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Understanding Liability Insurance Types

Liability insurance protects individuals and businesses from legal costs and damages if they are sued for negligence, malpractice, or injury. It covers those in professions like healthcare, transportation, and construction, as well as product manufacturers. There are several types, including general liability, directors & officers liability, professional liability, and personal liability insurance. General liability covers bodily injury and property damage from accidents. Directors & officers liability protects corporate directors and officers from lawsuits. Professional liability insures against claims of negligence in delivering professional services. In Pakistan, some companies that provide liability insurance include IGI, New Jubilee Insurance, and Adamjee Insurance.

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224 views16 pages

Understanding Liability Insurance Types

Liability insurance protects individuals and businesses from legal costs and damages if they are sued for negligence, malpractice, or injury. It covers those in professions like healthcare, transportation, and construction, as well as product manufacturers. There are several types, including general liability, directors & officers liability, professional liability, and personal liability insurance. General liability covers bodily injury and property damage from accidents. Directors & officers liability protects corporate directors and officers from lawsuits. Professional liability insures against claims of negligence in delivering professional services. In Pakistan, some companies that provide liability insurance include IGI, New Jubilee Insurance, and Adamjee Insurance.

Uploaded by

shakeelasaleem
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© Attribution Non-Commercial (BY-NC)
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  • Liability Insurance Overview: Defines liability insurance and its purpose to protect individuals or businesses against legal liabilities.
  • Who Needs Liability Insurance: Describes who should obtain liability insurance, including professionals and businesses providing public services.
  • Types of Liability Insurance: Lists various types of liability insurance including general, D&O, personal, and professional liability insurances.
  • Exclusions in Liability Insurance: Outlines types of claims typically excluded from liability insurance policies.
  • Differences between Insurance Types: Compares general and D&O liability insurance including policy wording and coverage distinctions.
  • Exclusion of Liability Insurance: Specifies exclusions that apply to most liability insurance policies, focusing on life insurances.
  • Companies Providing Liability Insurance in Pakistan: Lists major insurance companies in Pakistan offering liability insurance services.

LIABILITY INSURANCE

Any type of insurance policy that protects


an individual or business from the risk that
they may be sued and held legally liable
for something such as malpractice, injury
or negligence.
WHO NEED LIABILITY
INSURANCE?
• Liability insurance usually covers the
drivers of vehicles, people who offers
professional services to the public such as
nurses, doctors, personal trainers and
contractors, people and companies that
manufactured products that may be
harmful and employers.
TYPES OF LIABILITY
INSURANCE

• General insurance
• D & O insurance
• Personal insurance
• Professional liability insurance
GENERAL LIABILITY

General insurance or non-life insurance


policies, including automobile and
homeowners policies, provide payments
depending on the loss from a particular
financial event.
INSURANCE AGREEMENT

• Covers Bodily Injury and Property Damage


only
• Covers accidents only
• Standardized policy wording
• Usually Occurrence Liability.
PROFESSIONAL LIABILITY

• Injury caused by negligence in the delivery


of professional services or by failure to
maintain professional standards
DIRECTORS & OFFICERS
LIABILITY

Insurance policy provide financial


protection for the directors and officers
and the corporation if the directors and
officers are sued for mismanagement of
the company’s affairs
INSURING AGREEMENT
• PERSONAL LIBILITY OF DIRECTORS &
OFFICERS:

Policy agrees to pay financial loss and


Personal Injury caused by Wrongful Acts.
it pays benefits on the behalf of insured
person.
• CORPORATE REIMBURSEMENT
COVERAGE:
it pays benefits on the behalf of the
corporation.
it pays losses done by the company’s
obligations.
EXCLUSIONS

• Bodily injured & Property damage

• Personal profit

• Illegal discrimination
  DIFFERENCES
• GENERAL • D &O
• Covers Bodily Injury • Always excludes
and Property Damage Bodily Injury and
only Property Damage 
• Covers accidents • Covers Wrongful Acts
only. • Usually Claims-Made
• Usually Occurrence Liability
Liability • Non-standard policy
• Standardized policy wording
wording.
PERSONAL LIABILTY
INSURANSE

Insurance for individual or members of a


household offering protection against
claim by third party due to bodily injury or
property damage.
EXCLUSION OF LIABILITY
INSURANCE

GENERALLY ALL LIFE INSURANCES


ARE EXCLUDED FRON LIABILITY
INSURANCE
COMPANIES PROVIDE
LIABILITY INSURANCE IN
PAKISTAN
• IGI ( International general insurance
company of Pakistan Limited)
• New Jubilee insurance company limited
• Adamjee insurance company limited

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