Ads
related to: third party public liability insurance
Search results
Results from the WOW.Com Content Network
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.
The most common examples of statute liability are in areas where an individual is required by law to effect insurance, e.g. workers' compensation and motor vehicle compulsory third party. Property, hotel and operations managers should become familiar with the various types of contracts involved in commercial and retail activities.
If the third party sues the insured driver, liability coverage also covers court costs and damages that the insured driver may be deemed responsible for. In some states, such as New Jersey, it is illegal to operate (or knowingly allow another to operate) a motor vehicle that does not have liability insurance coverage.
One key reason: third-party litigation funding has become a billion-dollar money-maker for lawyers and insurance companies—and policyholders are paying the price for rising litigation.
CSL coverage combines public liability and passenger liability coverage into a single coverage with a single overall limit per accident. This type of coverage provides more flexibility in paying claims for liability, especially if passengers are injured, but little damage is done to third party property on the ground. [6]
Third party insurance protects the policyholder against liability of death or bodily injury to third party up to HK$ 100 million (US$12.87 million) and/or damage to third party property up to HK$ 2 million (US$257,400.26) as a result of crash arising out of the use of the insured vehicle. [18]
Ads
related to: third party public liability insurance