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Liability Insurance

Director's & officer's Liability Insurance




Introduction

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.


Legal liability to a Third party may arise in case of claims by

  • Shareholders
  • Enforcement Directorate and other Government bodies
  • Competitors
  • Customers and Clients
  • Employees
  • Other Third Parties

Scope

  • 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.

Extensions

The Standard Extensions are

  • Outside Directorship
  • Joint Property Liability
  • Heirs estates and legal representatives
  • New Subsidiaries
  • Representation at investigations and examinations
  • Discovery period
  • Entity Covers for Security and EPLI Claims
  • Pollution Defense cost
  • World wide jurisdiction

Sum Insured

The policy is a subject to the terms and conditions, advance defense costs and allows for settlements / judgements / awards against insured persons for their wrongful acts.

Coverage

The insurance provides indemnity to the employer for financial loss sustained as a result of dishonesty, default, negligence, misappropriation, forgery, embezzlement, larceny or fraudulent conversion of money or goods of the employer committed by salaried employees in the course of performance of their duties.


Premium

Premium chargeable depends on the:

  • Limits of indemnity
  • Industry of the proposer
  • Management perception to various stakeholders
  • Capital structure of company: Source of Shareholder funds - Foreign v/s Domestic exposure, Debt structure
  • Credit rating of the company to honor future financial commitments
  • Clientele of the proposer
  • Annual turnover
  • Auditors of the company
  • Information gathered about the company from public sources

Principal Exclusions

  • Dishonest, fraudulent, criminal, or malicious act, deliberate crimes / frauds, etc
  • Libel and slander and damage to property
  • Major shareholders exclusion
  • Cross Liability
  • Pollution Claims (Can cover defense cost)
  • Nuclear Risks, War / Terrorism
  • Share / Bid issue
  • Bodily injury and Property damages
  • Copy right / patents infringement
  • Claims under last year policy.
  • Prior Acts / Prior Litigations (Can be insured if facts disclosed)
  • D & O of other company / Parent co.
  • Personal Profits or other benefits

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Public Liability Insurance (Ind. Risk) Policy




Scope of Cover

  • Accidental death
  • Bodily injury or disease
  • Loss or damage to property
  • Legal costs and expenses incurred with the prior consent of the Insurer and within the limit of indemnity.

Sum Insured

The Public Liability Insurance Act, 1991 provides that the Indemnity limit for Any One Accident should not be less than the paid-up capital of the undertaking and not more than the amount, as may be prescribed by rules framed under the Act.

The rule currently stipulates that the Insurer is liable to pay not more than Rs. 50 Million for any one accident and not more than Rs 150 Million for any one-year.

Premium

Premium charged depends on two factors:

  • Risk group
  • Ratio of limits
  • Number of locations
  • Limit of indemnity selected
  • Annual turnover (Gross Sales of all goods including all levies and taxes)

Significant Exclusions

This Policy does not cover liability arising out of or in connection with:

  • Pollution
  • Any product
  • personal injuries such as: libel, slander, penalties punitive or exemplary damages
  • Transportation of materials
Main Extensions
  • Industrial Seepage, pollution and contamination extension
  • Carriage of effluents (outside the premises) extension
  • Transportation extension
  • Technical collaborators extension
  • Act Of god
  • Perils extension.

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Public Liability Insurance(Non Ind. Risk) Policy




Scope of cover

Legal liability of the Insured towards damages to the third party with respect to:

  • Accidental death
  • Bodily injury or disease
  • Loss or damage to property
  • Legal liability and litigation costs arising out of accidents occurring in the insured premises.

The insured premises can be:

  • Hotels, Motels, Club Houses, Restaurants, boarding and Lodging houses, Guest houses
  • Cinema halls/ auditorium/ theatres/ operation theatres/ public halls
  • Offices/ Residential premises/ Administrative premises/ Medical Establishments/ Research institutes/ Airport premises
  • Schools, educational institutions, libraries o Exhibitions, Fairs and fetes, stadium and pandals
  • Permanent amusement park o Film studios-indoor and outdoor and zoos
  • Depots/ Warehouses/ Shops/ Tank farms

Exclusions

This Policy does not cover liability arising out of or in connection with:

  • Pollution
  • Any product
  • Any professional services deficiency
  • Personal injuries such as libel, slander, fines, penalties
  • Punitive or exemplary damages
  • Fine0073
  • Transportation of materials

Extensions

  • Goods kept in Custody of Insured Extension
  • Food and Beverages Extension
  • Industrial Seepage, Pollution and Contamination Extension
  • Sports facilities, Swimming Pool and other facilities Extension
  • Transportation Extension
  • Act Of God
  • Perils Extension

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Workmen's Compensation Policy




Introduction

The Indian Workmen's Compensation Act 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment

Exclusions

  • War and allied perils
  • Contractual liability i.e. Liability of insured assumed under an agreement
  • Workman having been at the relevant time under the influence of drinks or drugs.
  • loss or damage to property
  • Willful disobedience of the workmen to an order expressly given or to a rule expressly framed for the purpose of securing the safety of the workmen.
  • Willful removal or disregard by the workman of any safety guard or other devises, which he knew to have been provided for the purpose of securing his safety.
  • Occupational diseases mentioned in part "C" of schedule III of WC Act, unless cover is extended on extra premium.

Sum Insured

The employees’ total remuneration paid or fallen due for payment including overtime, value of board and/ or lodging, housing accommodation bonuses and all other perquisites privileges or benefits in kind or money, received by the employees from the employer in connection with their employment, which are capable of being estimated in money. These terms do not however include any traveling allowance or the value of any traveling concession or a contribution paid by the employer of a workman towards any pension or provident fund or a sum paid to a workman to cover any special expenses entitled on him by the nature of his employment. No deductions shall be made in respect of any contributions paid by employees in connection with pension or provident funds or of income tax deducted at source

Extensions

  • Medical expenses payments
  • Occupational disease cover
  • Employees of contractors.
  • Legal liability of insured to occasional domestic employees engaged in connection with his house or garden.

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Product Liability




Scope of cover

Product liability insurance policy is available to protect you against legal liability arising out of the use of your product by third parties resulting in:

  • Accidental death injury
  • Loss of property

Extensions

  • The policy can be extended on payment of extra premium to include The legal liability of named technical collaborators. The coverage offered is the same as the coverage to you.
  • Liability to your vendors. The coverage under this section will not apply if the vendor changes the product or fails to maintain the product in merchantable condition or if the product is relabeled.
  • Liabilities arising in the United States of America and Canada. The coverage under this extension does not include awards and damages of a punitive or exemplary nature such as fines and penalties

Exclusions

The policy does not cover product liability or costs arising out of:

  • Costs incurred in repairing products
  • Costs incurred in recall of products
  • Any product used as part of an aircraft
  • Deliberate non-compliance with any statutory provision
  • Loss of goodwill or loss of market
  • Fines, penalties, punitive or exemplary damages
  • War risks, nuclear risks
  • Property belonging to you or held in trust
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