Concept: To indemnify insured's legal liability for property belonging to third parties lost/or damaged or third parties suffering from injuries, or death due to the nature of operation of an insured happening in the course of business at the premises or elsewhere as specified in the policy, and within the territorial limits stated in the policy.
Coverage: Covers insured's legal liability for claims made by third parties under the following circumstances;
For accidental loss or damage to the property belonging to Third Party.
For accidental bodily injuries to/or death of third party.
Premium Rating: Standard method of rating is based on consideration of number of employees, wages, limit of liability, annual turnover and nature of activity being carried out in the premises. It could be a flat premium as well or else in the percentage of the liability accepted.