Public Liability Insurance (Industrial Risks) Policy of ICICI Lombard is yet another important general insurance policy that is meant to offer insurance cover against Legal Liability of the insured toward the damages to the third party regarding accidental death, body injury and loss of damage to property.
In this policy, the legal costs and expenses are normally incurred with prior consent of the insurer and that too within the limit of indemnity. In this policy the sum that is to be insured depends solely on the exposure. There are two limits of indemnity according to this that has to be fixed by the Prosper and they are, Any One Accident (AOA) and Any One Year (AOY).
Both Any One Accident (AOA) and Any One Year (AOY) can be in the ratio of 1:1, 1:2, 1:3 or 1:4. Issuance of the policy to a person that has unlimited liability is not at all permissible. The premium for this policy depends on the following factors:
• Limits of indemnity that has been selected,
• The risk group,
• Ratio of limits,
• number of locations, and
• The yearly turnover.
There is some exclusion in this policy as well, in which the Public Liability Insurance (Industrial Risks) Policy of ICICI Lombard is not liable to cover the risks that arises out of the following factors:
• Service deficiency,
• Personal injuries,
• Transportation of materials, etc.
This policy is also subject to the obligatory excess of 0.25% of Any One Accident AOA limit that are subject to a minimum amount of Rs. 1000/- and the maximum amount is Rs. 100,000/-. The option of higher excess is also offered, which in turn facilitates discounts in premium. This is done mainly on voluntary basis.