Public-liability-insurance-act-insurance-policy -++ Magma Insurance
This liability insurance policy broadly covers your statutory liability on no-fault principle for death or injury to any person or damage to property resulting from an accident while handling any hazardous substance.
This insurance policy does not cover liability arising out of wilful or intentional non-compliance of any statutory provisions, in respect of fines and penalties.
- Public Liability Insurance Act, 1991 (the Act) provides that the Indemnity limit for any one accident should not be less than the paid-up capital of the undertaking and not more than the amount, as may be prescribed by rules framed under the Act. The rule currently stipulates that you are liable to pay not more than Rs 50 million for any one accident and not more than Rs 150 million for any one-year.
- The any one year limit will be three times the any one accident limit
Premium Rating depends on two factors:
- Limit of indemnity selected
- Annual turnover (Gross Sales of all goods including all levies and taxes) Matching amount is to be contributed towards the Environment Relief Fund
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