The growing perception amongst the general public regarding their rights and remedies has led to a rising trend to claim for any distress caused to them. Thus including this facet in the risk management philosophy of the Company has become a practice.
Manufacturing risks are high due to the use of certain materials, types of equipment, increased intensity of projected liability at one place like the industrial setup's surrounding area. If any catastrophe occurs, then the chances of damage to the surrounding property will be high in terms of gravity and quantum.
Visitors like clients, officials for regulatory bodies, other visitors, etc., also create a risk as high profiled visitors may turn out to be increased exposure to liability lest they suffer anything due to their visit to the premises. The Insurer accepts to indemnify the insured for bodily injury or property damage claims arising from out of accidents, arising out of and in link with business and the defense costs incurred about that.
The policy also covers if any liability on the third party arises out of Canteen services, social services, welfare services, etc., within the premises. Instances where the claim is made towards any officer/representative purely for any property damage or bodily injury instead of the Company, then also the claim is payable if it is within the scope of coverage.
