0
Which auto insurance coverage pays for injury or damage that the insured driver causes to other people or their property?
Wiki User
∙ 13y ago
Bodily injury liability and property damage liability should cover those.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
I don't drive my financed car. Do i need auto insurance?
Undoubtedly your finance contract requires full-coverage insurance. They will want it insured because there are other causes of loss besides collision.
What are coverage characteristics of auto insurance?
Auto insurance usually has several components. Liability insurance is the limit of how much the insurer will pay on your behalf to someone you injure while driving. Property damage is the limit of how much the insurer will pay on your behalf to someone on account of damage to their property you cause while driving. Medical Payments / Personal Injury Protection (PIP) pay medical bills up to the limit of the insurance. Fault is not considered. Underinsured / Uninsured (UM) insurance is there for the benefit and protection of the insured in case someone else is at fault and causes injury to the insured. This is very important insurance.
A Small and Handy Guide to the Essentials of Car Insurance?
Car insurance can be a confusing and misunderstood coverage that leaves many people wondering if they are properly insured. Many do not understand what is covered, what is not, and what the right amount of protection is. Here are some quick tips to ensure that you and your car are taken care of. One of the most important types of insurance for vehicles is liability coverage. This is required by law and protects the insured in the event that he or she causes an accident and damages another vehicle or causes bodily harm to another person. Without this type of automobile coverage, one can be sued for large amounts of monies and does not have the safety and security of the insurance company to pay any monies owed. The average amount of insurance is a $100,000/$300,000 limit. Almost all other types of coverage on one’s car are optional. For instance, collision coverage protects the insured’s vehicle in the event of a loss. This protection is optional as it only pertains to the insured’s car and will only pay for their vehicle’s damages. In addition, most people have a $500.00 deductible, meaning that the first $500.00 needs to be paid by the insured prior to the company paying out any monies. Comprehensive insurance works very similar to collision coverage. The main difference is that this type of insurance covers damages to one’s vehicle that are a result of vandalism or weather related losses. It is also optional and the average deductible is $250.00. However, one can choose to increase or decrease their deductible. Medical payments is a coverage that is meant to pay the insured’s medical bills if he so she is injured in a loss. Limits can range from $5,000 to around $50,000. It is wise to have a higher limit on this insurance, especially if one does not have medical insurance. In addition to the above car insurance categories, one can also include rental coverage, towing, and uninsured motorist coverage. These are also helpful as they can prevent a large amount of out of pocket expenses. When purchasing car insurance, be sure to thoroughly discuss what options work best for you with your company.
What happens if an uninsured driver causes an accident in an insured car?
Vehicles are insured not drivers. If you are qualified and authorized to operate an auto the insurance on it will pay for it and any damage done by it.
Do Veterinarians have malpractice insurance?
Veterinarians can carry Veterinarians' Professional Liability Insurance, which functions substantially similarly to malpractice insurance. Veterinarian's Professional Liability covers acts, errors and omissions while legally responsible to render professional services as a veterinarian or veterinary technician. In general, this coverage is endorsed onto a business owner's policy (BOP) or onto a commercial general liability policy (CGL), however it can also be written monoline. When not covered on the BOP or CGL, an exclusion endorsement is often added to exclude property damage to animals under the care of the insured. Remember, in most jurisdictions animals are still treated as the property of the owner and claims are settled as such. Veterinarians will also often purchase an "animal floater" which covers the cost of any animal that dies from a covered cause of loss (usually anything but disease or natural causes) while in the care, custody or control of the insured. For this coverage to be triggered, negligence by the insured does not have to be established, and it also covers theft of animals. It is considered a bailee coverage, similar to the coverage available and liability incurred by a parking garage, dry cleaner, or any service business which takes care, custody or control of another's property. The amount paid under this coverage is the replacement cost of the animal, or what it would cost to purchase, adopt, or acquire an animal of similar characteristics including breed.
What are the characteristics of home owner's insurance?
