Liability Insurance What does it mean to purchase a liability insurance policy

[Phabbyfundz]

I have been coming across this term liability insurance but I am still oblivious about its true meaning and what does it stand to do or of what benefit is it to the insured or purchaser of this kind of insurance policy.
What does liability insurance cover go, are you insuring properties, or goods of less value to you. Because liability is anything that doesn't add any real worth to you but instead is a means that takes away valuable funds from you. So if I am purchasing a liability insurance policy plan with any insurance company or firm what are the things or property that at allowed to be insured under this kind of insurance policy or plan. Is it a premium insurance policy or plan and what are the conditions before the insurance company can come to the client aid.

 

[btaliat]

What is known as liability insurance is the insurance policy that covers the damages that may be caused by the purchaser of the liability insurance policy. For instance, a driver under liability insurance policy will be covered if through driving causes accident or may be collision accidentally. It can cover legal fine as well.

 

[Mandy96]

Purchasing a liability could have different meanings depending on the reason why you got it. Like someone that got it on his or her property like land, this simply means that the person does not want any issue or injury committed on the land should be taken responsibility for by him or her instead the insurance company will stand for it

 

[Chibson]

There are companies that specialise in this kind of insurance and if you want to insure your liabilities you can go there and have an agreement with them. They are simply companies that covers any damages or an unfortunate incident that may happen to your purchased liabilities as the case may be.

 

[btaliat]

Purchasing a liability could have different meanings depending on the reason why you got it. Like someone that got it on his or her property like land, this simply means that the person does not want any issue or injury committed on the land should be taken responsibility for by him or her instead the insurance company will stand for it

As far as I am concerned. Land and other properties can not be grouped into the same category as liability insurance. Land is an asset and not liability in the first instance. Liability can only cover those damages that the purchaser of liability insurance may cause accidentally. I am sorry if you don't like the way I quoted to disagree with your point. We are only learning.

 

[Good luck]

Liability insurance policy are varied .it can be a landed properties or a whole estate.The insurance company are entitled to take care of any emergency or situation that may arise in any of the above mentioned policy.it is not a bad insurance plan as long as it is secured and you are dealing with the right company that are trustworthy.

 

[btaliat]

I don't know whether I am the one that is wrong or the people that are commenting before me. Liability insurance as far as I know can also be called third party insurance meaning the insurance policy that the purchaser buys on order to cover for any damages that he may cause another person.

 

[Mataracy]

Liability insurance policy can be describe as a situation by which an insurance company cover the accident caused by the policy takers.
It use to occur for example when a policy taker or an insured use his/her car to hit another persons car. The insurance company will now help the person to repair his car back.

 

[dagm]

Certainly there certainly are actually business that are experts within this particular type of insurance coverage as well as if you wish to guarantee your obligations you can easily go certainly there certainly as well as have actually a contract along with all of them. They are actually just business that deals with any type of problems or even a regrettable event that might occur for your bought obligations as the situation might be actually.

 

[Alexandoy]

I am not well-versed with insurance but maybe one example is the TPL - Third Party Liability - that is required by the Land Transportation Office for the annual renewal of the car license. The TPL covers the indemnity for the death of a third party particularly in the road accident that the car had figured in. But the TPL is only for the death and not any other damages.

 

[Wisdom01]

Liability insurance policy can cover your expenses accruing from any type of debt that have been done by you , but you must be paying your premium at the appropriate time to get coverage incase the event happened unexpectedly too I think , so liability insurance policy have different modes , advantages ,etc