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Is Liability Insurance Important?
What is the difference between liability
and other types of insurance?
What is the Limit of Liability?
CLAIM INFORMATION
What
is an Occurrence Policy?
CORPORATE
INFORMATION
What is AIGs international capability?
GENERAL
LIABILITY INSURANCE
What
does Personal Injury mean in General
Liability coverage?
What does Advertising Injury mean in General
Liability coverage?
What does Property Damage mean in General
Liability coverage?
What does Bodily Injury mean in General Liability
coverage?
PROFESSIONAL
LIABILITY INSURANCE
What
is professional liability insurance?
Why should I purchase professional liability
coverage?
CLAIM INFORMATION
What
is an Occurrence Policy?
A covered
claim must occur during the policy period
but it does not matter when the claim
is reported or made.
CORPORATE INFORMATION
What is AIGs international
capability?
AIG is the leading U.S. based international insurance
organization. We have over 70 years of experience in foreign markets
and have claims representatives in over 130 countries and jurisdictions
throughout the world.
GENERAL LIABILITY INSURANCE
What does Personal Injury mean
in General Liability coverage?
Personal Injury means false arrest, wrongful detention or false
imprisonment, or malicious prosecution; the publication or utterance of
a libel or slander or of any defamatory or disparaging material, or a publication
or utterance in violation of an individual's right of privacy; wrongful
entry or eviction, or other invasion of the right of private occupancy;
which occurs during the period.
What does
Advertising Injury mean in General Liability coverage?
Advertising injury means injury arising out of
an offense committed during the policy period occurring in the course
of the named Insured's advertising activities if such injury arises out
of libel, slander, defamation, violation of right of privacy, Privacy,
unfair competition or infringement of copyright title or slogan.
What does
Property Damage mean in General Liability coverage?
Physical injury to or destruction of tangible
property which occurs during the policy period, including the loss
of use thereof at any time resulting therefrom, or loss of use of tangible
property which has not been physically injured or destroyed provided
such loss of use is caused by an occurrence during the policy period.
What does
Bodily Injury mean in General Liability coverage?
Bodily injury means bodily injury, sickness or
disease sustained by any person which occurs during the policy period,
including death at any time resulting therefrom.
PROFESSIONAL LIABILITY INSURANCE
What is professional liability
insurance?
In general, professional liability insurance protects
against claims for damages the policyholder becomes legally obligated to
pay to a client as a result of an error or omission in the work provided
to the client.
Why should
I purchase professional liability coverage?
Professional liability coverage provides protection against
claims resulting from your professional services. Most general liability
policies will exclude this coverage.
Is Liability Insurance Important
An
often-overlooked category of equine-related
insurance is liability insurance. Today's
society is litigation-happy - lawsuits
are commonly seen as the answer to any
situation involving damage or injury, no
matter how slight, and no matter what the
cause. There is an epidemic of frivolous
lawsuits, in which someone brings suit
for the purpose of acquiring an out-of-court
settlement for a much lesser amount of
money. The equine industry is not immune
to such lawsuits - some type of liability
insurance is a "must" for any professional
in the horse business.
All commercial horse operations, whether
concerned with boarding, breeding, or riding,
need liability insurance coverage to protect
the assets of those operations. Most horse
farms make use of a standard, farm owners
and ranchers policy that offers broad coverage.
This policy can be customized to include
the farm home and its contents, farm structures
and buildings, portable structure and buildings,
motorized farm vehicles, farm personal
property, loss of income, and farm and
personal liability exposures.
A Farm and Ranch Owner's policy will not
cover horses belonging to others while
those horses are on the property, but there
is additional insurance (Care, Custody,
and Control) available to cover these animals.
The value of the facility itself, and
of the horses, will determine the amount
of insurance needed. Some large operations,
such as racetracks, will also need a commercial
umbrella policy.
Racehorse trainers generally arrange liability
insurance for the horses in their charge,
whether at the racetrack or at a training
stable. The premiums are paid by the horses'
owners.
Racehorse and show horse owners often
carry their own liability protection, and
there are special policies designed to
protect people who own horses but are not
involved in the commercial business of
training, racing, or breeding.
What is the difference between liability
and other types of insurance?
Liability insurance provides
legal defense from and/or payment to third
parties
who may have been damaged because of the
negligence of The Curators of the University
of Missouri or their officers, employees,
agents, and in some cases, volunteers.
Property insurance is a first party coverage
that generally pays the University
for damage it suffers as the result of
an insured peril, such as fire, wind (tornado),
earthquake, flood, etc.
What is the Limit of Liability?
The limit of liability
is the maximum dollar amount that a policy
will pay for
a claim.
Often a policy will state a limit for each claim (i.e., the most it will pay
for a
single claim) and then also state an annual aggregate (the most it will pay for
all
claims in one year.) With most professional liability policies, the limit of
liability
includes both the defense costs and any monetary awards payable as a result of
a covered
lawsuit, and it is possible that defense costs alone could deplete the entire
limit of
liability.
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