Liability
public liability
Public Liability Insurance protects the insured against legal liability in connection with his business against accidental bodily injury to any third party or accidental loss or damage to his property. The limit of indemnity specified in the Policy includes costs and expenses of litigation recoverable by any claimant from the insured and also the costs incurred by the insured with the consent of the insurer.
Product Liability Insurance
Product liability is an area of law that protects consumers from injuries/ damages caused by a product, this is not limited to bodily injury, accidental death or loss or damage to property and can include material damage. The parties that can be held liable include retailers, distributors, suppliers and others who make the product available to the public.
The term ‘product’ has board definition and therefore when it is referred to, it is generally understood to be in the form of tangible personal property.
Directors and Officers Liability Insurance (D&O)
Directors and Officers Liability Insurance is a liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.
Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously. It has become closely associated with broader management liability insurance, which covers liabilities of the corporation itself as well as the personal liabilities for the directors and officers of the corporation.
Professional Indemnity Insurance
Also known as Professional Liability provides protection against legal claims faced by professionals and Professional organisations for damages that may become payable to third parties who have sustained losses due to the professional negligence of the insured or any of their employees.
This insurance is availed by individuals and organisations who practice a profession such as Accountants, Doctors, Lawyers, Insurance Brokers, and Engineers etc. The limit of liability also includes costs and expenses. Only civil liability is covered. Liabilities arising out of criminal acts or in violation of law are not covered.