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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.
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.
During the mid-1990s the insurance market softened, so, in many cases, it was cheaper to purchase liability insurance through traditional insurance carriers. While many RRGs were formed during the decade, many more ceased operating. In the year 2000, the number of RRGs had only grown to 65 in the 14 years since the passage of the Act.
Insurance agreement: Outlines exactly what you and your insurer have agreed to regarding coverage, including terms, conditions and exclusions. Definitions: defines any key terms used in the policy.
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.
It should only contain pages that are Types of insurance or lists of Types of insurance, as well as subcategories containing those things (themselves set categories). Topics about Types of insurance in general should be placed in relevant topic categories .
The most common type of homeowners insurance is the HO-3, which covers your home and detached structure on an open perils basis, and your personal property by named perils. HO-3 policies also ...
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 ...
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