Public Liability Act Insurance Policy
As
per Public Liability Act, 1991, anyone who owns, controls or handles
hazardous chemicals as detailed in the provisions of the Act is
required to take Public Liability (Act) insurance.
The policy covers
Liability
of industries controlling or handling hazardous chemicals, by providing
compensation to persons affected due to accident due to handling of
such hazardous substances.
The Policy does not cover
- War and nuclear perils and Act of God of perils
- Wilful, deliberate and intentional non-compliance of statutory provisions
- Loss of pure financial nature or loss of goodwill etc.
- Injury or damage occurring prior to Retroactive Date in the schedule.
The Indemnity Limits under the policy is
Any One Accident : Amount not less than the paid up capital of the insured subject to a maximum of Rs 5 crores
Any One Year : Three times AOA subject to a maximum of Rs 15 crores
An amount equal to the premium will be collected towards contribution to Environmental Relief Fund (ERF).
In case of claims exceeding the above statutory limits, it is to be met by the ERF |
