Author(s): Anant Gupta

Abstract: Insurance may be described as a social device to reduce or eliminate risks or loss to life and property. It is a provision which a prudent man makes against inevitable contingencies, loss or misfortune. Public liability insurance policy covers all sums which the Insured becomes legally liable to pay as damages to the third party in respect of accidental death/bodily injury/disease and loss of or damage to property. The Public Liability Insurance Act, 1991 regulates mandatory liability insurance. Under the law, companies must commit to installing and handling hazardous materials that have been reported under the Environmental Protection Act, 1986. This is an Act to provide for public liability insurance for the purpose of providing immediate relief to the persons affected by accident occurring while handling any hazardous substance and for matters connected therewith or incidental thereto. In present paper an attempt has been made to analyze the major provisions of the Public Liability Insurance Act, 1991.

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