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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.
Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
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.
The liability insurer is alerting the insured defendant that insurance may ultimately not cover the resulting liability, or a portion of the liability. [ 2 ] A reservation of rights by a liability insurance company is an expression of the insurer’s agreement to defend its policyholder with the limiting condition [ 3 ] that it does not waive ...
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 ...
Media liability or defamation insurance is often purchased by publishers and journalists to cover potential damage awards from libel lawsuits. [ 50 ] [ 51 ] [ 52 ] Roughly 3/4 of all money spent on claims by liability insurers goes to lawyers and only 1/4 goes to settlements or judgments, according to one estimate from Michelle Worrall Tilton ...
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An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...