Liability Insurance

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The essence of an insurable risk is essentially one in which the person or entity insured has an "insurable interest". This means, that the insured must have a reasonable expectation of advantage, usually monetary, from the continued existence of the property or life insured. It need not be an ownership interest. For example, a spouse who did not have an ownership interest in her husband's car, but who had the right to use the car, would have a sufficient insurable interest in it to support a contract of insurance.

The lack of an insurable interest makes an insurance contract essentially a gambling contract--because the person taking out the insurance really has nothing to lose if the property insured is destroyed.

The answer, like the answer to all liability limits qustions, depends on two factors: 1. How much can a private bartender be successfully sued for? 2. Is there a premium point (for payment of increasingly higher liability insurance coverage limits) beyond which you are willing to assume the risk of surrendering all your possessions to a Plaintiff and declare bankrupty to cover the unpaid portion of a suit? Alcohol distribution to the general public, and the resulting potential for bodily injury caused by impairment, brings an almost unlimited potential for liability loss. So the answer to the first question can range in the 10s of millions. If you choose excessively high limits, the premiums for the private bartender enterprise might make the business financially unrealistic. Avoiding the enterpirse as financially unrealistic is not necessarily a bad choice, especially if you have ever seen a businessman faced with the negative result in question #2, after choosing lower limits - or no insurance! I've seen underinsured business owners of seasoned years forced to protect some few remaining assets by homesteading in Florida. I've seen their ex-wives, long since remarried and living in another state, sued because her ex-husband's limits were insufficient, and at the time of their divorce, when she settled the property to her husband, she "knew or should have known" the "terrible" condition of the property that, 8 years later, resulted in a loss. I do not make these things up. Court decisions are made by juries. Place the burn victim or the greiving widow and her four children on the stand, and suddenly even "negligence" and "fault" become practically irrelevant. In such realities, the question of "sufficient limits" become very clear. My choice is to protect myself to 90-95% of the maximum forseeable loss, and if I can't afford it, then I can't rightly afford to be in the business I've chosen. Less responsible choices exist, which opens the question - feared and unasked by thousands of people as they hire bartenders every day - What are your liability limits?

bad form, gives too much away

retroactive coverage

yes possibly. I am thinking about starting a part time dog walking service.

A rider for a commercial general liability policy that covers work done over top a well or hole for a well. Typically contractors that do wellhead work as well as wire lining, fracking, etc must carry over the hole insurance.

You need General Liability for your operation, Inland Marine insurance to cover the equipment that you're using to cut down the tree, Workers Compensation insurance to protect the employees, Auto insurance for your vehicles... and more depending on what other exposures you have. Call a local independent agent and they can steer you through the process.

The answer is found in the insuring agreement of the policy. It states that the company(insurance carrier) will pay all sums the insured is legally obligated to pay for bodily injury and property damage to which this insurance "applies"caused by an occurence in the coverage territory. However you must read the document completely to determine wht is not covered. these policies do have exclusions as to what is not covered. Some examples are exclusions for war,intentional injuries or acts,criminal acts, breach of contracts,pollution work comp injuries to your employees and many others. I suggest you consult a independent agency that is a professional with this type of policy. These type of policies are etremly complex and dependent on the business activity that you are engaged in.

how is the audit calculated on a composite rated policy

I have to provide my apartment management with 100,000 liability insurance coverage. With Safeco it costs $18 per year. Liability coverage requires minimum personal property coverage of $10,000 (costs $57 per year) and replacement coverage (+$9). Total per year $84

