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Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
However, captives and self-insurance programmes are often designed to provide for a part of a risk that would be catastrophic to the business concerned, or catastrophic risks that are often commercially uninsurable, such as tobacco litigation liability risks. Full or exclusive self-insurance is rare, most common is a combination of self ...
Professional liability insurance (PLI), also called professional indemnity insurance (PII) and commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a negligence ...
The subprime mortgage crisis was the source of many liability insurance losses. Public liability insurance or general liability insurance covers a business or organization against claims should its operations injure a member of the public or damage their property in some way.
Self-insurance is an alternative to any type of insurance including home, auto and life, but the legal and financial ramifications of choosing to self insurance are very different depending on the ...
Assigned risk is a government-required method of providing insurance coverage to an individual by compelling insurance companies to service them when such companies would ordinarily not do so due to perceived risk of insuring the individual as a customer.
In criminal law, an affirmative defense is sometimes called a justification or excuse defense. [4] Consequently, affirmative defenses limit or excuse a defendant's criminal culpability or civil liability. [5] A clear illustration of an affirmative defense is self defense. [1]