Liability Insurance
Liability is a form of insurance designed to indemnify an Assured against payouts made to 3rd parties by way of compensation in respect of damages and/or losses arising from death, bodily injury & property damage.
Liability Insurance is centric to liability assumed by a person or an entity in the course of its dealings arising out of lack of skill, care & judgment commonly known as ‘breach of duty of care’. Any financial losses arising from breach of duty of care and having to be paid persons affected is indemnifiable under Liability Insurance policy. This includes the award of compensation, defense & claimant’s costs.
The policy covers legal liability for Accidental Property Damage of and/or Death/Personal Injuries to Third Parties arising out of operation of the insured business within the Territorial Scope. The policy specifically excludes liability arising out of products being sold, supplied or professional services rendered by the Insured, loss or damage to property belonging to or in the care, custody or control of the Insured, and liability to employees against occupational accidents/injuries.
This cover can be granted as an extension to Third Party Liability Insurance to protect against legal liability to Third Parties for property damage and/or death/personal injury arising out of defects in the products sold, supplied or manufactured by the Insured.
Professional Indemnity Insurance is a solution for service providers to transfer the risk of being sued for a mistake that they might make. It has been laid down in courts of law that the highest possible standard of care and accuracy must be exercised by a professional who accepts a fee for giving advice on technical matters. Traditionally professionals like Architects, Engineers, Accountants, Doctors, and Lawyers, often purchase Professional Indemnity policies. Normally the victim would have to establish negligence on the part of the service provider in order to succeed in a claim.
WCI Policy covers employers against liability arising under the WCI Act as well as protect from any legal liability that may arise from claims by employees under Common Law. The WCI applies to all employees regardless of their level of earnings. It is not compulsory to cover those employees under WCI policies, but employer will still be required to pay compensation for a valid claim under the Act.
Benefits
Additional covers not prescribed in the Act such as:
Eligibility
All employers who are legally liable for the death or injury of their workers during the course of their employment
Liability Insurance
Policy Document