class code 94007 is a class description for excavation

There are two basic policy forms offered by malpractice insurers, claims made and occurrence. Occurrence coverage is the most desirable form of coverage, but it is not available in all states. An occurrence policy is complete when you purchase it and on cancellation continues to provide coverage for future claims based on conduct that took place during that policy term. The limits that are available to pay a claim are the limits that were in place during that policy term that the service was rendered. Premiums for this product are level except to the extent that a company may increase or decrease premiums over time. Claims made policies provide coverage only so long as the insured continues to pay premiums for the initial policy and any subsequent renewals. If one is insured by a claims made policy for five years and stops paying premiums, coverage ceases for any cases that the company did not accept during the policy term. To lock in coverage forever under this policy form, an insured must purchase an Extended Reporting Endorsement (called a "tail"). This endorsement allows an insured to continue to report claims after the policy is cancelled. Tail premiums usually range from 100% to 500% of the mature premium (see below) and the premium is usually due as a single payment shortly after cancellation of a policy. However, one can move between claims made insurers without purchasing a tail. If a professional desires to change insurance companies, often the new insurer will take over the predecessor insurance company's responsibilities by writing its policy retroactively over the previous insurer. It picks up the retroactive date, the first date of coverage, offered by the previous insurer and charges a premium based on the number of previous years of coverage needed. Claims made policies have premiums that increase annually usually over a period of five years; the fifth-year premium is referred to as the "mature premium." When writing retroactive coverage, the new insurer's premium usually does not exceed its mature premium for this specialty. Many insurers offer a free tail if an insured dies, is totally disabled or retires from practice after five years of coverage with that company at a minimum age of 55. If this feature is not included in your policy, you ultimately need to purchase a tail to maintain indefinite coverage after you stop working. Moving from one claims made insurer to another may be difficult for health care professionals relocating to a new state because many malpractice insurers are regional and do not want to assume retroactive coverage out of its geographic area. As with any overview, this insurance information is general and intended to help you make informed decisions. The actual policies available in your state may contain features not discussed above. An insurance policy is a contract between you and an insurance company. You should read and understand any policy that you purchase. If you have any questions, have the company or insurance broker or agent take as much time as you need to explain policy terms to your satisfaction.

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There is no simple answer without knowing what kind of small business you have.

A small factory will pay more for their insurance than say a Donut Shop or a Daycare Center.

you might pay $800 per year or you may need to pay $800,000 per year. it all just depends on the risk exposure of your business operations.

In accounting terms, liability describes an obligation. It refers to money owed to complete a transaction, debt that has yet to be paid, or products or services that have been paid for but have not yet been rendered. There are two general classifications to sum up these types of liability: long term and short term/current liability. Long-term describes debt paid out over more than one year, while short-term liability refers to debt paid within a year or less. the two types of liability(in Business matter) are: 1.current liability 2.long-term liability

That all depends. What type of corporation? What is your risk exposure? What is your loss history.

There is not enough information to answer. Could be 100 dollars or could cost you a million dollars.

The customer may and may not face any problems. It is a known fact that each seller, enterprise, corporation, or agency is always keen to provide satisfactory services to customers that will create a transaction environment which develops repeated business and good-well. Therefore, all selling parties are always focused on customer satisfaction. If this is the case, then customers should not face any problems. However, the business world is not a clean environment at all times. There are some selling parties who are living on fraud and cheating in the sake of making profits. Others are in business and their bad attitudes or ignorance drives them to perform with stupidity or just rudeness. When such situations happen, customers are liable to face all sorts of problems. Some of these problems could be just inconveniences and others may face financial losses. Each one of us is a customer whenever we are expecting to receive or to buy anything from another party. The thing here could be a product or service.

This is because NY state's Insurance law does not permit for insurances that provide coverage for incidental and remedial expenses while the victim restores his/ her identity. You can find more information here; http://www.ins.state.ny.us/ogco2008/rg080314.htm

No need to keep them at all unless you are expecting a claim.

Employment Practices Liability is coverage for the employer against the employee for Wrongful Termination, Discrimination, Sexual Harassment etc.

Directors & Officers coverage protects the Directors and Officers of corporations and other entities against legal judgments and related expenses resulting from allegations of wrongful acts committed in their individual capacity as company directors and officers.

A policy where the original (principal) insurer determines the level of risk it should maintian on any one policy, while the principal insurer will ask to share the remaining risk with a third party insurer for a premium.

facultative reinsurance is taken for in dividual risks. if any risk is beyond direct insurers limit and does not fall under any treaty arrangements he made then the direct insurer approaches for the facultative support

Suman Karthik