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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.
Vicarious liability is a separate theory of liability, which provides that an employer is liable for the torts of an employee under an agency theory, even if the employer did nothing wrong. The principle is that the acts of an agent of the company are assumed, by law, to be the acts of the company itself, provided the tortfeasor was acting ...
Some policies go further than the standard coverage. Professional liability insurance coverage usually does not include defamation (libel and slander), breach of contract, breach of warranty, intellectual property, personal injury, security, [clarification needed] and cost of contract.
This page was last edited on 21 March 2011, at 12:40 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
Lawsuits can arise as well from Respondeat Superior Liability or vicarious liability. Respondeat Superior is the legal doctrine that in Latin means “let the master answer." Respondeat Superior holds an employer legally responsible for the wrongful acts of an employee or agent if such acts occur within the scope of the employment or agency.
The Employers' Liability Act provided a way for workers to seek compensation when it was demonstrated that the injury was caused by a fellow employee. However, if the person at fault was not a fellow employee – for example, if they were someone working on the same project but contracted to a different employer – then that person's common ...
Dangerous tasks are common in the construction workplace. Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence.
For those risks that are left uncovered by primary policies but are covered under the umbrella policy, the latter is said to "drop down" to cover them as primary insurance and fill in the gaps in the underlying policies. [1] Hence, the "umbrella" nomenclature is a reference to the broader coverage of the policy.
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