Public Liability Insurance
The “general and product liability insurance” policy covers the insured person against legal liability arising from negligence, in addition to insurance against loss or damage to third party property, bodily injury or death, where the legal expenses incurred in defending liability are covered according to the approval of the insurance company.
What’s General Liability Insurance?
General liability insurance is an insurance product for business owners that covers the cost of legal procedures and compensation claims against the facility, or a company if a third party is injured or his property is damaged while on the premises of the insured or when work is done in his home, office or commercial property, liability insurance The public will cover the cost of legal costs and compensation claims against the owner of the facility in the event of damages or injuries. The insurance policy will compensate the insurance applicant and cover him in the event of a claim against him.
What is covered under public liability insurance?
This is during the insurance validity period due to the use of the products that the insured manufactures and distributes within the geographical scope indicated in the policy schedule, and so that the company’s liability during the insurance period does not exceed the maximum mentioned in the policy schedule, including the judicial expenses including the expenses incurred by the insured and the company agrees to it in writing in Through the investigation and defense process related to a claim or lawsuit, coverage includes consequential losses resulting from bodily harm or material damage.
Does public liability insurance certificate have to be displayed?
The insurance company undertakes to indemnify the insured for all amounts that he becomes legally liable to pay to others as compensation because of the liability imposed on him by law with regard to bodily damage to any person, including death or disease, material damage to property except for the building in which it is exercised In which the believer has his activity.
It is worth noting that in the absence of physical damage, material damage or loss of property, financial losses are not considered covered if they occur alone, most documents cover a wide scope for the responsibility of products for any accidents that occur anywhere in the world with the presence of the condition of the competent courts in the state courts issued by the document.
Can you get public liability insurance without a business?
The General Liability and Product Liability Insurance policy covers the insured person against legal liability arising from negligence, as well as insurance against loss or damage to third party property, bodily injury or death, where the legal expenses incurred in the defense of liability are covered according to the approval of the insurance company.
How much public liability insurance cost?
The progress of countries is measured by the extent of their individuals’ willingness to protect themselves and their property from the risks they are exposed to. The spread of liability insurance against damages to others is one of the indicators of the maturity of the insurance market and the rise in insurance awareness, which took many forms and types called for by contemporary life, according to the Egyptian Insurance Federation’s weekly bulletin.
Do you have to have public liability insurance?
The American is losing, the British are afraid, and the French are steadfast.. Insurance companies are suffering painful blows due to Corona. Losses of insurance companies in light of Corona The Corona virus has caused a decline in the shares of global insurance companies, as is the case with many economic sectors, the life insurance industry in Europe and the United States of America is facing financial losses Due to the high number of deaths around the world as a result of the spread of the Corona virus.
America… losses and requirements
The wide spread of the Corona virus in the United States – which has more than 556,000 infections, and 22,000 deaths – represented a major and unprecedented challenge for the life insurance industry.
American insurance companies received a double blow, as they are expected to lose a lot of money as a result of the large number of deaths that are increasing every day at huge rates, which American government sources estimated at between 100,000 and 200,000 people.
On the other hand, the collapse in the value of returns on government bonds to historical rates represents another big loss for those companies that prefer to invest a large part of their capital in government bonds.
In the financial markets, the index of life and health insurance companies lost 37% in the recent weeks since the outbreak of the Corona virus.
During the last month, the major American insurance companies lost a lot of their value. Prudential lost 9% of its share value, and AIG lost 25% of its shares during the same month.
The number of people seeking life insurance rose, but this was not easy in the United States, where many companies are reluctant to accept new clients.
Can i get public liability insurance as an individual?
Life insurance companies imposed a one-month waiting period on those wishing to purchase a life insurance policy who had recently traveled to the hotspots of the virus, whether in China, Iran or European countries, Tim Ludtick, a finance professor at Temple University in Pennsylvania, predicted that insurance companies would stop accepting new applicants until the spread of the virus in the United States was stopped.
Life insurance policies in the United States do not exclude any illness that leads to the death of the client, except for suicides within the first two years of the person having a life insurance policy.
Hence, it is not expected that deaths caused by the Corona virus will be excluded from paying the value of the insurance policy to the family of the deceased.
Traditionally, the procedures for obtaining a life insurance policy take several weeks, as there are mandatory medical tests, in addition to waiting for the applicant’s medical record to arrive from his previous doctors, and to ensure the validity of the submitted documents.
