With increased globalization the need for liability insurance is gaining importance. Be it manufacturing unit or a service industry, every industry segment is exposed to liability claims. With increased awareness of one's rights, the number of such claims has increased many folds over the years. With Globalization such types of claims, has crossed the geographical limits. Apart from the huge outgo in such types of claims, a huge amount is spent on the litigation process, thereby crippling the company's financials.