Liability insurance

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Liability insurance

Insurance guarding against damage or loss that the policyholder, may cause another person in the form of bodily injury or property damage.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Liability Insurance

An insurance policy that guards the policyholder from legal expenses resulting from a lawsuit. This includes both attorneys' fees and damages that the policyholder must pay. Liability insurance is common in professions in which lawsuits are common, such as the medical field. A physician may buy liability insurance to protect himself/herself from the possibility that a patient will sue her for malpractice, negligence, or for any other reason. Premiums on liability insurance are sometimes considered prohibitively expensive, depending on the profession.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
Not only has Crowder escaped the burden of professional liability insurance, he's also no longer routed from sleep by a jangling telephone.
* Whether existing rules and/or applicable law allow, or should allow, insurance companies and their salaried lawyer employees who represent and defend liability insurance policyholders to present testimony by their expert witnesses that payment for their services are by the defense "law firm or lawyer" when payment is made directly by the liability insurance company or by the salaried lawyer employee.
Speak to an entertainment insurance broker for more information about liquor liability insurance and how to acquire a policy.
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We are proud to be hosting the Professional Liability Insurance Forum; we are always on the lookout for ways to help the industry to expand and share best practice."
Coverage available: Bankers professional liability insurance, D&O liability, financial institution bond, mortgage impairment E&O, trust department E&O, lenders liability insurance, lenders environmental insurance, Internet liability, real estate owned insurance, EPL, fiduciary liability, kidnap/ransom, professional liability, crime bonds and cyber liability, including privacy liability.
Are there any circumstances in which employers'' liability insurance is not needed?
The bill would provide that such insurance coverage must include garage liability in a minimum amount of $300,000, and for garage keepers liability insurance at $50,000, instead of $300,000.
There is some confusion about the type of liability insurance needed to address fiduciary risks even among insurance professionals.

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