The policy limits is the maximum amount of coverage afforded to the named insured for claims against them.
Remember that it is the insured client, not the insurance company, who typically is liable or who is being sued on the preponderance of some perceived liability. the insurer provides coverage for the cost of legal defense. If a judgment for a covered loss is rendered against the insured client, the company will pay those damaged on behalf of the insured up to the policy limits. They are not responsible for claimed amounts beyond the policy limits.
Unless there is a court order specifically instructing the insurance company to pay some greater amount than the policy limits, then that's all there is.
In very rare circumstances though where an insurer was found to have exacerbated a loss through abuse, incompetence or failure to comply with some regulation, a claimant may be awarded punitive damages directly from an insurer that can exceed policy limits.
In most cases, clients are handed over with the processes and legal documentation of getting an insurance from a company - providing the necessary information ,limits and scope of the client's insurance - which then includes liability insurance.
You should visit any online insurance broking company like that of Greenlife insurance broking limited. Visit gibl(.)in and you can there compare between different liability policy and can save a lot of money.
The limits vary by state. Where are you?
Yes. Most companies that offer umbrella or excess liability policies will not offer such a policy unless they also insure your home and or vehicles. The reason for this is that under the policy you are required to carry policies on your home and vehicles but are required to carry certain limits of liability on these policies. It s much easier for the company to monitor these policies and required limits if they handle these policies. There are some companies that will write these separately but the prices are much higher under these circumstances.
Ltd is an abbreviation for Limited Liability; a limited company has limits to its liability; if the company goes bankrupt, or is sued, the liability does not extend to the shareholders in the company. A non-limited company; usually sole traders or partnerships, has unlimited liability - if a plumber floods your house, he is liable and you can sue him. Most non-limited companies have insurance to cover this kind of eventualility.
You will just have to ask them for the insurance information. there is no central registry or database for homes and the insurance companies that insure them. You should first determine if your neighbor even has Liability insurance. Not all homeowners purchase liability coverage with their insurance policy. A home insurance policy can be bought with or without liability coverage. If the homeowner has elected liability coverage, The homeowners insurance policy will provide the homeowner with legal defense for the cost of defending against a suit that is brought against them claiming liability on the part of the insured. If the Insured is found at fault or liable in court, then their insurance company will cover the cost of those liabilities up to the specified policy limits. Alternatively you can sue your neighbor. Then If your neighbor has Liability coverage on his home insurance policy, You will then meet your neighbors insurance company attorneys in court.
Auto insurance does not cover intentional criminal acts. So it would really just depend on the circumstances. If the insurer determines that it was an accidental loss, then resulting damage and injuries should have coverage up to the liability limits provided under the terms of your insurance policy. If damages exceed the liability limits of your policy you will be responsible for the excess above what your insurance policy will cover. It's times like this when we realize that it's not always a good idea to by just the cheapest minimum required limits.
Yes. Your insurance adjusts to the higher or your liability limits or the minimum limits for the state that you drive into. Be aware that all U.S. insurance will cover you in Canada as well but not in Mexico. When you cross the border into Mexico your insurance does not. If you move to another state you are required to notify your insurance company and if you don't it could be a cause for denying your coverage.
There is no minimum. They can buy whatever insurance limits they want, or they can buy none at all.
Yes, auto liability insurance is required in all 50 states, howeve the limits of liability vary between states. Some require less than others.
The term 'excess' insurance is usually for liability coverage. An excess liability policy is also commonly referred to as an 'umbrella' policy because it offers additional coverage over other liability coverages. In the case of a subcontractors insurance, it would be a policy which would extend higher limits than the base policy on general liability and auto liability.
Your insurance company should pay for any property damage or medical bills that are incurred as a result of your accident. Your insurance company is still going to try and limit their liability as much as possible and they will only pay out up to your coverage limits. Your insurance company isn't liable for any punitive awards based on the fact you were driving under the influence.