The business products of ICICI Lombard aim at meeting the needs and requirements of all types of business. The company provides the business with a perfect protection cover. According to the company to run a successful business the main criteria is to have a proper risk management.
The ICICI Lombard Public Liability Act Only widely covers the proprietors legal responsibility on the no fault principle, it may be from an accident to handling any problematic situations. The conditions for the scope of cover are:
• Damage to property
• Death of or injury to any person
The ICICI Lombard Public Liability Act Only which is an insurance of 1991 renders that the insurance limit for any mishap which should not be less than the paid capital of the enterprise and not exceeding the quantity as may be set by the rules set up under the Act.
The rule at present specifies that the Insurer is accountable to pay an amount not more than Rs. 50 Million for any one mishap and not exceeding than Rs 150 Million for any one-year.
The premium charges of ICICI Lombard Public Liability Act Only depend on two conditions only:
• Annual turnover (Gross Sales of all goods including all levies and taxes)
• Limit of indemnity selected
The amount which is matching should be imparted towards the Environmental relief Fund.
The significant exclusions of ICICI Lombard Public Liability Act Only do not cover any liability coming out of the intension or willful non compliance of any legal provisions. These provisions are considered with respect to fines and penalties.