Despite all preventive measures, accidents can occur at the workplace. The Workmen's Compensation Act, 1923 provides for the payment of compensation by the employer to his employees (for their dependents in the event of fatal accidents) if personal injury is caused to them by accidents arising out of and in the course of their employment. We have designed the Reliance Workmen's Compensation Insurance Policy to assist employers during such events. Any employer, as a principal or contractor, can take this policy to cover the liability towards employees/dependents under the statute and common law.
This policy provides for two forms of insurance under Table A and Table B.
Indemnity against legal liability to all employees (whether or not within the definition of the term Workmen) under the Workmen’s Compensation Act 1923 and subsequent amendments to the said Act prior to the date of issue of the policy, the Fatal Accidents Act, 1855, and at Common Law.
Indemnity against legal liability under the Fatal Accidents Act, 1855 and Common Law. (Table 'B' policies may not be issued to cover the employees who fall within the definition of "Workmen" under the Workmen's Compensation Act, 1923 as amended.)
The policy indemnifies the insured i.e., the employer, against his liability as an "employer" for accidental injuries (including fatal) sustained by the "workmen" whilst at work. On payment of an extra premium, medical, surgical, and hospital expenses, including the cost of transport to a hospital for accidental employment injuries is also covered. Liability in respect of diseases mentioned in Part C / schedule III of the Workmen's Compensation Act, which arise out of and in the course of employment, are also covered on payment of an additional premium.
The policy can be taken by any employer whether as a Principal or contractor to cover his liability towards employees under the statute and common law.
The policy also provides for payment of legal costs and expenses incurred with the Company's consent.
Whilst we try to provide the best cover, there are certain events that are not covered in this policy. These are -
- War group and nuclear group of perils
- Liability to employees of contractors of the insured (unless specifically declared)
- Liability of insured assumed under an agreement
- Any sum which the insured would have been entitled to recover from any party but for an agreement between the insured and such party.