Shriram Liability Insurance Policy
Shriram Householder’s Umbrella Package Insurance policy covers a wide
range of losses/damages with extensive risk coverage plans. An umbrella
insurance policy makes every penny worth it for a landlord who wishes to
protect their property with an enhanced protection cover
Professional Indemnity – For Doctors/Non-Doctors
The professional indemnity insurance policy protects the insured from
any legal liability that results from errors, omissions or
negligence while rendering professional services during the policy
period. This policy also covers legal costs and expenses incurred
with the insurer's prior consent. It is not permitted to issue
professional indemnity insurance policies with unlimited liability.
The professional indemnity policy is suitable for professionals such
as Doctors, Medical Practitioners, Engineers, Architects, Chartered
Accountants, Cost Accountants, Management Consultants, Lawyers, etc.
Coverage
- Third-party bodily injury and property damage due to act of
negligence, error or omission
Exclusions
- Services rendered under the influence of intoxicants or
narcotics
- Deliberate, wilful or intentional non-compliance with any
statutory provision
- All personal injuries such as libel, arrest, wrongful
eviction, mental injury, anguish or shock
- Any dishonest, fraudulent or malicious act
- Any condition caused by or associated with AIDS
- Non-compliance with technical standards commonly observed in
professional practice, laid down by law or regulated by
official bodies
- Professional services rendered by the insured prior to the
Retroactive Date in the Schedule
- Fines, penalties, punitive or exemplary damages
- Any criminal act
- Any third-party public liability
- Loss of goodwill, loss of market, etc.
- War and nuclear perils
Commercial General Liability
A commercial general liability insurance policy protects all persons/
firms/ associations/ companies that own, operate or engage in
commercial activities and seek to protect the third-party bodily
injury and property damage. The client opts for the Limit of
Indemnity (Sum Insured) with a maximum ratio of 1:4 between Any One
Accident (AOA) and Any One Year (AOY). There is a fixed sum insured
limit per accident and per policy period, known as AOA and AOY,
respectively. The various coverages include
- Bodily injury and property damage liability
- Personal and advertising injury liability
- Tenants legal liability
- Errors and omission liability
Coverage
- Bodily injury or property damages on the insured's
premises
- Any errors & omissions arising out of any commercial
activity
- Any personal or advertising injury caused to third-party
- Defence Costs within the limit of liability
- Any liability arising out of product operations
Exclusions
- Any act due to negligence
Product Liability
A product liability policy provides coverage for third-party legal
liability arising from injury or harm caused by a business product.
The policy protects the organisation from third-party liabilities
and covers legal costs associated with them
Coverage
- Accidental death/bodily injury or disease to any third-party
- Accidental damage to third-party property
Exclusions
- Costs incurred due to repair, reconditioning, modification
or replacement of any defective product
- Fines, penalties, punitive and/or exemplary damages
- Deliberate, wilful or intentional non-compliance with any
statutory provision
- Financial loss, such as loss of goodwill, loss of market,
etc.
Public Liability – Non-Industrial
All persons/ firms/ associations/ companies that
operate or engage in commercial activities and seek to protect the
third-party bodily injury and property damage can opt for a public
liability (non-industrial) policy
The defence costs will be covered within the overall
aggregated insurance limit subject to a maximum of 25% of the
overall aggregate limit
The various add-on covers include Notification
Extension Clause, Extended Claim Reporting Clause, Food and Beverage
Extension Care, Control and Custody Extension and Extra Facilities
Extension
Limit of Indemnity
Any One Accident
Any One Year = Four times the AOA limit
Ratio AOA: AOY= 1: 4 (maximum limit)
Compensation
- 1. Fatal Rs. 25,000/- per person + Medical expenses up to Rs.
12,500/-
- 2. Total Partial Disability (TPD) - Rs. 25,000/- per person +
Medical expenses Rs. 12,500/-
- 3. Loss of earning maximum 1000/- per month (only if
hospitalised for more than three days)
- 4. Property damage - Rs. 6,000/-
Coverage
- Any injury/property damages within the insured's
premises
Exclusions
- Pollution howsoever caused unless specifically covered
Public Liability Act Policy
Under the Public Liability Insurance Act 1991, all companies/
individuals/ persons owning or dealing with hazardous goods are
required to take an insurance policy satisfying the limits specified
in the Act
The Central Government will define and notify the
hazardous goods from time to time in terms of name and quality.
Currently, the list (indicative and not exhaustive) is as per the
schedule
Limit of Indemnity
Any One Accident - 5 crore maximum, paid-up capital minimum
Any One Year = Three times the AOA limit
Ratio AOA: AOY= 1: 3 (maximum 15 crore limit))
Coverage
- Any injury to the insured person due to fault/negligence
Exclusions
- Any injury to the workers of the insured person is not
covered
Workmen’s Compensation Insurance
According to the Workmen's Compensation Act, 1923, employers
provide compensation to their employees during unforeseen events
such as accidents and diseases of occupation
Coverage
- Death
- Temporary disability
- Permanent total disability
- Legal costs and expenses incurred with our consent
- Permanent partial disability
- A policy can also be extended to include medical expenses
for necessary treatment
Exclusions
- The insured's liability to the contractor's
employees (specifically not covered in the policy document)
- Any liability of the insured which is not mentioned in an
agreement
Error and Omissions – For Medical Establishments
The policy will compensate the insured for any act committed by the
professionals or qualified assistants engaged by the medical
establishments, that gives rise to any third-party legal liabilities
(as a result of error/omission). The list of medical establishments
that are covered under this policy includes:
- Laboratories and Diagnostic Centres
- Hospitals
- Mental Homes
- Nursing / Convalescent Homes
- Homes for Physically Disabled
- Clinics
- Dispensing Pharmacies
- Veterinary Hospitals and/or Clinics
Coverage
- Any third-party injury/property damages within the
insured's premises
Exclusions
- Services rendered under the influence of intoxicants or
narcotics
- Claims under cosmetic plastic surgery, hair transplants,
punch grafts, flap rotations, etc.
- Any third-party public liability
- War and nuclear risks
Note:
Please refer to the policy wording for detailed coverage,
exclusions and conditions
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