POLICY HIGHLIGHTS

• Mandatory Policy for entities handling hazardous substances

• The policy cannot be for an amount less than the Paid-Up-Capital

• The maximum AOA:AOY= INR 5 crores: INR 15 crores

• Ratio of AOA:AOY=1:3

• Territory: India; Jurisdiction: India

• The maximum AOA:AOY= INR 5 crores : INR 15 crores

• Environment Relief Fund: An equal contribution as much as the premium is made to this fund. Any award for relief which exceeds the amount payable under the insurance policy shall be met from the relief fund.

• This is Occurrence based policy. Any application for relief should be made within 5 years of the occurrence of the accident.

TURNOVER

Manufacturing unit:

• Entire annual gross sales turnover including all duties & taxes of mfg. unit handling hazardous substances as defined in the PL Act 1991.

Godowns and Warehouses:

• Total Annual rent receipts of premises handling hazardous substances as defined in PL Act 1991

PAID UP CAPITAL

“Paid up Capital” means in case of the owner not being a company, the market value of all assets and stocks of the undertaking on the date of contract of insurance.

RATING

Rating is based on the ‘Indemnity Limit’ & the ‘Turnover’ of the company as per the ‘PLI Act’ provisions.

TERRITORY AND JURISDICTION

Territorial Limits

The Company’s liability to make any payment shall be to within India and in Indian Rupees only.

Geographical Limit

This policy shall cover only those liabilities arising under the Public Liability insurance Act 1991 and subsequent amendments due to accidents taking place in India only.

EXCLUSIONS

• The willful or intentional non-compliance with any statutory provisions

• Fines, penalties, punitive and/or exemplary damages

• War, invasions, acts of foreign enemies & terrorist War, terrorist activities etc.

• Damage to the property owned, leased or hired by the Insured Owner or under hire purchase or on loan to the insured owner or in the insured owner’s custody, care or control.

UNDERWRITING REQUIREMENT

• Limit of Indemnity required (AOA:AOY)

• Risk Occupancy

• Paid Up Capital:

• Turnover

• Maximum limit under the policy is 5 Crore : 15 Crore

• Ratio under the policy is 1:3