Description of Public Liability Insurance Business:
Public liability Insurance: Public liability insurance is designed
to afford an indemnity to the insured in respect of his legal
liability to the public for accidental bodily injury or property
damage happening out of certain events. Like other classes of
general insurance business, public liability policy embraces the
principles of utmost good faith, insurable interest, subrogation
& contribution. In order to grant public liability insurance
a duly completed proposal form needs to obtain from the proposer.
The following features should be considered in charging the premium
:
(a) the amount of indemnity
(b) whether any extension of the usual cover is required
(c) the business
(d) the general nature of risk
The limit per incident & total number of incident in a year
must be fixed. The premium is calculated on the basis of annual
turn over.
Direct risk covered under public liability insurance:
a. Accidental
death or bodily injury to third party (Including illness or disease)
not being persons in his employment’s due to the negligent
act of the insured or for which he is responsible.
b. Accidental damage caused to the property of third party due
to the negligent act of the insured or for which he is responsible.
Remarks:
For details, please contact any of our nearest branch office
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