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Homeowners insurance policies generally won’t cover flood damage. So, if a large amount of rain falls and floods your home, without added flood coverage, your claim would likely be denied ...
Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers damage to one's property and liability for any injuries and property damage caused by the owner or members of ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
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.
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For example, if a client is injured on your business premises, general liability coverage would help cover your legal bills, the medical bills of the affected person and any damages resulting from ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
Liability coverage is designed to protect the policyholder against losses resulting from acts or omissions that are negligent and that result in damage to another person, their property or interests. Therefore, the main scope of third party liability insurance is to protect others from the consequences of the policyholder’s wrong-doing.