Liability Insurance

When it comes to law suits only this insurance can save you

What is liability insurance?

This is a type of insurance that is designed to protect the people who are prone to lawsuits. This is actually a part of the general insurance and covers you in the times when you have claims regarding your professional working and attitude.

What does it cover?

The liability insurance covers a person when he or she is fighting a lawsuit. The areas covered are:

The legal costs: The legal costs of fighting a lawsuit are far bigger than one can think because the lawyers and the law firms have become very expensive. This if not covered will leave you bankrupt only for fighting the lawsuit. So this cost is covered by this insurance type.

The legal payouts: the legal lawsuit is filed against you ask for compensation for what the other party has suffered. If you are found at fault by the judge you will have to pay the other party a huge sum of money. This insurance covers you for that too and you will be saved.

Who all can buy this cover?

Liability insurance is applicable to all those who can be sued by others. Basically it is the nature of work that should determine whether or not you should buy this insurance. These professionals fall directly in the line of being sued and therefore must buy this insurance

• The medical practitioners
• The product manufacturers
• The building contractors
• The business owners
• Anybody who deals with another person or his or her property

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Sample Template Preview

Liability insurance.

1. The contractor shall secure and protect the owner from any liability or damage whatsoever, for injury (including death) to any person or property.
2. The contractor and all subcontractors shall, during the continuance of the work under the contract, including extra work in connection with the contract:
(a). Maintain worker’s compensation and employers’ liability insurance in amounts sufficient to protect themselves from any liability or damage for injury (including death) to any of their employees, including any liability or damage which may arise by virtue of any statute or law in force or which may be enacted in the future.
(b). Maintain public liability insurance in amounts sufficient to protect themselves against all risks of damage or injury (including death) to property or persons wherever located, resulting from any action or operation under the contract or in connection with the work.
(c). Maintain automobile liability insurance, including property damage, covering all owned or rented equipment used in connection with the work.
3. All insurance policies shall be issued by companies authorized to do business under the laws of the state in which the work will be done. The policies shall contain appropriate indorsement to save and hold harmless the owner from any liability or damage whatsoever. Certificates of insurance evidencing the insurance and indorsement shall be filed, before work is started, with the architect-engineer.
4. No change or cancellation in insurance shall be made without _________ days’ written notice to the owner.
5. Compliance by the contractor and all subcontractors with the above requirements as to carrying insurance and furnishing certificates shall not relieve the contractor and all subcontractors of their liabilities and obligations under this heading or under _________ of this contract.