Homeowners insurance generally has two main components. One is "liability" protection, and the other is "property" protection. The liability part of the coverage protects the insured from personal liability to a third-party if that party's loss results from a covered occurrence. That is, like most other kinds of insurance, protection is not provided for all types or causes of loss, but instead, those stated in the policy. Additionally, for the coverage to apply, the insured, must comply with the requirements of the policy, including continuous payment of premium to keep the policy in force, and timely notification of the insurer of a loss. If the liability coverage applies to the loss, and all conditions precedent have been met, the insurer's obligations include investigating the facts, defending you in the event of a lawsuit from the occurrence, and paying damages for which you are found to be legally liable (up to the amount of coverage available under the policy). The property protection of a homeowners policy covers stated physical damage to the insured premises resulting from a covered cause of loss. It may also include coverage for a stated dollar amount of contents, and it may reimburse the insured for certain expenses incurred if the premises must be vacated and alternate living accommodations sought (so-called ALE coverage). Typically, the amount of the ALE reimbursement is based upon the difference between living expenses usually incurred while living in the insured premises, and those incurred while living in the alternate location. The property protection is normally subject to a deductible, while the liability protection is not. The amount of the deductible is selected when application for the policy is made.
What exactly is accident only insurance coverage, and who is eligible for it?
Accident only insurance coverage is a type of insurance that those who are hospitalized for injuries and other disabiling work related causes. All are eligible except those who are eligible for Medicare.
What is Co insurance Business Income Coverage Form?
Business Income coverage seeks to make the insured whole in the event of a covered physical loss of property such that operations are impaired or must cease in the event of covered causes of loss such as fire, theft and vandalism. To write the coverage, a limit (dollar figure) must be established to determine policy limit and associated premium. A Business Income Worksheet is often used to determine this amount which equates to 100% of annual business income for such losses. However, an insured may know or believe that there is no possible way to lose 100% of all annual due to the ability to resume full operations and collection of business income as if no loss had occurred. In these cases, the insured can declare up front that the amount they are requesting to be insured is only a percentage of the annual total. The percentage is often 50% for businesses who can get back up and running very quickly. Typically however, a coinsurance of 90% is automatically applied by your agent as a way of allowing the insurance company to communicate the following to the insured: You must accurately calculate 100% of annual business income within 10% or we will penalize you for underinsuring. It is important to note that AFTER the loss occurs, the insurance adjuster WILL determine the accuracy of your calculation and if you were mistaken, i.e. you insured for $50,000 at 50% but should have insured $100,000 at 50%, the insurance company will impose at coinsurance penalty to your settlement. This is a mechanism by which the insurance company forces the insured to 'insure to value', meaning DECLARE 100% of values, even though your limit may be lower, so that you are covered to policy limits with no coinsurance penalty at the time of loss.
What does sub limit on insurance benefit coverage mean?
A limitation in an insurance policy on the amount of coverage available to cover a specific type of loss. A sublimit is part of, rather than in addition to, the limit that would otherwise apply to the loss. In other words, it places a maximum on the amount available to pay that type of loss, rather than providing additional coverage for that type of loss. In professional liability insurance, sublimits are usually a stated percentage of an aggregate limit of coverage under a policy. For example, under a lawyers professional liability policy written with a $500,000 aggregate limit of coverage, there may be a 10 percent sublimit on coverage (i.e., $50,000) for punitive damages. In property insurance, however, sublimits may be stated as dollar amounts or as a percentage of the limit that would otherwise apply. For example, under a commercial property policy with a $2 million limit applicable to loss from all other causes, there may be a $100,000 sublimit on coverage for loss from flood, a $500,000 sublimit on loss from earthquake, and a debris removal sublimit of 25 percent of the direct damage loss amount. In both examples, the sublimit is the most the insured can collect for the type of loss to which the sublimit applies.
What is construction all risks insurance?
Overview: The Contractors All Risks Insurance offers comprehensive coverage for all types of civil construction risks. This policy covers physical loss or damage to property, as well as third party liability related to work conducted on the contract site.Cover includes: The coverage for physical loss or damage to property is on an "All Risks" basis, i.e. the policy insures against damage to property in the course of construction by all sudden, accidental and unforeseen causes other than specified excluded perils and forms of damage. This cover includes works brought on to the site for the purposes of the contract as well as temporary works erected or constructed on-site. Additionally, the policy includes coverage for physical loss or damage to construction plant & machinery, equipment and tools used per the insured contract.Third party liability: This policy also includes third party liability coverage. This insures against accidental bodily injury or illness to third parties as well as accidental loss of, or damage to property belonging to third parties, caused by an accident at the construction site. The policy also indemnifies for legal costs and expenses recovered by a claimant from the insured.
Damage to property cause owners neglect?
Property damage is covered by a property liability insurance package. This applies to all incidents in which an automobile causes damage to another person's property such as a fence or house. If you do not have property liability insurance, the driver is responsible for covering the damages out of pocket.
Does life insurance cover death by alcoholism?
If the insured dies of any causes (except suicide in the first two policy years) then benefit is payable.
