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What else can I help you with?
Who is responsible for liability coverage when you cancel your insurance and get another?
Ultimately the insured is responsible for obtaining adequate liability insurance coverage. If a loss is incurred, it will generally be covered by whichever policy was in force at the time of the loss excepting where Professional liability is the covering policy type.
Is there a loss payee on malpractice policies?
A Loss payee on a Professional liability Malpractice Insurance Policy would be the injured party claiming loss or damages as a result of the actions or in-actions of the Named Insured Professional
What is liability loss?
any kind of insurance loss
What should I know before purchasing event liability insurance?
Speak to a professional about the details of the event. An insurance agent can review the potential for both loss and liability and advise you accordingly. Not all insurance would be suitable for all events.
What reason for transferring loss is most important for liability insurance?
absolute liability
What type of insurance has a sir deductible?
SIR stands for self insured retention. It is a deductible applied to some liability policies. The term deductible is used for insurance that covers property losses, such as the insurance that would replace your house if it burned down. Retention is a term that refers to liability insurance, insurance that pays on your behalf if your negligance caused someone else to suffer a loss. Certain liability policies,such as umbrella policies and professional liability policies require the insured to, under certain circumstances, pay for part of the loss. The self insured retention is paid by the insured before the insurance company pays for the remainder of the loss. On umbrella liability policies the self insured retention applies to losses that are not covered by underlying, primary liability policies. On professional liability policies, the self insured retention applies to all losses, and is a way for the insured to lower their premiums by retaining the risk of losses up to a certain amount.
What is the difference between professional and general liability?
Professional liability covers you for losses and expenses that can arise from the practice of your profession. Claims of loss or injury that result from negligence, incompetence, errors and or omissions on the part of the professional in carrying out the services being rendered.General liability is more location oriented, It provides coverage for claims that may arise from your location such as slip and fall claims or other types of injury.AnswerProfessional liability policies were developed (fundamentally) to protect against claims arising out of economic loss. General Liability exists to protect against bodily injury, property damage, personal injury & adveritising injury - - all defined terms in the policy. There is no standard Professional liability policy and each should be read and explained by an experienced professional. This is a very thin answer in the broad scheme of insurance and there are sooo many factors to consider - CONTACT A SPECIALIST WHO CAN EXPLAIN THE DIFFERENCES... possibly someone with an MLIS designation.
Does Liability insurance cover towing costs?
Only if the tow was due to a covered loss.
What does each occurrence mean in liability insurance?
An occurrence is a loss, or a claim filed on the policy.
What is professional liability insurance?
Professional liability insurance is sometimes referred to as "malpractice" insurance. In general, it covers negligent acts or omissions by persons who hold licenses to engage in certain types of occupations, sich as physicians, attorneys. accountants, etc. It is not unlike liability insurance in general, in that it is intended to provide a source of recovery for a person who sustained financial loss due to the fault of the insured. However, the negligence in the case of this kind of insurance has to come within the ambit of the professional services. Again, like other liability insurance, in addition to providing a source of recovery to the harmed, or allegedly harmed party, the insurance affords a defence to the insured. This means that the insurer hires an attorney to defend the insured, pays the attorney, pays attending court costs, and related expenses. There may be limits and conditions to the amount payable, but these are the basics.
What insurance policy protects you against financial loss when your car damages the property of others?
Liability
What is the purpose of insurance?
An insurance policy is a contract of Indemnity. It is a means of transferring risk of financial loss and or financial liability to another party, Namely the insurance company.
