5/28/2017

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Personal Liability Insurance

Personal liability insurance provide specific protection from the risks of lawsuits and other claims made against the insured. Personal Liability Insurance coverage is purchased in the event the insured is sued for damages by a third party who claims to have suffered loss due to negligence on the part of the the insured.

Although homeowners, renters, automobile, and other insurances carry certain provisions for protection against liability, they may not cover everything. In essence, there are limits to all insurance policies no matter what they cover and that may leave you, the insured, exposed to unexpected liabilities under certain circumstances.

The most common form of personal liability insurance is issued as part of the homeowner’s liability insurance policy. It is an all-risk agreement and contains relatively few exclusions. The policy covers any act of negligence of the insured or residents of the home that results in legal liability. It may also include medical payments insurance that covers accidental injury to guests and other nonresidents without regard to the question of negligence.

Basic insurance coverage like homeowners, renters and automobile usually carry provisions for personal liability that cover the possibility that your actions, or lack of action, will cause injury to another person or his property. But even those insurances may not cover everything that might happen that you could be held liable for paying.

Are your assets still exposed by inadequate liability amounts? Many of the public and product liability risks are often covered together under a general liability policy. These risks may include bodily injury or property damage caused by direct or indirect actions of the insured.

The definition of negligence is the failure to exercise the care that a prudent person usually exercises. Negligence can be claimed in a broad array of circumstances in which many people are not adequately insured. The use of personal liability insurance can offset the risks of being underinsured in many cases.

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