Liability Insurance Questions
. What can the software company do if the company has a business liability insurance policy for more than ten years, but after after an audit done by the insurance company the premium was adjusted to a higher amount?Since the insurance company continued the policy for so many years without conducting an audit or claiming additional premium during that period, it is highly unlikely that its claim, which may seem unreasonable, will stand up in court. Moreover, the Statute of Limitations has already run its course in this case and will probably play a part as well.
In Texas, if a person without liability insurance, borrows a bike from someone and wrecks it; who is liable for the damages, the borrower or the owner?In most situations, , the owner is liable even though he/she may seek damages from the rider. The borrower/rider’s car insurance will not help in this situation and the rider will have to pay the ticket which could be negotiated with the owner of the bike.
Does a Stone Carving Limited Liability Company (LLC) require liability insurance?Since companies can be held liable for personal injuries and can be sued for a variety of other reasons, it will be wise to be covered under liability insurance. This will ensure that the owners are protected from personal liability even though the company may be held liable and its assets attached in the event of a future adverse judgment.
If a small cleaning business that has liability insurance, but the owner files for personal bankruptcy can the insurer cancel the policy?Even though the owner may have gone through a personal bankruptcy and not a business bankruptcy, this would be grounds enough for the insurer to cancel the policy as generally, few small businesses ever file business bankruptcy and it is usually the owner who files bankruptcy if the business goes under.
The owner of a vacation property has liability insurance and rents the property out without a contract, how can the owner protect himself or herself in the event of a mishap?The owner will need to include an indemnity clause within the rental agreement which will protect him or her in the event of a mishap. A suggested wording for the clause could read as follows:
"The renter agrees to indemnify and hold harmless the owner of the property against loss or threatened loss or expense by reason of the liability or potential liability of the renter for or arising out of any claims for damages."
Does a privately owned and operated, non-commercial helicopter require liability insurance in the state of Pennsylvania?It is necessary for all aircraft to be insured in the state of PA, which will take care of liability issues. The insurance papers must be carried in the helicopter without which it will be deemed an offence. The following website provides more information about other requirements in PA: http://www.oas.gov/apmd/seat/BLM%20WHB%202006%20ON%20CALL%20CONFORMED%20CONTRACT.pdf
Does a Homeowners’ Association (HOA) need to obtain liability insurance to cover common property owned jointly by its members in Florida?It is imperative that a HOA obtain liability insurance as failure to do so can put each and every home owner at risk in the unseemly event of a lawsuit being filed. The Board needs to be made aware of its fiduciary duty and take steps to obtain liability insurance immediately.
It is imperative for individuals, especially professionals such as medical practitioners and business owners to have Liability insurance as these may be held legally liable for the injuries of others, either in an accident or a mishap. Product liability insurance is available for a product manufacturer which will help cover them if a product is defective and causes damage to the purchasers or any other third party. Many questions and doubts may arise in situations where individuals may not be aware of their rights or liabilities both in claiming damages or being sued, and in such situations it is best to ask an Expert to clarify specific doubts and receive insights to information pertaining to liability insurance.