Lift Insurance
Lifts installed in offices or residential buildings and used for carrying passengers and goods may be insured under this class of insurance.
An insurance policy designed for owners of passenger lifts in buildings to take off their liabilities arising out of the use and operation of the lifts. The policy provides indemnity for the legal liability of the insured for payment of compensation to third parties for loss of life or bodily injury or damage to the third-party property. Legal expenses incurred by the insured with the consent of the insurer for defending any legal action against the former by such third parties will also be payable under the policy. The policy will contain two limits one for any one accident, and another for all the claims during the period of the policy which will represent the insurer’s maximum liability.
Scope of Cover:
- Damage by Breakdown: – Covers damage to all parts of a lift up to and including the main switch or circuit breaker adjacent to the motor generator
- Liability to Third Party
What is Covered?
- Death or bodily injury of any person being a Third Party and not members or of his employees of the insured
- Loss or damage to property (not being the property of the insured or his family members or his employees)
- Direct damage to personal effects of any person (not being the property of the insured or his family members or his employees
