Liability Insurance

Carrier's Liability Insurance

This policy covers the legally liability towards compensation for physical loss or destruction of or damage to goods or merchandise while in transit including during loading or unloading and while temporarily housed on or off vehicles in the ordinary course of transit.

  • Damage to cargo directly caused by fire, explosion or accident to the carrying vehicle
  • Carrier’s liability for cargo
  • Cargo salvage, transshipment, emergency storage costs
  • Financial loss due to the lost freight in respect of the damaged part of the cargo
  • Legal and other costs, incurred in the litigation against the claimants
  • Costs of average adjusters
  • Breakage due to improper handling
  • Flood or water damage or damage by other cargo
Commercial General Liability

In view of new dimensions of legal liability exposures any business can fall victim to the high cost of liability from simple slip and fall accidents to personal injury and reputation damage claims. That’s why every business needs the type of coverage that Commercial General Liability insurance offers and it is generally a company’s first line of defense against liability arising out of its operations.

CGL policy covers third party liabilities arising from various business operations, be it premises, products and completed operations and/or advertising and personal injury.

Directors and Officers Liability Policy

This cover is suitable for those Directors & key officers who are in a decision -making position. These directors and officers in pursuance of their duties may take some actions which may be in violation of certain statutes or Indian Laws. This policy covers:

Against any loss that the Organization may incur, on account of mistaken actions taken in their individual capacity as Directors & Officers in pursuance of their duties under Memorandum and Articles of Association.

Against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.

Legal costs & expenses incurred with the written consent of the insurers arising out of prosecution (criminal or otherwise) of any Director / officer and attendance at any investigation, examination, inquiry or other proceedings by the authority empowered to do so.

Expenses incurred by any shareholder of the Company in pursuance of a claim against any Director / Officer, which the Company is legally obliged to pay, pursuant to an order of a Court.

Provide indemnity to the estate of, legal heirs or legal representatives of the Director/Officer in the event of the Director/Officer becoming insolvent.

Product Liability Policy

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.

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.

Professional Indemnity Policy

This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.

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. Group policies can also be issued covering members of one profession.

In Professional Indemnity Policy, the sum insured is referred to as Limit of Indemnity. This limit is fixed per accident and per policy period which is called Any One Accident (AOA) limit and Any One Year (AOY) limit respectively. The ratio of AOA limit to AOY limit can be chosen from the following:

  • 1:1
  • 1:2
  • 1:3
  • 1:4
Public Liability Policy

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.

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