Metcalfe Insurance

Archive for the ‘Liability Insurance’ Category

Land Insurance is something that more and more people are looking for these days, especially in the times of personal accident claims and liability claims being made against people. Land Insurance is something that is not very common and there are only a few insurers that can actually offer a quotation on this but it is something that you may feel is necessary or even something that you could insure as a precaution.

Land Insurance is where you can get insurance to protect yourself for anything that may happen on your land through which you could be held liable and sued. This could be if someone is walking across the land and they were to trip over and hold you responsible as the land owner and then try to get you to pay them compensation for their injuries, however again as with other types of insurance they would have to prove that you are liable for their injuries.

Most types of people can get land insurance from a single person who just wants to ensure a tiny bit of land outside their house to a residents association or road owners. Land Insurance is usually for normal pieces of land that have nothing but grass and trees on them but quotations can also be obtained for more varied pieces of land such as car parks, lakes and private road. The amount of cover that you can get is between 1 Million and 5 Million and is there to protect you should any third party injure themselves on the land.

The other main question that people ask when they are looking at getting some land insurance is how much does it cost? And this is generally more than people think that it would cost. Minimum premiums are about £200 but each quotation is looked at individually and all quotations depend on the size, location and use of the land or road and whether or not there is any security around the land to prevent people from crossing it, which would obviously lessen the risk of people getting injured on the land.

Now that you know what it is and why more people are looking at getting it than ever before it is something that you can think about if you have a piece of land that people regularly walk across and which could cause injury in any way, shape or form.

As the name intimates, the Shiprepairer’s Legal Liability (SRLL) policy covers only what the Shipyard is legally liable for. This usually implies negligence. Simply put, this policy looks to protect the Yard if the Yard would be found to be legally liable for damage while a vessel is under the care, custody and control of the Yard.

Since this policy will respond ONLY when the Yard is negligent, typically, the Yard would rely on this policy when the Owner is maintaining his Hull & Machinery (H&M) and his Protection & Indemnity (P&I) covers and naming and waiving the Yard / Yard’s Contractors / Affiliates of the Yard / Yard’s Parent Company, etc. on to its H&M and P&I policies.

For the SRLL policy to respond, the Shipyard is responsible for showing Underwriters how the yard was negligent.

The type of insurance that the Yard has in place does not determine liability. The Yard’s liability is grounded in the terms and conditions of the ship repair contract.

However, SRLL Underwriters will not respond to a contractual provision that does not fall under their SRLL policy.

For any project, the most important thing to consider is that there are no gaps in coverage. The SRLL policy is designed to protect the Yard if it is negligent. Any other situation should fall under the Owner’s H&M or P&I policy where the Shipyard (and its affiliates, subcontractors, etc.) should be named as an assured and the underwriters should specifically waive subrogation against the Shipyard.

Generally, in order for there to be a claim under a SRLL Policy, the loss will have to be traced back to the Yard’s negligence when the vessel was in the care, custody and control of the Yard.

In the event of a SRLL claim the following procedure should be followed:

• Report loss promptly to your insurance broker.

• Act prudently, e.g., take pictures, mitigate and assess the damage, begin collecting documents.

• Review Claims Clause of the Policy.

• If Underwriters can prove that their rights of recovery were prejudiced, then they can either deny coverage or reduce the claim amount by the amount of recovery that they would have been able to receive, had their rights not been prejudiced.

• If potential that repair or replacement amounts will breach deductible, a surveyor on behalf of Underwriters should be appointed. The cost for the surveyor is borne by the Underwriter.

There’s a lot of peace of mind that comes from knowing your small business is insured. But it is important to understand your business’s risks and what the various types of business liability insurance are intended to cover.

For example, understanding what general liability insurance is not intended to cover is just as important as understanding what it does cover. The ideal time to find out what’s covered and what’s not is before you purchase a policy. As you consider your policy purchase, determine what is excluded. Once you receive your general liability policy paperwork, it may be tempting to file it away and move on to the next challenge. But, before you let your guard down, take a little time to be sure that your policy covers everything you think it does.

Keep in mind the following exclusions found in nearly all general liability insurance policies.

General Liability Excludes Professional Liability

General liability insurance is the most common type of business liability insurance. Basically, it is designed to protect your company in the event that someone alleges they were injured or their property was damaged as a result of your negligence.

A Business Owner’s Policy includes general liability insurance that covers bodily injury, property damage, personal injury and advertising injury. This often includes advertising copyright infringement; defamation of character, such as libel and slander; and invasion of privacy. A BOP also includes property insurance that covers both your own and others’ business property.

What’s missing? Claims related to professional negligence or failure to perform your professional duties.

Lawsuits related to such claims have put many small companies out of business. In fact, for many professional services firms, the liability risk associated with professional errors & omissions and negligence can be far greater than the bodily injury and property damage risks covered by a general liability policy.

To protect your business against such claims, you would need to purchase separate professional liability insurance, also known as errors and omissions or E&O coverage.

Unfair or Discriminatory Employment Practices Are Not Covered

A typical commercial general liability insurance policy also doesn’t cover unfair or discriminatory employment practices, including hiring and termination-related claims. Also excluded are any claims related to demotion, reassignment, employee evaluation, discipline, harassment, and other employment-related policies.

In short: if an employee alleges he or she was treated unfairly or that you acted illegally in your dealings with them, a general liability policy will usually not respond. These exclusions apply not only for employees currently on staff, but also to job applicants, contractors, and former employees who no longer work for you.

If you’re worried about claims related to employment-related practices, you might want to look into buying employment practices liability insurance (EPLI), which covers your legal liability for some claims related to wrongful termination, discrimination or sexual harassment.

Subcontractors

If your business is like many small businesses, you occasionally rely on subcontractors to get the job done. If so, it’s important to be clear about how your general liability insurance applies to your subcontractors – or more importantly, how it might not.

With some insurance carriers, claims caused by independent contractors working on your behalf aren’t covered by your general liability insurance policy. On the other hand, some general liability insurance policies are very broad and not only cover you, if a contractor makes a mistake, but also cover the contractor directly. Obviously, is important to know in advance how you should expect your policy to perform.

Know Your Policy

Policy exclusions are one good reason why it pays to have a knowledgeable agent or broker on your side. When you purchase your policy, be very clear about the type of work you do, so that your agent can ensure you’re covered for all risks you may encounter on the job. If you’re unsure whether a specific concern is covered by your general liability policy, read your policy carefully and ask your agent or broker for clarification.