Shriram Liability Insurance Policy

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

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

Exclusions

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

Exclusions

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. 1. Fatal Rs. 25,000/- per person + Medical expenses up to Rs. 12,500/-
2. 2. Total Partial Disability (TPD) - Rs. 25,000/- per person + Medical expenses Rs. 12,500/-
3. 3. Loss of earning maximum 1000/- per month (only if hospitalised for more than three days)
4. 4. Property damage - Rs. 6,000/-

Coverage

Exclusions

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

Exclusions

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

Exclusions

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

Exclusions