Public Liability (Industrial) Insurance
Growing awareness of insurance and rights of people along with the growing businesses be it a hotel, manufacturing plant, dwellings, IT parks, etc, business/individuals are exposed to a large liability arising out of bodily injury/ property damage suffered by third party.
Coverage
FGI covers the insured against legal liability towards claims to third party in respect of accidental death/ bodily injury and / or property damage arising out of the specified business of the insured and the legal cost/expenses incurred in connection with the claim.
Sum insured
Depending on exposure, the insured has to fix two limits of indemnity – Any One Accident (AOA) and Any One Year (AOY). The ratio between AOA and AOY can be of 1:1, 1:2, 1:3 and 1:4.
Premium
Premium depends on risk group, indemnity limits, ratio of limits, number of locations, annual turnover, etc.
Major Exclusions
- Liability to own employees or contractor employees.
- Losses arising out of deliberate, willful or intentional non-compliance of any statutory provisions.
- Losses arising out of loss of pure financial nature – such as loss of goodwill, loss of market, etc.
- Losses in connection with any product
- Pollution
- Consequential loss
- Losses arising out of transportation of material
Extension
The policy may be extended to cover Act of God perils, Transportation of hazardous substances, etc.
For further information, please refer to the entire policy wording.
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