Legal liability is the liability of a party imposed by a court for its actions or, in some case, inaction and for which the courts will award pecuniary damages as a form of redress. A legal wrong is either a violation of a person’s rights or the failure to perform a legal duty for a party. Insurance is purchased to protect against losses, and a major source of loss, especially in this litigious society, is legal liability.
Umbrella Liability Insurance
Umbrella Liability—also known as Excess Liability Insurance—provides extra protection for catastrophic events. The primary policies are called “underlying” policies and are specifically listed, along with their limits, on the umbrella policy. Typically, the underlying policies are your primary general liability, auto liability and the employer’s liability section of your workers comp policy. The umbrella coverage starts to pay when a covered loss exhausts the primary policy’s per occurrence limit.
Errors and Omissions Liability Coverage/Professional Liability Insurance
– If you provide any type of advice, expertise or professional service, you risk being sued by a customer, client or other party who claims he or she was injured due to your negligent act, error or omission. This type of negligence is sometimes referred to as “malpractice.” Professional Liability Insurance, also called Errors and Omissions Liability Insurance, pays the cost of your defense and any damages awarded, up to policy limits. Insurance companies have developed many specialized policy forms that respond to the individual risks characteristic of particular professions and services.
Directors and Officers Liability Insurance (D&O)
D&O Insurance protects past, present and future directors and officers of a for-profit or nonprofit corporation from damages arising out of alleged or actual wrongful acts committed in their capacity as directors and officers. Some policies extend the same coverage to employees. The policies provide protection in the event of any actual or alleged error, omission, misstatement, misleading statement or breach of duty.
In an increasingly global work environment, employee rights have rapidly moved forward.
The workmen’s compensation insurance is a compensation payable under a scheme set out in the Workmen’s Compensation Act of India, monitored by the Ministry of Labour.
The policy covers statutory Liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the Insured’s immediate service and arising out of and in the course of employment.