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Is Liability Insurance Important?
What is the difference between liability and other types of insurance?
What is the Limit of Liability?
CLAIM INFORMATION
What is an Occurrence Policy?
CORPORATE INFORMATION
What is AIGs international capability?
GENERAL LIABILITY INSURANCE
What does Personal Injury mean in General Liability coverage?
What does Advertising Injury mean in General Liability coverage?
What does Property Damage mean in General Liability coverage?
What does Bodily Injury mean in General Liability coverage?
PROFESSIONAL LIABILITY INSURANCE
What is professional liability insurance?
Why should I purchase professional liability coverage?
CLAIM INFORMATION
What is an Occurrence Policy?
A covered claim must occur during the policy period but it does not matter when the claim is reported or made.
CORPORATE INFORMATION
What is AIGs international capability?
AIG is the leading U.S. based international insurance organization. We have over 70 years of experience in foreign markets and have claims representatives in over 130 countries and jurisdictions throughout the world.
GENERAL LIABILITY INSURANCE
What does Personal Injury mean in General Liability coverage?
Personal Injury means false arrest, wrongful detention or false imprisonment, or malicious prosecution; the publication or utterance of a libel or slander or of any defamatory or disparaging material, or a publication or utterance in violation of an individual's right of privacy; wrongful entry or eviction, or other invasion of the right of private occupancy; which occurs during the period.
What does Advertising Injury mean in General Liability coverage?
Advertising injury means injury arising out of an offense committed during the policy period occurring in the course of the named Insured's advertising activities if such injury arises out of libel, slander, defamation, violation of right of privacy, Privacy, unfair competition or infringement of copyright title or slogan.
What does Property Damage mean in General Liability coverage?
Physical injury to or destruction of tangible property which occurs during the policy period, including the loss of use thereof at any time resulting therefrom, or loss of use of tangible property which has not been physically injured or destroyed provided such loss of use is caused by an occurrence during the policy period.
What does Bodily Injury mean in General Liability coverage?
Bodily injury means bodily injury, sickness or disease sustained by any person which occurs during the policy period, including death at any time resulting there from.
PROFESSIONAL LIABILITY INSURANCE
What is professional liability insurance?
In general, professional liability insurance protects against claims for damages the policyholder becomes legally obligated to pay to a client as a result of an error or omission in the work provided to the client.
Why should I purchase professional liability coverage?
Professional liability coverage provides protection against claims resulting from your professional services. Most general liability policies will exclude this coverage.
Is Liability Insurance Important
An often-overlooked category of equine-related insurance is liability insurance. Today's society is litigation-happy - lawsuits are commonly seen as the answer to any situation involving damage or injury, no matter how slight, and no matter what the cause. There is an epidemic of frivolous lawsuits, in which someone brings suit for the purpose of acquiring an out-of-court settlement for a much lesser amount of money. The equine industry is not immune to such lawsuits - some type of liability insurance is a "must" for any professional in the horse business.
All commercial horse operations, whether concerned with boarding, breeding, or riding, need liability insurance coverage to protect the assets of those operations. Most horse farms make use of a standard, farm owners and ranchers policy that offers broad coverage. This policy can be customized to include the farm home and its contents, farm structures and buildings, portable structure and buildings, motorized farm vehicles, farm personal property, loss of income, and farm and personal liability exposures.
A Farm and Ranch Owner's policy will not cover horses belonging to others while those horses are on the property, but there is additional insurance (Care, Custody, and Control) available to cover these animals.
The value of the facility itself, and of the horses, will determine the amount of insurance needed. Some large operations, such as racetracks, will also need a commercial umbrella policy.
Racehorse trainers generally arrange liability insurance for the horses in their charge, whether at the racetrack or at a training stable. The premiums are paid by the horses' owners.
Racehorse and show horse owners often carry their own liability protection, and there are special policies designed to protect people who own horses but are not involved in the commercial business of training, racing, or breeding.
What is the difference between liability and other types of insurance?
Liability insurance provides legal defense from and/or payment to third parties who may have been damaged because of the negligence of The Curators of the University of Missouri or their officers, employees, agents, and in some cases, volunteers. Property insurance is a first party coverage that generally pays the University for damage it suffers as the result of an insured peril, such as fire, wind (tornado), earthquake, flood, etc.
What is the Limit of Liability?
The limit of liability is the maximum dollar amount that a policy will pay for a claim. Often a policy will state a limit for each claim (i.e., the most it will pay for a single claim) and then also state an annual aggregate (the most it will pay for all claims in one year.) With most professional liability policies, the limit of liability includes both the defense costs and any monetary awards payable as a result of a covered lawsuit, and it is possible that defense costs alone could deplete the entire limit of liability.
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