Liability Insurance Services

Protects the key people in an organisation such as directors, officers and employees against claims made by various parties such as shareholders, investors, employees etc., for alleged wrongful acts of the company’s directors or officers.

It covers legal costs as well as compensation for any loss or damage caused to third parties. Generally, directors and officers of all types of companies such as listed companies and private limited companies are covered under this insurance.  It, however, does not cover criminal acts by the directors or officers of the organisation.

Standard Exclusions:

• Fines, penalties and multiple damages
• Bodily injury or property damage claims, absolute professional Indemnity claims, insolvency
• Intentional wrongful acts/fraud/criminal wrongful act

Covers damage arising out of a faulty product that harms someone’s life or property, and for which the manufacturer, supplier or vendor is legally liable. This policy covers all costs, including defence costs, that the insured becomes legally liable to pay for

• Accidental death/bodily injury or disease to any third party
• Accidental damage to property belonging to third party

This is applicable when the damage was caused by a defect in the product manufactured by the insured, and specifically mentioned in the policy, after the product left the insured’s premises.

Products like pharmaceuticals, automobile parts, and aviation parts can be covered under this.

Compensates legal costs of damage to another party as a result of errors or omissions in conduct of business. The policy covers cost of defense as well as out of court settlements that may take place. It is useful for individuals and companies engaged in professional services such as chartered accountancy, architecture, civil engineering firms, law firms, advertising agencies etc.

Standard Exclusions:

• Any act committed in violation of any law
• Services rendered while under the influence of narcotics or intoxicants
• Personal injuries such as libel
• Any dishonest, fraudulent, criminal or malicious act or omission
• Liabilities arising out of pollution and/or contamination

Covers damage arising out of death, bodily injury or damage to property of a third party in the insured’s premises.For more comprehensive protection, the cover can be extended for legal exposures arising out of sudden and accidental pollution, act of god perils, transportation of hazardous substances and more.

Standard Exclusions common to Product and Public Liability:

• Deliberate non-compliance of any statutory provision
• Pure financial loss
• Fines and penalties
• War and kindred risks, nuclear risks
• Contractual Liability