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Legal liability covers the legal compensation that might have to be paid if a third party files any case against the driver for damage, loss, or fire. The driver is covered for a sum equal to his salary for the policy period. It also covers accidents and occupational diseases.
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Are there insurance companies that offer non driver insurance?
Yes, they do offer. The part where owner's legal liability is not charged where owner is not a driver, can be replaced with paid driver cover and un-named passengers cover as a matter of abundant caution if someone else should drive.
What happens if an accrued liability for salaries is not recorded?
If an accrued liability is not recorded, then it is not a liability on the balance sheet. Not sure if the employee's could sue - that's a legal question - but if it was paid at a later date then it would be an expense at the time the liability was paid. If you mean to ask - what happens if an accrued liability for salaries is not paid, or is not timely paid - then the IRS can deny the deduction.
Can you file bankruptcy on a legal liability?
Most all debts are legal liabilities. If they aren't legal, it wasn't a good contract making it and they don't have to be paid
What is the meaning of joint liability?
Joint liability means that at least two parties share liability in a lawsuit or legal dispute. Often, a jury decides what percentage of liability each defendant is responsible for. An example - An automobile is rear ended by a furniture delivery truck. The driver of the auto is injured and sues the furniture store AND the driver separately. A jury might find that more fault belonged to the driver since the truck was in good working condition. Therefore, this jury might decide that $100,000.00 should be awarded. They might decide that $80,000 of the damages are to be paid by the driver of the truck and $20,000 to the furniture store.
Are defense expenses paid in a contractors professional liability policy?
A Professional liability insurance Policy, as well as a contractors General Liability Insurance policy will provide coverage for the cost of legal defense.
Do you still get paid by the other driver's insurance if he was at fault but you had no insurance?
Yes, but keep in mind that the other insurer may dispute liability (fault) and the extent of damages. Further, the other driver would have to have had liability insurance in order for you to get paid. Depending upon the jurisdiction in which you/he live(s), there may only be a requirement that property damage liability insurance be maintained. Therefore, if you sustained bodily injuries in the collision, the other driver would have been effectively uninsured.
Is tax paid on purchases an asset or liability?
Tax paid on purchases are considered a liability. Anything paid to another is considered a liability for businesses because they are spending money.
What is garage keepers legal liability?
Garage Keepers Legal Liability is primarily for an automotive repair shop with other people's vehicles in their Care, Custody and Control. Should a claim occur when this vehicle is in the shop's possession, it would be paid under this policy.
Is it legal to make money off of a cover of a song?
Yes, provided you have paid for a license to use the song.
Are Advance paid a current asset or current liability?
advance paid is current asset and advance received is current liability.
Why is owner's equity a special liability?
As owners equity is likely to be paid back only at the closure of business entity, this is considered as special liability, the special being " liability to be paid at the end".
Is paying rent considered a liability?
If rent is payable then it is liability for business but if rent is already paid then it is not liability but it is expense.
