Features & Benefits
Requirements: As a successful businessman you know what it takes to build a strong company from the ground up. You know which risks you need to take and when to play it safe. Now, if you’re in the manufacturing sector and own a factory, you would obviously be aware of the things that could go wrong and you also know that not everything is completely foolproof. There are about a dozen things that might not go according to plan, causing minor difficulties to major accidents. A terrible accident on your property could harm innocent members of the public or property which might not be your fault but the responsibility for which will still lie at your doorstep. After all as the owner of a business / factory, you become answerable for all the good as well as the bad that is associated with the factory. For this, you must prepare to resolve legal liabilities to victims of an unfortunate accident caused by your property or on your premises. Our “Public Liability Insurance (Industrial Risk) Policy” steps in to protect you at such a time.
Benefits; When third party individuals suffer from a terrible accident on your industrial premises, you have a moral as well as legal obligation to deal with the consequences, you need to ensure they are duly compensated and your legal liabilities to them are taken care of. The Public Liability Insurance (Industrial Risk) Policy will do all this for you. The policy can also be extended to pay for legal expenses due to pollution, transportation of hazardous materials, etc.
Sum Insured: This Public Liability Insurance (Industrial Risk) Policy is an indemnity policy with defined limits. These limits are:
Any One Accident (AOA): It is the maximum amount payable under the policy for each accident
Any One Year (AOY): This is the maximum amount payable under the policy for any one year and is expressed in ratios such as 1:1 or 1:2 or 1:3 or 1:4 with regard to the AOA defined above.
Premium The amount of the premium you pay for the Public Liability Insurance (Industrial Risk) Policy is calculated after considering factors like the risk group classification, the limits of the indemnity, number of locations, gross annual turnover and any extensions you wish to put in force.
Please read the
policy wordings for more information.
*Terms & Conditions apply.