Liability Insurance is one of the benefits that exist in the insurance
policy. The company bears and guarantee for losses suffered by third parties
either. Losses can include objects or material loss or bodily injury caused by
an events related to business activities or activities of the
insured or policyholder. This can be interpreted as a kind of insurance or
protection against liability due to negligence or fault of the insured by law
(legal). Accountability of the public on goods and services (product), or on
the ownership of the building / area.
Liability Insurance Coverage and Cost:
Who became the first party is insured or owner of an insurance policy.
The second party is the person or in this case there is an insurance company
that issued the policy of the insured. Third Party is the party of all parties
outside the first and second parties. The third party is usually the general
public who are disadvantaged by the insured. Then how the characteristics of losses
that are guaranteed by the companies? Usually companies will guarantee the
losses suffered by third parties in the form of: Third Party Property Damage
covering the cost of repair, the cost of reinstatement, loss of rent, and
direct consequential loss. In addition, there is protection against third party
bodily injury which include compensation for medical care and related expenses,
death benefits, permanent disability or disfigurement physical), income lost
because of the accident, because of time spent Unable to work or undergoing
treatment for injuries . Losing a job or fixed income or forever and is unable
to work due to an accident. Loss of opportunity, social, and educational
experiences, Including missed school or training, vacation or recreation, or a
special event. Emotional damages, Reviews such as stress, embarrassment,
depression, or strains on family relationships, for example, the inability to
take care of children, anxiety over the effects of an accident on an unborn
child, or interference with sexual relations. Defamation libel and slander,
character assassination to someone, career jobs, politics, and more. Defence
costs and expenses which includes defensive costs and expenses. This cost is a
major component of most claims of claims claims of third parties usually
consist of: the cost of lawyers in answering the summons, representing both in
court and out of court, the court fee or court proceedings, witnesses fee,
laboratory, survey teams, investigation , investigations are deemed necessary
for the defense of claims, costs of negotiation, mediation, arbitration for the
settlement of claims. Turns a lot of scope. If you want to understand it is
necessary to listen to them one by one. So, if you are insured or a third
party, then you can understand the right to be received by you from the
insurance company.
Function of Liability Insurance
What is the function of the best liability insurance? That is the question some
clients when they are required to purchase it. The question there are two senses.
Firstly, the clients of a company that doesn’t understand the importance of it.
Second, the insurance company is not easy to sell a product liability insurance
for new clients to buy when there is no contractual requirement for a
necessity. Insurance liability or legal responsibility is a
"necessity" for every business, from contractors to cleaning services
even for homeowners stay though and even for everyone. Public liability
insurance guarantee from a third party lawsuits for negligence committed by the
insured person while performing business activities, which resulted in a
third-party physical injury or damage to or loss of the belongings. There are
products that combine public liability insurance and product liability, namely
Comprehensive General Liability (CGL). Commercial General Liability (American
Terms) or Comprehensive General Liability (European Terms) and the Combined
General Liability (refer to package liability). CGL guarantee legal liability
to third parties in the event of personal injury or property damage that occurs
during the policy period caused by an event or events related to the business
or activities of the insured. including legal expenses in relation thereto as
described above. CGL guarantee is not limited to the activities of the company
or the industry in the environment or activity area, but can be extended to the
products produced or manufactured and marketed to consumers.
Along with the increased personal awareness and understanding of their
rights under the laws and regulations in force, in case of interruption or loss by an enterprise or industrial activity, then the public can and
tend to use their rights to legal redress . Consumer Protection Act and various
other laws give high regard for the rights of consumers. It is to bring
awareness to consumers rights to obtain a good quality product. All companies
need protection CGL. Starting from liability a person as the owner or occupier
homes, shopkeepers, restaurant, office, hotel, apartment managers, supermarkets,
and industrial or manufacturing activity, and more. The owner of the building,
is responsible for the activity or activities that take place in the area of
the environment, both the neighbors and the surrounding community, as well as
to guests or visitors or customers who come in activity. Activity factory or
manufacturing industry is responsible, but not limited to industrial activities
they do at the site, but also to goods produced. Which may cause harm to
consumers, such as toxicity, disability or death. Manufacturers or suppliers of
raw materials is also not free from legal liability to third parties, which may
result from damage or defects in material or material. Manufacturers of
children's toys, one of the industry is in desperate need liability insurance
products, in addition to required by law, and also to convince consumers that
the products are harmless, non-toxic, does not cause health problems so it is
safe to use or used by children.
Lawsuit from Third Parties (Liability Insurance)
Negligence
Nuisance
Trespass
Breach of
statutory duty
Strict
Liability
Vicarious
Liability
Contractual
Liability
Defamation:
libel and slander
General Guarantee Consists of:
Public
Liability
Product
Liability
Workmen
Compensation
Employers
Liability
Automobile
Liability
Life for giving.
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