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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.
Proof of insurance (POI) is documentation that proves that a person has valid insurance with an insurance company. [1] Where vehicle insurance is compulsory, a driver usually must carry proof of insurance in their automobile or on their person while driving. If a driver is questioned by a law enforcement official, they must provide proof of ...
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions). [1]
A homeowners insurance policy includes a variety of coverage types, each one with its own monetary coverage limit. The central element is dwelling coverage, and many other standard coverage ...
A car insurance declarations page contains a simplified version of your policy information. This includes: Policy number: This is a unique number assigned to your car insurance policy. This helps ...
An insurance policy is a contract where the homeowner and insurance company agree that in exchange for a premium payment, the insurance company will provide compensation for the repairs or ...
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 ...
For liability coverage, most insurance professionals advise that you purchase limits higher than state minimum levels to protect yourself against financial strain in the event of an at-fault accident.