Currently, many customers want to avoid medical tests during the spread of the virus for fear of transmitting the virus to them, whether they go to doctors’ clinics or doctors come to their homes.
Britain .. crisis and apprehension
As is the case in the United States, insurance companies in Britain are facing a decline in the value of their shares in the stock exchange, which amounted to about 50% due to the high number of deaths in the country due to the Corona virus crisis, and what it means from the increase in the amounts that companies have to pay, in addition to the fact that what most frightens these Companies is the continued decline in stock market activities and low interest rates, which means that they will incur unprecedented losses.
How much public liability insurance do i need uk?
British insurance companies are trying to be more selective in granting life insurance offers, in addition to the increasing number of complaints from customers who found themselves in a state of loss, through many legal details to benefit from their insurance, which is what the independent body to monitor the work of the insurance market has warned and demanded. Insurance companies have to be more flexible in dealing with customers.
The Central Bank also entered the line, when it demanded that insurance companies not distribute 2019 profits to shareholders, in order to preserve liquidity to face this crisis.
Indeed, major insurance groups have announced their abandonment of the decision to distribute a total of 1.3 billion pounds ($1.6 billion) of profits to shareholders, and to postpone the process until the end of this year.
The British Central Bank fears that distributing these profits will increase pressure on the state’s treasury of liquidity, and may also be an entry point for companies’ non-compliance with the value of insurances with their contractors. on life.
How much public liability insurance do i need australia?
The “Active Cote” website, which specializes in providing various insurance offers, monitored a 15% increase in requests for life and health insurance, in addition to what British insurance companies paid to compensate for the cancellation of travel and life insurance, which amounted in two weeks of last March only to about Twenty million pounds sterling (about 25 million dollars).
Insurance companies are counting on the decline in transportation insurance claims, after the imposition of quarantine, and the non-use of cars for long distances, in order to cover the increasing demands for compensation for travel or health.
Insurance companies are going through a difficult situation, which prompted the credit rating agency “Fitch” to reduce its rating to “negative” after its rating at the beginning of the epidemic was “stable”, and the agency justified this decision by the rapid spread of the epidemic and the high number of deaths in Britain, which means a greater number of insurance policies that must be paid.
Despite Fitch’s assertion that British insurance companies have sufficient financial resources to face the decline in the insurance market and give customers their insurance, especially death insurance, what concerns the agency is the demographic structure in Britain, where the elderly abound, which may lead to a large number of deaths.
Can’t get public liability insurance?
France.. Resilient companies despite losses
As for France, the insurance companies have not yet recovered from the repercussions and effects of the yellow jackets movement crisis, which cost millions of euros last year, until the outbreak of the Corona virus epidemic, which will again incur more financial losses in the form of compensation for the affected and sick people, but despite these compensations, the These companies are still in good financial shape.
The most prominent losses that French insurance companies have witnessed in the past weeks have focused on the stock market in Paris, as they have lost more than 30% of their value since the beginning of this year, due to the repercussions of the Corona epidemic, Major French companies in various sectors were affected, especially those that invest mainly in insurance companies, because they are linked to the collapsed European markets by the same crisis.
According to the insurance economist, Gillian Few, the law protects French insurance companies and avoids bankruptcy due to the Corona epidemic.
“The law exempts and protects it from compensating the affected companies in two cases, namely the state of war and the state of the epidemic, which is what France is currently experiencing with the Covid-19 virus,” he says.
The economic expert stresses that the losses will be average for French insurance companies, because the government is the one that compensates the bankrupt companies affected by the effects of the Corona virus, and the insurance companies compensate the affected people in particular.
It is noteworthy that the French government has approved a plan worth three hundred billion euros in the form of loans in order to help thousands of small and medium-sized companies affected after the wheel of the economy stopped, as a result of the effects of the quarantine that has continued for nearly a month.
In turn, the French Federation of Insurance Companies announced that, in response to the government’s demands to contribute to the National Fund to fight “Covid-19”, it decided to provide aid worth two hundred million euros, and also concluded that the value of material compensation that it would provide to those affected by the Corona virus would exceed three billion euros, out of the total budget. Allocated damages estimated at fifty billion euros.
In the same context, the Director-General of the French Federation of Insurance Companies, Jean-Claude Farnier, announced that insurance fees will not be raised on people, and that they have a full obligation to fully compensate all their clients or relatives, without exception, especially those who have insurances on death, health and travel.
The French insurance companies also benefited from a significant decrease in the number of car users, numbering forty million, after the quarantine imposed a month ago in the country and thus reflected positively on them. One hundred million euros.
