What are some of the major exclusions?

  • Fines and penalties and claims for seepage or pollution.
  • Excluded territories/jurisdiction.
  • Claims for bodily injury, property damage.
  • Known acts prior to inception.
  • War & nuclear risks.
  • Waiver of subrogation.
  • Criminal acts, libel, slander or other defamations and professional liabilities e.g. architects, managers, etc.
  • Major Shareholders Exclusion: Any claim brought by major shareholders having more than stipulated % of the voting stock or by any security holder unless the security holders without instigation and totally independent of major shareholders brings about the claim.
  • Pending and Prior litigation exclusion.
  • Entity EPLI and Entity Security claims (except if covered as an extension).
  • Auto acquisition of subsidiaries with an asset size of more than stipulated %.
  • Environmental liability & ADR claims originating from US/Canada.

What does Directors & Officers Liability Insurance cover?

The policy covers legal liability including costs to defend any civil and/or criminal action against the Directors and/or Officers holding a responsible position.  This action may be brought against the Directors and/or Officers by Shareholders, own Employees, Customers, Competitors or Members of the public or even regulatory authorities.

What are some of the policy features?

  • Legal liability including costs to defend any civil and/or criminal action against the Directors and/or Officers holding a responsible position.
  • This action may be brought against the Directors and/or Officers by Shareholders, own Employees, Customers, Competitors or Members of the public or even regulatory authorities.
  • We may take over the defense of any claim at our discretion this would in no manner make us liable.
  • Any material changes are immediately notified to us.
  • In case of a claim or series we may pay up to indemnity limit and be free from any further liability.
  • We can include extensions above, which will be covered at nominal extra charge.
  • Jurisdiction applicable is of India but as an extension, we can allow worldwide.

What are the required documents?

Documents required include

  • Proposal form.
  • Latest consolidated financials of the company.
  • Fast Track Renewal Declaration – In case the referral is our own renewal.

 

Which are the excluded business categories?

  • Banks.
  • Financial institutions.
  • Companies who do not have a registered office in India (except for subsidiaries of an Indian insured).
  • Parent organizations through subsidiaries.
  • Construction and related business.
  • Advertising and Media Companies.
  • Political Organizations and NGOs.

What does the policy cover?

  • Policies issued shall cover all sums which the Insured shall become legally liable to pay as damages in consequence of accidental death/bodily injury or disease to Third Parties and/or loss of or damage to Third Party property arising out of any defect in the products manufactured and covered under the Policy.
  • No admission of liability to be given without our written consent.
  • We may take over defense of any claim at our discretion this would in no manner make us liable.
  • In case of a claim or series we may pay up to indemnity limit and be free from any further liability.
  • We can include technical collaborators liability, which will be covered at nominal extra charge.
  • Notified vendors can be included at extra charge.
  • Jurisdiction applicable is of India but as an extension we can include exports.
  • Loan and lease manufacturers can also be covered.

What are some of the major exclusions?

  • To pay for product recall. (unless offered as extension)
  • To pay for repair of product allegedly defective.
  • For products used in structure and controls of aircraft.
  • Deliberate willful non-compliance.
  • Pure financial loss such as loss of goodwill.
  • Arising out of fines, penalties other punitive damages.
  • War and nuclear group of perils.
  • Damage to property belonging to you or held in trust by you.
  • Losses arising prior to retroactive date.
  • Arising out of deliberate disregard of insured's guidelines regarding use of product.
  • Injury to any person in contract or connected in employment with insured.
  • Contractual liability unless such would have existed without the specific contract.
  • Product guarantee.
  • Claims for failure of product fulfilling use intended (Product Efficacy).
  • Products having left insured's premises prior to retroactive date.
  • Policies covering Exports to US/Canada only with LOI of more than INR 25 Crores.

What are some of the excluded business categories?

  • Any liability of railways & Aircrafts, watercraft or any product with intended use in security systems.
  • Asbestos.
  • Tobacco & EMF liabilities.
  • Food Products. (meat, processed food etc.)
  • Manufacturing/formulation facilities in US/Canada.

How much is the maximum cover size?

It shall not be permissible to issue any Product Liability Insurance Policy with unlimited liability. The ratio of limit of indemnity any one accident to any one year shall not exceed 1:4. The maximum LOI we can offer is INR 35 Crores.

What business activities does the policy cover?

  • Architects & Engineers providing Design consultancy only.
  • Management Consultants.
  • Interior Decorators.
  • Network Integration & Design.
  • Project Consultants. (Excluding construction)
  • Study & Survey associations.
  • Manpower Consultants excluding Fraud & Dishonesty cover.

What are some of the major exclusions in the policy?

  • Any criminal act, fines and penalties.
  • Services rendered while under the influence of intoxicants or narcotics.
  • General anesthesia unless the procedure is carried out in a Hospital.
  • The use of drugs for weight reduction or performance of cosmetic plastic surgery, hair transplants and similar processes.
  • Directly or indirectly caused by or associated with Human T. Cell, genetic injuries caused by X-Ray treatment/diagnosis or treatment/diagnosis with radioactive substances etc.
  • Contractual Liability, War, Nuclear Explosion, Terrorism.
  • Loss of financial nature such as loss of goodwill, loss of market etc.
  • Infringement of plans, patent, trade name, trade mark, trade secret, registered design.
  • Any dishonest, fraudulent criminal or malicious act or omission.
  • Loss on account of time spent in investigating the cause of damage (including costs for re-projecting in connection with the damage) and claims for losses sustained.
  • Bodily injury, sickness, disease, death, damage to property or financial loss and/or consequential loss unless arising out of wrongful, faulty or inadequate design or advice.
  • Liabilities attaching under contract of employment (Employer’s liabilities).
  • Earthquake, volcanic eruption, flood, storm, or other similar convulsions of nature & atmospheric disturbance.
  • Loss of use and/or loss due to delay or inadequate quantities/qualities or arranging the supply of material.
  • Arising from exceeding fair estimates and costs from not adhering to deadlines in completing the construction of project or part thereof and from defective accounts or control of accounts.
  • Inadequate quantities/qualities or arranging or handling the supply of material.

