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Liability Insurance
Liability Insurance
Liberalization and Privatization spread out the corporate with global connectivity. New service oriented organizations coming into the economy and the right of the consumers becoming all important - the exposure to third party liabilities is causing concern to the entrepreneurs and professionals.

Legal Liabilities could arise from different circumstances and the time lag between the actual error or accident and the manifestation of the damage and the consequent legal claim can be very long. Hence continuous protection from third party claims is prudent.

Insurance Companies have recognized this and the number of Legal Liability Policies has increased- but which would be the right one for the organization and who can be the best provider for such covers - these are questions that one has to make. Our Expertise Team understands these covers and can help make the most suitable choice of covers.

Public Liability Insurance
This Policy Offers cover for third party liabilities (Bodily Injury / Property Damage) arising out accidents on (all) the premises occupied by the Insured and legal costs incurred in connection therewith. The policy can be extended to cover similar liabilities arising out of Accidental Pollution, Act of God Perils, Transportation of Hazardous Substances, Carriage of treated effluents etc.

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.

Product Liability
Product liability insurance protects you in case a product you produce or provide causes harm to a user or a user's property. A "product" is anything that is tangibly used, touched, or consumed. This type of insurance is recommended for every business that manufactures a product, but is especially important for companies that produce food, clothing, toys or anything else that could conceivably cause harm to someone.

If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury or damage.

Workmen Compensation
It is a legal requirement for all businesses in India that employ workmen to take out Workmen's Compensation insurance policy. This insurance covers legal liability of employees under the Workmen's Compensation Act 1923 (amended), Indian Fatal Accidents Act 1855 and at Common Law. The cover includes all costs and expenses incurred by the insured's with the Insurance Company's consent in defending any claim for compensation preferred under any of these Acts.

The Indian Workmen's Compensation Act 1923 provides for the payment of Compensation by the employee 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.

According to the Workmen's Compensation (Amendment) Act 2000, the maximum sum payable is:
Fatal injury - Rs. 457,080.00
Permanent Total Disablement - 548,496.00
Permanent Partial Disablement - depending on the extent of incapacity
Temporary Disablement - Half-monthly compensation

Optional Extension
There is provision to cover certain disease mentioned in part "C" of schedule III of Workmen's Compensation Act.

The insurance does not cover any interest or penalty, which may be imposed on insured for failure to comply with the requirement of the Workmen's Compensation Act 1923, as amended.

Commercial General Liability (CGL) Insurance
Owning and operating a business comes with number of responsibility and accountability. In today's uncertain world, technology and case law are constantly changing the liability landscape. Even if you operate with the utmost care, sometimes things do go wrong.

Under a general liability insurance policy, the insurer is obligated to pay the legal costs of a business in a covered liability claim or lawsuit. This policy offers the option of protection for bodily injury, property damage, advertising injury (damage from slander or false advertising) and personal injury to a third party for which a company is found to be legally liable.

The insurance company also covers compensatory and general damages. General liability insurance policies always state a maximum amount that the insurer will pay during the policy period.

Indian Corporate having global operations, Exporters who are exposed to claims from overseas consumers and even Foreign Companies with a CGL Policy in other Jurisdictions looking to extend their Indian operations would find this to be a very useful cover.

Professional Indemnity
Professional Indemnity is a type of insurance that protects the business from legal liability falling on them as a result of negligent acts, errors and omissions in the performance of professional service. Professional indemnity insurance, also known as Errors and Omissions (E&O) insurance, is the insurance that covers your company, or you individually, in the event that a client holds you responsible for a service you provided, or failed to provide, that did not have the expected or promised results. Professional indemnity insurance protects you from legal action taken for losses incurred as a result of your advice. It provides indemnity cover if your client suffers a loss - any of material, financial or physical - directly attributed to negligent acts.

Professionals such as Doctors, medical practitioners, Engineers, Architects, Lawyers, Advocates, Chartered Accountants and Medical Establishments can avail of such covers.
Customised Policies for sophisticated and special liabilities relating to Companies such as IT, BPOs, Media Companies, Consultants and Law firms can also be arranged.

Directors & Officers Liability Insurance
This policy covers the Legal liability of Directors and Officers of Companies holding positions of trust and responsibility to pay damages to shareholders, employees, creditors, etc., of the company for wrongful acts committed by them in the supervision and management of the affairs of the company.

In general it covers the personal liability of Directors and Officers arising due to wrongful acts in their managerial capacity. Defence costs are also covered and are payable in advance of final judgment.

More and more Indian Companies are beginning to look to protect their Directors and Officers (former, present and future members of the Board of Directors) from exposures arising out of compliance with various statutes. Directors have highly demanding legal obligations to uphold. Further, even independent and nominee directors are held to be equally accountable to stakeholders.
Also, as Indian companies foray into the global marketplace to sell their products and services or to mobilize capital, they need to purchase D&O insurance to secure protection from overseas exposures

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