Does public liability insurance cover personal injury?
Insurance companies or other parties… Who bears responsibility for the losses of the Suez Canal accident?
The crisis of the stranded ship “Evergevin” in the Egyptian Suez Canal successfully, and he announced the resumption of international navigation through the canal. Is it the company that owns the ship or the company chartering it, or is it the management of the Suez Canal or the insurance and reinsurance companies?
Ever Given closed the canal for 6 days, halting traffic on one of the world’s most important trade routes and causing massive and costly congestion in both the Mediterranean and the Red Sea.
The company that owns the stranded ship “Ever Given” – one of the largest container ships in the world – and insurance companies are facing millions of dollars in claims, according to a Reuters report. The ship “Ever Given” is 400 meters long and has a tonnage of 224,000 tons.
“Accidents involving large container ships can cause claims in excess of $1 billion, but these are mostly related to salvage and the ship’s reaching its final destination,” Fitch Ratings says.
Fitch adds that the insurance costs are the claims related to insuring the hull of the ship and the goods and the delay in the arrival of goods to their final destination, including the rescue costs that will be borne by the insurance companies, according to what Anadolu Agency reported.
Fitch had said that closing the Suez Canal would reduce the profits of international reinsurance companies, but would not affect their credit conditions much, while marine reinsurance prices would rise more, Fitch also clarified that a large part of the losses are likely to be reinsured by a global group of reinsurance companies, which will increase pressure on profits for the first half of the year.
According to the Suez Canal Authority, 356 ships were stranded on both sides of the Suez Canal in the north and south, while the number of ships awaiting transit reached 425.
There may also be claims for damage to the canal, says Rahul Khanna, director of marine risk advisory at Allianz Global Corporate & Specialty.
Does public liability insurance cover accidental damage?
And a report by the Allianz Insurance Company said that one day of disruption in the transport of goods, as a result of the suspension of navigation in the channel, “costs global trade from 6 to 10 billion dollars,” as quoted by the French press agency.
As for Lloyd’s List, it said before the stranded ship crisis broke out that the closure impeded shipments estimated at $9.6 billion per day between Asia and Europe, “Lloyd’s List” indicated that “approximate calculations” indicate that the daily movement of ships from Asia to Europe is estimated at about $ 5.1 billion, and from Europe to Asia is estimated at about $ 4.5 billion.
In a press conference held a few days ago, the head of the Suez Canal Authority, Osama Rabie, said that the authority had set the cost of losses at between 12 and 15 million dollars per day, and that the party responsible for the compensation would be determined after the investigations into the incident were completed.
Later, Rabie said – in an interview with a local TV channel – that the losses and damages caused by the delinquency of the Ever Given ship and its closure of the channel, may amount to about one billion dollars.
Rabie did not clarify who would pay these funds, and whether Egypt had already sought compensation, according to what Reuters reported.
For his part, the American Business Insider website quotes experts as saying that the accident of the ship that got stuck in the Suez Canal may have cost the world $400 million every hour.
According to experts, approximately 10% to 12% of international maritime trade passes through the canal, while the Suez Canal Authority stated that approximately 19,000 ships crossed the canal in 2020, Moody’s Investors Service says that about 30% of global container traffic passes through the canal annually.
Does public liability insurance cover work done wrong?
A spokeswoman for the Association of British Insurers said that the violence in the British capital London and other large cities over the past three days will cost insurance companies “tens of millions of pounds”.
“It is too early to get an accurate picture of the total costs, especially business disruption costs, but insurers are working hard to deal with incoming claims which will give us an idea of the level and cost of damages,” union general insurance and health director Nick Starling said in a statement.
But that cost may be eased a little by a law in Britain that holds the police responsible for any property damage caused by the riots if they fail to contain it.
Many institutions and buildings were damaged after three nights of violence, looting and burning by masked youths, who destroyed commercial streets in several parts of the capital and other cities.
The riots began last Saturday in the North London neighborhood of Tottenham after protests against the killing of a black young man by police while trying to arrest him.
The riots spread from the outskirts of London to important neighborhoods within it, such as the Oxford business district in the city center, and protesters looted several stores, without the police being able to stop them.
Huge fires broke out in some suburbs last night, especially in Croydon, from which the authorities evacuated some residents.
It is noteworthy that British insurance companies paid compensation worth 900 million pounds (more than 1.4 billion dollars) last December alone due to the cold wave and frost that swept Europe at the time.