Which are excluded business categories?

  • Banks and Financial institutions.
  • Companies who do not have a registered office in India (except for subsidiary operations of an Indian insured) or Companies whose turnover from US/Canada operation are > USD 15 million or 15% of their total turnover.
  • Educational institutes, colleges etc. for PI of trainers, teachers, professors etc.
  • Medical practitioners, Hospitals, Clinics, Laboratories, Lawyers, CAs etc.
  • Construction activity.
  • Genetically modified organisms.

How much maximum capacity is permissible?

It shall not be permissible to issue any PI Policy with unlimited liability. The ratio of limit of indemnity any one accident to any one year shall not exceed 1:4. The maximum LOI we can offer is INR 35 Crores.

What does the policy cover?

Public liability insurance policy covers all sums which the Insured becomes legally liable to pay as damages to third party in respect of accidental death/bodily injury/disease and loss of or damage to property arising out of claims first made in writing against the Insured during the Policy period, including legal costs and expenses incurred with prior consent of Insurers, subject always to the limits of indemnity and other terms, conditions and exceptions of the policy.

What are some of the major exclusions?

  • Any willful non-compliance of statutory provision.
  • Fines, penalties, punitive and/or exemplary damages.
  • Arising under any other legislation.
  • Arising out of damage to property owned, leased or hired or under hire purchase or on loan to the Insured or otherwise in the Insured's control, care or custody.
  • War and nuclear group of perils.

Which business categories are excluded?

 

  • Any liability of railways & Aircrafts/Airside operations.
  • Any liability of Defense establishments.
  • Defective design except claim on account of defective design of premises.
  • Theme parks, Water parks and Game set-ups including swings etc.
  • Vessels including their navigation.
  • Manufacturing/formulation facilities in US/Canada.

 

What does the policy cover?

It covers all sums which the Insured becomes legally liable to pay as damages to third party in respect of accidental death/bodily injury/disease and loss of or damage to property arising out of claims first made in writing against the Insured during the Policy period. It includes legal costs and expenses incurred with prior consent of Insurers, subject always to the limits of indemnity and other terms, conditions and exceptions of the policy.

What are some of the major exclusions?

  • To pay for any losses assumed by agreement which would not have attached in the absence of such agreement.
  • For losses arising out of convulsions of nature.
  • For losses arising out of non-compliance of statutory provision.
  • For losses arising out of pure financial nature such as goodwill loss etc.
  • For losses resulting from personal injuries (such as libel, slander etc.) and infringement of plans.
  • Fines, penalties resulting from multiplication of compensatory damages. War & nuclear risks.
  • Liability arising out of the ownership possession and use of aircraft, watercraft or hovercraft.

Which business categories are excluded?

The excluded business categories are:-

  • Any liability of railways & Aircrafts/Airside operations.
  • Any liability of Defense establishments.
  • Defective design except claim on account of defective design of premises.
  • Vessels including their navigation.
  • Manufacturing/formulation facilities in US/Canada.
  • Liability section of EAR/CAR policies.

What does the policy cover?

  • Policies issued shall cover all sums which the Insured becomes legally liable to pay as damages to third party on respect of accidental death/bodily injury/disease and loss of or damage to property.
  • It covers sums arising out of claims first made in writing against the Insured during the policy period including legal costs and expenses incurred with prior consent of Insurers, subject always to the limits of indemnity and other terms, conditions and exceptions of the policy.
  • It shall not be permissible to issue any Public Liability Insurance Policy with unlimited liability. The ratio of limit of indemnity any one accident to any one year shall not exceed 1:4. The maximum LOI we can offer is INR 35 Crore.
  • For losses sustained exceeding agreed number of years in the past (retroactive period), coverage in those past years would only exist if we had been your insurers, without break in cover.
  • For injury damage, which does not immediately show up, from the date of discovery of loss the retroactive period starts.
  • Please inform us immediately about loss so that we may try to proceed for out of court settlement.

What are some of the major exclusions?

  • Offices.
  • Residential premises.
  • Medical Establishments.
  • Cinema Halls.
  • Exhibitions & Fairs.
  • Shops, Malls, Warehouses and Godowns.
  • Restaurants, Hotels and Motels.
  • Open Auditoriums, Stadiums etc.

Which business categories are excluded?

The excluded business categories are:-

  • Any liability of railways & Aircrafts/Airside operations.
  • Any liability of Defense establishments.
  • Defective design except claim on account of defective design of premises.
  • Vessels including their navigation.
  • Manufacturing/formulation facilities in US/Canada.
  • Liability section of EAR / CAR policies.
  • Sports Clubs & Training facilities for athletes.
  • Small/medium sized Snack stores/outlets seeking cover for F&B purposes only.
  • Theme parks, Water parks and Game set-ups including swings etc.

General Instructions about the policy

  • For losses sustained exceeding the agreed number of years in the past (retroactive period), coverage in those past years would only exist if we had been your insurers, without break in cover.
  • For injury damage, which does not immediately show up, from the date of discovery of loss the retroactive period starts.
  • Please inform us immediately about loss so that we may try to proceed for out of court settlement.