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Both Lyft and Uber provide liability-only coverage during period one, with 50/100/25 limits. In states requiring additional coverage types, TNCs will meet minimum coverage requirements.
The minimum liability cover is RMB180,000 (US$27,907) for death and injury/per crash, RMB18,000 (US$2,791) for medical expense, and RMB2,000 (US$310) for physical loss. [16] Additional 3rd Party Liability Insurance also known as Commercial Motor Insurance provides extra cover up to RMB10,000,000 (US$1,550,388) excluding the driver and passengers.
Most home insurance policies include $100,000 to $300,000 in personal liability coverage, but an umbrella could provide extra coverage in scenarios like pool injuries.
Liability insurance premiums have grown at an average annual rate of 11% since 2000. China is the ninth largest commercial liability market globally, with premiums of USD 3.5 billion in 2013 and strong annual average growth of 22% since 2000. However, penetration remains low at 0.04% of GDP.
For example, in 1926, an insurance industry spokesman noted that a bakery would have to buy a separate policy for each of the following risks: manufacturing operations, elevators, teamsters, product liability, contractual liability (for a spur track connecting the bakery to a nearby railroad), premises liability (for a retail store), and owners ...
A serious accident could easily cause more than $10,000 in property damage or $10,000 in medical expenses, so many experts recommend purchasing higher coverage limits and bodily injury liability ...