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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.
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.
Third party liability may refer to: Vicarious liability, a legal doctrine; Third-party liability in insurance This page was last edited on 7 ...
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]
Therefore, the main scope of third party liability insurance is to protect others from the consequences of the policyholder’s wrong-doing. In other words, the third-party liability insurance reimburses the other party’s damages which were caused by a negligent act of the insured. It does not intervene to protect the property and interests ...
Adjusting liability insurance claims is particularly difficult because they involve a third party, the plaintiff, who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel ...
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