Public Liability Insurance intends to provide protection to the general public against any unforseen industrial accident. Elucidate.

Public Liability Insurance Act, 1991 provide the compensation for damages to victims of an accident of handling any hazardous substance or, to save the owner of production/ storage of hazardous substance from hefty penalties. This is done by providing compulsory insurance for third party liability. The owner shall buy one or more insurance policies before he/she starts handling any hazardous substance. When any accident comes to the knowledge of the Collector, then he/she shall verify the occurrence of accident and order for relief as he/she deems fit.