Burglary & Housebreaking
Insurance Policy

• Accidental death/bodily injury or disease to any third party
• Accidental damage to property belonging to a third party

arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured’s premises.

Coverage is written on a claims made basis, i.e. a Liability policy that provides coverage for an injury or loss if the claim is first reported or filed during the policy period.

However, the policy offers the benefit of retroactive date, i.e. a date stipulated in a claims-made Liability policy declarations section as the first date of incidents covered by the policy. The retroactive date is designed to provide coverage for claims resulting from incidents that take place prior to the current policy term.

Renewal claims-made policies usually have the retroactive date of the first policy issued to the insured. When this is not done, there is a gap in coverage.

Limited vendor’s Liability extension: Limited vendor’s Liability means Liability arising out of sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufacturers.

Perceived risk from a product: You should first consider the amount of risk associated with your product. For example, a heavy machinery manufacturer is at a greater risk of being sued than a manufacturer of linens and would therefore need more Liability insurance.

Jurisdiction/Country of exports: If you export to countries across borders with a history of awarding high damage amounts to plaintiffs, you will typically need to have product Liability insurance with higher coverage limits.

In addition, you can reduce your insurance costs by reducing your risks or by instituting certain quality control procedures at your company. Identifying, eliminating and mitigating the risks can help protect you against future losses and can also lower your premiums.
Excess

The policy is Subject to a compulsory excess of 0.25% of the AOA limit, Subject to a maximum of Rs.1,50,000 and minimum of Rs. 1,500. Opting for a higher excess on a voluntary basis qualifies you for a discount in the premium payable.

We specialise in:

• New products.
• Flexible Liability coverage for manufacturers, sellers or distributors of a wide range of products.
• Claims-made coverage, ideal for smaller, start-up companies.
• Worldwide coverage: With HDFC ERGO’s extensive global network, we can help you place admitted covers in countries where it is a statutory requirement.

We can customise coverage for your particular needs such as:

• product Liability in combination with E&O and general Liability.
• product Liability with vendor extensions.