Third Party Liability ins

Liability Insurance

There are numerous types of liability insurance specific to particular type operations. At all times, Liability insurance will pay damages to a Third Party (liability to others) on behalf of an Insured named on the policy, on the basis of the insured having a Legal obligation (compelled by a court) to do so. In Liability insurance, a Loss incident is an event giving rise (or with potential to do so) to legal action against the insured. Such events must be reported to the insurer. A liability Claim is the legal action itself (Statement of Claim). The benefit protection of this type of insurance is that:
It will provide Legal Defence at the insurer's cost and;
It will pay (within the defined scope of the policy) the court awarded damages. Read on ...