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Whether or not general liability insurance covers construction defects or "faulty workmanship" is a matter of some debate, as some insurers have viewed poor workmanship as a risk that is covered by a surety bond rather than an insurance policy given that a construction professional may have some influence (through attention to detail, skill, and effort) over whether such a defect occurs.
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.
[2] [3] Customers are generally high-net-worth individuals, and in the United States, a trade group called the Council for Insuring Private Clients was formed in 2012 to focus on this market. [4] As of 1995, the largest personal insurer in the United States, State Farm Insurance , reportedly had 1.4 million personal umbrella policyholders in ...
Even if you have a full-coverage car policy — including liability, collision and comprehensive — there are still several situations that can lead to claim denials or shortfalls. 1. Business ...
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. Directors and officers liability insurance (D&O) protects an organization (usually a corporation) from costs associated with litigation resulting ...
General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market.
So, for example, if you owe $200 in late fees on a $10,000 credit card bill, then you’d list $10,200 for that liability. Step 3. Calculate your net worth :
For example, for the purposes of general liability, a 2001 survey found that a minority of courts included emotional distress within the definition of bodily injury. [28] [29] Where a mental injury arises from a physical injury—as with a traumatic brain injury caused by a car accident—auto insurance policies normally cover the injury.
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