Introduction The structure of the policy for both industrial and non industrial risks is almost the same. Both the classes are governed by market agreement which came into force from 1.1.1988 for industrial risks and from 1.12.1991 for non industrial risks. According to Maket Agreement, industrial risks are manufacturing industries and storage risks such as …
Public Liability Act 1991 The Public Liability Act 1991 is “An act to provide for public liability insurance for the purpose of providing immediate relief to persons affected by accident occurring while handling any hazardous substance and for matters connected therewith or incidental thereto” Public Liability Act- reason The explanation says that” the growth …
What is Product Liability? A product liability policy provides indemnity to the Insured against legal liability to pay for damages and/or Injury arising out of any defect in the products manufactured and covered under the policy. “Product” means any tangible good or property, after it has left the custody and control of the insured, which …
INTRODUCTION TO D&O Directors and officers of companies hold positions of trust and they have responsibility to their company, the shareholder, the employees, the public at large etc. They may become liable to pay damages for wrongful acts like failure of supervision of the affairs of the company etc. Apart from common law responsibilities, the …
