PUBLIC LIABILITY INSURANCE (ACT) POLICY WE CARE - we have strived to see the world through our clients' eyes. We are simply there for you - through good times and bad.
Many businesses involve operations where the workers are required to handle hazardous substances. These substances expose the workers and employees to a higher degree of risk and injuries.
Consequently, such businesses need to mandatorily opt for a Public Liability Insurance (Act) Policy.
A Public Liability Insurance Act Policy is a mandatory policy that has to be taken by Business Owners, Users, Transport Operators which are involved in the use of or handling of hazardous substances as defined under Environment Protection Act 1986.
A Public Liability Insurance Act Policy provides Indemnity to the Insured against any Bodily Injury or Property Damage that occurs during the Policy Period on account of handling of Hazardous Substances.
Public Liability Insurance Act 1991 is an Act which has been enacted to provide immediate relief to people affected by accidents while handling any hazardous substances as listed under Environment Protection Act 1986.
The Act requires such Business Owners and Factory Owners to mandatorily purchase a Public Liability Insurance Act Policy.
The Public Liability Insurance Act 1991 was enacted on 22nd January 1991 as a response to the Bhopal Gas Tragedy which killed around 3000 people while injuring many others.
The Act Provides for a ‘No Fault Liability’ against the Business Owner implying that the Business Owner should have purchased the Public Liability Insurance Act Policy so that the Injured Party can claim compensation without attributing fault on part of the owner of the hazardous substance.
Non Compliance with provisions or directions of Public Liability Insurance Act may invite a fine of upto Rs1 lakh and an imprisonment sentence of upto 7 years.
A Public Liability Insurance Act Policy has the following Add-On Covers:
The Indemnity Limit for Any One Accident (AOA) cannot be less than the Paid-Up Capital of the Company subject to a maximum of Rs5 Crore under the Public Liability Insurance Act 1991 and the Indemnity Limit for Any One Year (AOY) is 3 times the AOA Limit (subject to a maximum of Rs15 crore).
Any Business Owner or Factory Owner who is involved in handling of hazardous substances as listed under Environment Protection Act 1986 needs to purchase a Public Liability Insurance Act Policy.
A Public Liability Insurance Act Policy does not cover the following:
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Liability on account of Wilful or Intentional Non-Compliance of Statutory Requirements |
Fines, Penalties, Punitive or Exemplary Damages are not covered |
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Contractual Liabilities are Excluded |
Liabilities arising as a consequence of War are not covered |
If you have a business which is dealing in or handling hazardous substance, a Public Liability Insurance Act Policy is a must. Qian is an experienced Insurance Broker and our experts can assist you with a Public Liability Insurance Act Policy at competitive premiums.
Contact us now at support@qian.co.in or 022-22044989 or fill this Contact Form if you wish to purchase a Public Liability Insurance Act Policy. We will respond 24 hours, guaranteed.
If you have a business which is dealing in or handling hazardous substance, a Public Liability Insurance Act Policy is a must. Qian is an experienced Insurance Broker and our experts can assist you with a Public Liability Insurance Act Policy at competitive premiums.
Contact us NOW at support@qian.co.in or 022-22044989 or fill this Contact Form if you wish to purchase a Public Liability Insurance Act Policy. We will respond 24 hours, guaranteed.
