PERSONAL ACCIDENT
INSURANCE
(Provided for informational purposes - for a
worldwide audience)
The “Workmen Compensation Insurance” Policy provides Indemnity to the
Insured (Employer) from any Legal Liability under Workmen Compensation
Act 1923 due to accident. This is a compulsory cover as per Law.
Cover : The workmen’s Compensation Insurance has two types of
cover.
• Policy under Table - A tariff.
• Policy under Table - B tariff.
Policy under Table - A tariff : This Policy provides indemnity to the
Insured If any employee in the Insured's immediate service shall sustain
bodily injury by an accident or contracts disease arising out of and in
the course of his employment and if the Insured is liable to pay any
compensation for such injury either under:
• The Workmen’s Compensation Act 1923 and subsequent amendments of the
said Act prior to the date of issue of the Policy provided that the
Insurance granted hereunder is not extended to include any interest
and/or penalty imposed on the Insured on account of his/their failure to
comply with the requirements laid down under the Workmen Compensation
Act,1923 and
• The Fatal Accident Act 1855 or
• At Common Law.
In addition, all costs and expenses incurred with the Insurer’s consent
in defending any claim for such compensation.
Policy under Table - B tariff : This Policy provides indemnity to the
Insured against their Legal Liability under the Fatal Accident Act,1885
and at the Common Law. However, this Policy is not issued by the Insurer
to cover employees who fall within the definition of “Workmen” under the
Workmen Compensation Act,1923 as amended.
Exclusion : The following are the exclusions under these Policies :
• Any injury by an accident or disease directly attributable to War,
Invasion, Act of foreign enemy, Hostilities (Whether War be declared or
not), Civil War, Mutiny, Insurrection, Rebellion, Revolution or Military
or Usurped power.
(h) The premium calculated as applicable for domestic sales and
multiplied by the highest multiplier will be the premium on Indemnity.
When exports are involved premium on indemnity will not be charged for
domestic sales.
(i) Total of (d) plus (e) will be the total additional premium for
Exports.
(j) The additional premium so arrived at for Exports to be added to the
domestic sales on turn over only to arrive at the total gross premium
under the Policy.
Compulsory Excess for Domestic Sales: All Policies issued under this
agreement shall be subject to a compulsory excess of 0.5% of the limit
of indemnity for any one accident subject to a minimum of $xxx .The
Insured shall bear this compulsory excess which is applicable to both
property damage claims and death/bodily injury claim inclusive of
defense costs arising out of any one accident.
Compulsory Excess for Export Sales: All Policies covering exports to USA
and Canada shall be subject to a compulsory excess of 1% of the limit of
indemnity for any one accident and a minimum of $xxx. The Insured shall
bear this compulsory excess which is applicable to both property damage
claims and death/bodily injury claim inclusive of defense costs arising
out of any one accident.
Voluntary Excess: The following discounts on the premium will be
allowed for the voluntary excess opted for the Insured in addition to
applicable compulsory excess. The voluntary excess is applicable to both
property damage claims and /or death/bodily injury claims inclusive of
defect costs arising out of any one accident.
Short Period Premium: The following short period scale of premium
shall apply to Policies issued for periods less than 12 months and those
cancelled during currency on the request of Insured subject to the
condition of no claim.
Vendor’s Liability Extension: Limited Vendor’s Liability
extension under the Policy covering exports as per the vendor’s clause
annexed subject to payment of additional premium as detailed below is
possible under the Policy.
• For named vendors: 5% of the premium on limits of indemnity plus
export turnover premium.
• For unnamed vendors:10% of the premium on limits of indemnity plus
export turnover premium.
• In respect of products not manufactured by the Insured but
manufactured by their sub-contractors and/or loan and license
manufacturers on their own brand name, same can be covered with
additional information made available by payment of additional premium
of 10% of the indemnity premium plus turn over premium on products
manufactured by third party.
Exclusions: The following are the exclusions under the Policy:
• For costs incurred in the repair, reconditioning, modification or
replacement of any part of any product which is or is alleged to be
defective.
• For costs arising out of the recall of any product or part thereof.
• Arising out of any product which with the Insured’s knowledge is
intended for incorporation in to the structure, machinery or control of
any air craft.
• Arising out of deliberate, willful or intentional non compliance of
any statutory provision.
• Arising out of poor financial loss, such as loss of good will, loss of
market etc.
• Arising out of fines, penalties punitive and /or exemplary damages.
• Directly or indirectly occasioned by happening through or
inconsequence of war, invasion Act of foreign enemy, hostilities, civil
war, rebellion, revolution, insurrection or military or usurped power.
• Directly or indirectly caused by or contributed to by or arising from
;
c) Ionizing radiations or contamination by radioactivity from any
nuclear fuel or from any nuclear waste from the combustion of nuclear
fuel.
d) The radioactive toxic, explosive or other hazardous properties of any
explosive, nuclear, assembly or nuclear component thereof.
• For damage to property belonging to the Insured or held in trust or in
custody or control of the Insured or a person in the service of the
Insured.
• Arising out of injury and/or damage occurring prior to the retro
active date in the schedule.
• Arising out of deliberate, conscious or intentional disregard of the
Insured’s technical or administrative management of the need to take all
reasonable steps to prevent claim.
• Injury to any person under the contract of employment or
apprenticeship with the Insured, their contractors and/or
sub-contractors when such injury arises out of the execution of such
contract.
• Arising out of contractual liability unless liability have existed in
the absence of the specific contract.
• Arising out of any product guarantee.
• Arising out of claims for failure of the goods or products to fulfill
the purpose for which they were intended.
• For liabilities arising out of the products which have left the
custody and control of the Insured prior to retro active date specified
in the schedule.
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