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Liability insurance. Required by law to pay for injuries or damage you cause to others in an accident. ... Property damage liability. This coverage is designed to pay, fix or replace other people ...
$60,000 in bodily injury liability per accident. $15,000 in property damage liability per accident. Often, you’ll see minimum coverage requirements written as three numbers separated by forward ...
$25,000 in property damage (PD) liability. The last number means that your policy helps pay up to $25,000 for property damage per accident to cover costs to repair or replace other vehicles or ...
An example of property damage is where an insured driver (or 1st party) drives into a telephone pole and damages the pole; liability coverage pays for the damage to the pole. In this example, the drivers insured may also become liable for other expenses related to damaging the telephone pole, such as loss of service claims (by the telephone ...
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.
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 ...
Property damage: Umbrella coverage could apply to property damage that you cause to others. Like liability claims, coverage would also only apply if the damage exceeds your underlying policy limits.
In its most basic form, automobile insurance provides liability coverage in the event that a driver is found "at fault" in an accident. This can cover medical expenses of individuals involved in the accident as well as restitution or repair of damaged property, all of which would fall into the realm of casualty insurance coverage. [citation needed]
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