Public liability of legal entities, including product liability
covers the expenses of the manufacturer or trader for any damages to consumers of products and goods, which have been produced, delivered, installed, repaired or otherwise processed by the insured. Coved also are the expenses for destruction, repair, alteration or replacement of the product. Armeec JSC will also reimburse the expenses made with its consent for claims settlement.
The insurance is signed on the basis of a proposal in writing duly completed by the proposer in a form approved by the insurer. The policy covers the liability of the insured arising from events occurring worldwide with the exception of the USA and Canada and the territories under their jurisdiction.
The insurer will be liable up to the actual amount of the damage but the sum shall not exceed the agreed limits of indemnity respectively single (for one occurrence) and in the aggregate (for the period of insurance).
The insurance premium is fixed on the basis of the limits of indemnity, the annual turnover, the risk class of the enterprise and the territorial scope.
The insurance indemnity shall be payable after presentation of a claim in writing on the basis of an out-of-court settlement between the parties to the insurance contract and the injured third party; in case the parties cannot reach an agreement – on the basis of an enforced court decision.