- During the course of business activities, the businessman could incur different kind of liabilities from third parties arising out of an unforeseen occurrence at the business premises.
- Arising out of the use of the Products manufactured, there could be death of or bodily injuries or Property damages to Third Parties for which the businessman could be held liable.
- The amount of legal liability could be very huge depending upon the nature of injury or extent of property damage.
- As such liabilities can be huge, therefore, advisable, to obtain insurance to protect such liabilities so that in any unforeseen event, the businessman is protected.
COMMERCIAL GENERAL LIABILITY INSURANCE
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COMMERCIAL GENERAL LIABILITY INSURANCE
ABOUT
During the course of business activities, not only the movable, immovable Assets and Stocks are exposed to various perils (i.e. Events causing loss or damage) but the businessman could incur different kind of liabilities from third parties. Arising out of an unforeseen occurrence at the premises, there could be death of or bodily injuries or Property Damages to Third Parties for which the businessman could be held liable to compensate.
Commercial General Liability Insurance policy is made in the name of the Company and can include all subsidiaries. Policy will indemnify financial loss suffered by Insured arising out of legal liability.
Claims means damages, judgments, settlements that are awarded against the Insured person. Policy does not cover civil or criminal fines or penalties imposed by law, punitive or exemplary damages.
COMMERCIAL GENERAL LIABILITY INSURANCE
BENEFITS
FLEXIBLE LIMITS OF LIABILITY (SUM INSURED)
- Two limits are required to be indicated, namely, a) limit for any one accident and b) Aggregate limit for the policy period.
- Policyholder can choose the liability limits in accordance with estimated exposure either in INR or USD.
- If the Insured operates from more than one premises, all such premises could be included under a single policy by clearly stating the addresses.
MULTIPLE LIABILITIES COVERED
- Bodily Injury / Property Damage: Indemnifies the insured if the Insured becomes legally obligated to pay for “bodily injury” or “property damage” to third parties for accidents in the “coverage territory”.
- Products Completed Operations: If opted, this will indemnify the Insured against legal liability awarded with reference to “Bodily Injury” and/or “Property Damage” (of third parties) arising out of any bodily injury and/or property damage arising out of the product away from the Insured’s Premises.
- Advertising Injury / Personal Injury: If opted, this cover will indemnify if the insured becomes legally obligated to pay as damages because of “personal injury” or “advertising injury”.
- Defense Costs: Policy also covers legal costs or expenses incurred by the Insured Person while defending any claim made against him within the Limit of Liability.
FLEXIBLE TERRITORY AND JURISDICTION
Both the “Territory” and “Jurisdiction” could be either India only or anywhere in the world according to exposure.
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