Royal Sundaram Workmen Compensation Insurance Inclusions
The inclusions under the Royal Sundaram Workmen Compensation Insurance are as follows:1. This policy offers financial protection to employees who experience work-related injuries or occupational illnesses. Whether the injury leads to disability or loss of life, the policy ensures compensation as per the defined coverage limits.
- It helps employers meet their legal obligations under the Employee Compensation Act, 1923, while also providing coverage under the Fatal Accidents Act, 1855, and Common Law. To comply with statutory requirements, all employees must be insured as per the provisions of the Workmen's Compensation Act.
- For government-owned and public limited companies, coverage can be structured based on specific sections or units. In cases where employees are covered under the ESI Act, 1948, a Table B policy can be issued for those who do not fall within the definition of an employee under the Workmen's Compensation Act, 1923 (as amended).
At the end of the policy period, the coverage is adjusted based on the actual wages paid during that time.
Royal Sundaram Workmen Compensation Insurance Exclusions
The exclusions under the Royal Sundaram WC policy are as follows:
- Injuries or illnesses caused by war, invasion, or similar events.
- Liability for employees of contractors.
- Any liability arising solely due to an agreement that would not exist otherwise.
- Amounts that could have been recovered from a third party if not for an agreement between the insured and that party.
- Occupational diseases are not explicitly covered under the policy.
- Penalties or interest imposed on the insured under legal or other provisions.
- Injuries sustained by individuals not covered under the Workers Compensation policy.
Conditions of Royal Sundaram Workers Compensation Policy
The conditions of the Royal Sundaram Workers Comp policy are:
- The policy will be considered void if any false information or non-disclosure is found in the proposal form. The insured is responsible for ensuring that all statements provided are truthful and accurate, as they form the foundation of the policy.
- All notices and communications related to the policy must be submitted in writing. Verbal communication will not be accepted by the company.
- The insured must take necessary precautions to minimize risks of accidents and occupational illnesses while adhering to legal requirements, manufacturer guidelines, and safety regulations relevant to their operations.
- If the insured submits or is involved in submitting a fraudulent claim, the policy will be rendered void, and all claims under it will be forfeited.
- The insured is required to maintain accurate records of employees and their wages throughout the policy period and must allow the insurer to review these records during or after the policy's expiration.
Regardless of the provisions stated in the policy:
- If the actual number of employees at the time of an accident exceeds the number specified in the policy, the insurer's liability will be adjusted in proportion to the covered employees versus the total employees present on the accident date.
- If the wages declared in the policy are lower than the actual wages paid at the time of the accident, the insurer will compensate only in proportion to the ratio of declared wages to actual wages.
- If an employee's claim is assessed based on wages higher than those covered under the policy, the insurer's liability will be limited to the proportion of covered wages relative to the wages used to determine the claim.
- In cases where multiple clauses apply to a claim, the clause that results in the lowest liability for the insurer will take precedence.
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