Introduction to Understanding Liability Insurance Policies | #insuranceworldtv

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"UNDERSTANDING #liability #insurance: WHAT IT IS AND WHY YOU OR YOUR BUSINESS NEEDS IT" This is a YouTube video lesson that provides an overview of liability insurance for businesses. The lesson begins by defining liability insurance and explaining the different types of liability coverage that are available, such as #generalliability, #professionalindemnity or liability, and #productliability insurance. The video then delves into the key features of liability insurance policies, such as policy limits, deductibles, and exclusions. Personal, Business or Professional Liability arises when there is a breach of duty of care by a person as an individual or an entity resulting into or causing harm to another party usually referred to as a third party as an individual or an entity as a result of their activities. Liability may arise when an individual or organization is held responsible for causing harm to a third party as an individual or an entity in a shared public space or as a result of their activities. Duty of care refers to the legal obligation of an individual or entity to take reasonable care to avoid causing harm to others.

HISTORY OF #LIABILITIES CONCEPT The concept of liability has been a part of human society for thousands of years. In ancient civilizations such as the Babylonians, the Code of Hammurabi established laws that held individuals responsible for their actions and required them to provide compensation for damages or injuries they caused others. In medieval Europe, liability was also recognized as a legal concept, with individuals and organizations being held responsible for the harm they caused to others. As society evolved, liability became increasingly important in business and commerce. Liability insurance policies were first introduced in the United States in the late 19th century, as companies sought protection against the financial risks of being held liable for damages or injuries caused by their products or services. Today, liability is a fundamental concept in law, business, and insurance. Liability laws and regulations continue to evolve, as governments and organizations strive to balance the needs of individuals and society with the risks and responsibilities of individuals and organizations.

RELATIONSHIP BETWEEN #liability AND #commonlaw. #liability is a fundamental concept in common law, which is a legal system that is based on judicial decisions and legal precedents rather than on written laws. Under common law, liability refers to the legal responsibility of an individual or organization for harm or damage caused to another person or entity. In common law, liability is determined by a court of law based on the facts of a particular case and the application of legal principles and precedents. RELATIONSHIP BETWEEN #liabilities AND #civillaws. Liabilities and civil laws are closely related in that civil laws provide the legal framework for liabilities to be established and enforced. In general, liabilities refer to a company's or individual's legal obligations or debts to others. These obligations can arise from contracts, legal judgments, or other #legalobligations. #Civillaws, on the other hand, are laws that govern private disputes between individuals, organizations, or entities.

WHAT ARE #LIABILITY INSURANCE POLICIES? Liability insurance policies are types of insurance that provide financial protection to the insured person or organization in the event that they are held legally responsible for causing harm or damage to others. Liability insurance policies can cover a range of liabilities, such as bodily injury, property damage, or personal injury. Liability insurance policies are important for individuals and businesses to protect themselves from the financial risks of being held liable for harm or damage to others. The coverage and premiums of liability insurance policies vary depending on the specific type of policy and the level of risk involved.

TYPES OF LIABILITY #insurances
There are several types of #liabilityinsurance policies available to individuals and organizations, each designed to provide coverage for different types of liabilities. Some common types of liability insurance policies include:
1. #PublicLiability #insurance
2. #ProductLiability Insurance
3. #ProfessionalLiability Insurance
4. #Directors’andOfficers’Liability
6. #CyberLiability Insurance
7. #EnvironmentalLiability Insurance
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