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Policy Details:
This Policy has been formulated in consonance with the provisions of PLI (Act) Policy and covers the insured’s legal liability to pay compensation for death/bodily injury/disablement to third party/or property belonging to third party arising from handling of hazardous substance
Highlights]/B]
The Policy provides for immediate relief to persons (other than workmen as per W.C Act) affected by accidents occurring while handling any hazardous substance by the owners. The compensation awarded is on a No Fault basis.
[B]Who will take the Policy?
All ‘owners’ such as manufacturers, transporters, go down warehouse owners handling (hazardous substance exceeding
quantities specified in the Ministry Notification dated 24.3.92 ) and or having control over them are required to take the Policy
Special Conditions:
1. The Insured will have to contribute to Environment Relief Fund an
amount equal to the insurance premium paid for the Policy
2. The Any One Accident Limit (AOA) to be selected should not be less than
the ‘paid up capital’ subject to a maximum of Rs 5 crores and Rs 15
crores during the period of insurance of one year i.e ‘Any One Period
Limit
Pre-Acceptance Requirements:
Duly filled Proposal form
Any other information required by the company
Covered
The Policy covers insured’s legal liability (under PLI Act) to pay compensation to third party for injury / death to third party or damage to property belonging to third party arising out of handling of hazardous substance subject to the limits of Indemnity
