%)* 9 R!)e < Pre(%( 7A8

Trno=er 9 R!)e < Pre(%( 78

To)!' Pre(%( < A>.....I

En=%ron(en) $n" pre(%( < E!' !() !s %n 7I8

...II

ross Pre(%( < I>II


9/17

PUBLIC LIABILITY (NON;IN1L.

RIS7S < IN1L. RIS7S" INSRER, INSRED, THIRD PARTY

INDE3NIFIES INSRED AAINST T.P.

DEATHIN@RY, DA3AE TO PROPERTYAS AWARDED Y ANY CORT OF LAW

LIAILITY RESTRICTED TO AOA AND AOY

CLAI3ANT;S LEAL COSTS ARE ALSOREI3RSED


10/17

POLICY PERIO1 E#ENT 3I#IN3 RISE TO A CLAIM MUST

2A#E OCCURRE1 1URIN3 POLICY

PERIO1

CLAIM BY T2E T2IR1 PARTY A3AINSTT2E INSURE1 MUST BE MA1E 1URIN3

T2E POLICY PERIO1 IN 'RITIN3

2O'E#ER, *OR CONTINUOUSRENE'ALS, RETROACTI#E *ACILITY IS

A#AILABLE


11/17

MA=OR E>CLUSIONS

ACT OF OD PERILS WILFL NON1CO3PLIANCE OF

STATTORY PROISIONS

CONSEBENTIAL LOSSES SE OF 3OTOR EHICLE WHICH REBIRE

CO3PLSORY T.P. INSRANCE

TRANSPORTATION POLLTION

PRODCT

LIAILITY TO E3PLOYEES


12/17

PRE3I3 FACTORS

TYPE OF RISK.. 7 R%s rops8

AOA L%(%): AOY L%(%)

Trno=er

E-)r!s $or Tr!nspor)!)%on, A4) o$ o" per%'s,

Po'')%on

E-)r!s $or Foo" &e=er!e e-)ens%onsS+%((%nPoo' !44%"en)s, e)4.


13/17

TYPES O* RIS7S

2OTELS, RESTAURANTS, LO13ES

CINEMA 2ALLS0AU1ITORIUMS, PUBLIC

2ALLS

O**ICE0A1MN PREMISES0ME1ICAL

ESTABLIS2MENTS, RESEARC2

LABORATORIES0AIRPORT

SC2OOLS0E1UCATIONAL INSTITUTIONS E>2IBITIONS, STA1IUMS

PERMANENT AMUSEMENT PAR7S


14/17

PRO1UCT LIABILITY

INSRER, INSRED, THIRD PARTY PRODCTS LIKE FOOD ITE3S, ELECTRICAL

APPLIANCES, 3ECHANICAL EBIP3ENTS SOLDTO THE ENERAL 3E3ERS OF THE PLIC

WHEN PRODCTS ARE DEFECTIE AND CASEDEATHDISALE3ENTDA3AE TO PROPERTYOF THIRD PARTIES

AFFECTED THIRD PARTIES SE THE ENDORS IF ENDORS HAE A PRODCT LIAILITY

POLICY, THEY CAN ET IT REI3RSED Y THEINSRER


15/17

MA=OR E>CLUSIONS

PRO1UCT RECALL

REPAIR OR RECON1ITION

COSTS O* T2E PRO1UCT

COSTS *OR REPAIR O*

PRO1UCTS 'IL*IL NON;COMPLIANCE O*

STATUTORY PRO#ISION


16/17

PREMIUM CONSI1ERATIONS

RISK ROP 7se=en8

Trno=er

L%(%) o$ %n"e(n%)* $or ! *e!r 7n'%e p&'%4'%!&%'%)* po'%4*8

AOA L%(%): AOY L%(%)

E-por)s e-)r! 7SAOECD Con)r%es, non1OECD 4on)r%es8


17/17

OT2ER LIABILITY POLICIES

Pro$ess%on!' In"e(n%)*.'%e "o4)orGs4!r)ere"

!44on)!n)Gs '%!&%'%)* po'%4*

3e"%4!' Es)!&'%s(en)s '%!&%'%)* po'%4*

L%!&%'%)* !r%s%n o) Errors O(%ss%ons &* S)o4roers or Insr!n4e roers %n respe4) o$ )e%r4'%en)s

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public Liability final