Liability Insurance

Professional liability insurance will protect you against lawsuits arising from your actual professional services rendered. Suppose you have a consulting business, and you are sued for providing incorrect information, that would be a professional liability. Insurance agents and accountants need a similar coverage called Errors and Omissions. Doctors and Lawyers need Malpractice...

General liability pertains more to premises coverage for your place of business, to protect you against situations like a slip and fall. General liability would also cover any damages or bodily injury that your business caused while at a customer's location. It would also cover you for your products or completed operations of your business. Most general liability policies specifically exclude professional liability.

You are subject to liability insurance requirements whether or not an accident occurs. An accident has nothing to do with liability requirements. You are required to have liability insurance of at least the minimum required by your state before getting into a vehicle and driving it. Driving is what triggers the law.

As long as it was not her husbands plane. Loss of consortium is not in addition to the loss of the husband, and she will not get additional money for this. She will get one settlement amount for her loss, no matter what, and when she signs a release it will cover everything. She can't come back after settling and sue for anything else, like loss of a grass cutter, or anything else.

Your liability insurance does not cover medical expenses in your vehicle no matter who is driving. Depending on your state and the regulations there, this could vary somewhat. Liability is coverage for the party and passengers in a vehicle that you hit if you are at fault. If you are talking about a person in the other car then yes, but if you mean a person in your car the answer is no. You need to purchase "Medical Payments" or PIP coverage to provide medical coverage fro those in your car.

Rates are base on payroll for all contracting risks. When you take out a policy, your rates are based on what payroll figures you give the company, then checked by supplying copies of your federal tax reports. Every year you are audited by the insurance company who either sends an auditor to the business or allows you to just submit your tax reports. They may check different ways in different years. Rates are always based on payroll and adjusted by audit results. If you have more payroll than the rates then you owe the company more money and if less, they will refund you back premiums.

These are completely different products with very few similarities. A Fidelity Bond is a guarantee that something will or will not happen. For instance, a cleaning company can have their employees bonded and if they steal something, the client is reimbursed. Usually the company or individuals bonded are then responsible to reimburse the bonding company for their losses. A General Liability Policy is an insurance policy that protects the company and client should an employee do something in error that causes a loss. It will protect the contractor for action against them. For instance, if a landscaping company is cutting the grass in front of an office and a rock flies out from under the mower and strikes a customer going into the office. Medical bill and loss totals $400,000 for the injuries that were a clear accident and not an intentional act by the employee. This would be covered by the Landscaping Companies General Liability Policy with not reimbursement required to anyone except the person injured. It also provides defense to protect the Company in addition to the amount of the loss or policy limit. The CGL would not cover intentional acts like theft of a computer from the office by a member of the cleaning crew. That is for the Fidelity Bond product, not the Commercial General Liability.

You can try asking them. Failing to get an answer you'd have to file a suit against the company for injury or loss before there would be any compelling reason to disclose to you whether they do or do not have liability insurance.

If you hit another vehicle then you are liable for the damages and your auto insurance will respond. Just call your insurer and notify them of a loss. It does not matter if the vehicle was disabled or not. It's just a matter of who hit who?

In general, insurable interest refers to the concept that the insured must have a "stake" in the property or interest insured in order to insure it. Stated otherwise, it is a characteristic that distinguishes insurance from a wagering contract.

With respect to medical insurance or life insurance, one always has an insurable interest in oneself. A business partner, for example, may also have an insurable interest supportant to support a life insurance policy on the other party; if the other party dies, there may be a financial loss, and that is the key.

As to liability insurance, one would have an insurable interest if he/she/it stands to lose financially were a third party to make a claim for a covered loss.

Company A holds your primary insurance coverage and A is involved in a claim situation with B--whether an individual or company. Company A can pay for the claim or its responsible portion of the claim and subrogate in suit against Part B so that the claim can be settled and ended for Client A.

domestic and foreign

A contractor typically needs a Commercial General Liability Insurance Policy.

If the contract includes professional services, then the contractor will likely be required to carry Professional Liability Insurance, either in addition to, or in place of a CGL policy. It really just depends on the nature of the services contracted.

NAIC #: 26263 as found on ambest.com

two classification of libilieties

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pecuniary insurance is the insurance of intangibles, (e.g. income, revenue, or value)

The short answer is no - unless the well has run dry due to accidental damage of some sort.

Liability insurance would pay if you were liable (responsible) for damages. For example, most automobile insurance includes liability insurance, for when you are responsible for damage to someone else's vehicle.

Generally, liability insurance allows you to pay a fixed, relatively small amount on a regular basis, rather than suddenly and unexpectedly having to pay a very large amount all at once.

I don't know how insurance calculate it, i think they should go after gross income instead of net income

CGL stands for Comprehensive General Liability.

No, and you may be responsible for paying for the damages since it was your car. If you want that money back, you'll have to sue your DUI friend.

Most cities have leash laws where dogs aren't allowed to run around. If your city has leash laws and the dog runs in the road and gets hit by a car the owner of the dog is responsible for the vet bill and for the damage done to the car.

Auto liability insurance is specifically designed to cover any damage caused to other vehicles if you have an accident. It does not cover reapirs to your own vehicle. It is by law the minimum requirement for insurance in every state.