The Liability Insurance Act of 1991 received the approval of the President on January 22, 1991. This law was passed with the aim of "providing immediate help to those affected by accidents occurring while handling any hazardous substances and for matters connected therewith or incidental to them” (Shastri, 2015) Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original EssayThe basic meaning of liability insurance is insurance, which is required when someone gets injured on your business premises. Places such as shopping malls, factories, clubs, etc. must have this type of insurance. Liability insurance is designed in such a way that it is required to pay compensation for future loss of earnings, current loss of earnings as well as damages awarded to the claimant, in addition to legal costs of defense of the claim as well as the plaintiffs' costs. the legal costs a person incurs if found guilty. Public liability insurance covers claims made by members of the public who have suffered damage to property and/or property in connection with the business. The law provides insurance for damages caused by any accident, as provided by law, and it is of great help to the weaker sections of society who have to deal with hazardous substances. Despite the differences of opinion among the judges, it is necessary to establish the law that the State, in its regulatory role, should take responsibility for providing effective remedies against environmental risks. There have been recent legislative attempts to enshrine the doctrine of strict liability in the law relating to the handling of hazardous substances and to place an arbitrator in the role of the state to decide disputes for compensation. (Leelakrishnan, 2017) The law is in line with the spirit of Principle 13 of the Rio Declaration, where it aims to provide civil liability insurance with the aim of providing immediate assistance to those affected during activities carried out during the handling dangerous substances. or accessory.Keep in mind: This is just a sample.Get a personalized paper from our expert writers now.Get a custom essayLiability insurance covers the case of an accident of an individual or a business on your premises or on their premises. To understand this, let's take the illustration of a newly opened small business in a shopping mall and a customer while trying on a dress, trips over one of the dresses which stayed on a chair and broke the wrist when falling. Liability insurance would cover expenses incurred if the customer takes legal action against the newly opened business. Similarly, some film shoots take place in a public place or a tourist spot and while one of the tripods of a cameraman is lying on the ground and a tourist while walking falls due to the tripod and gets injured, liability insurance will. ensuring the cameraman was covered if the member of the public made a complaint against him.