GENERAL KNOWLEDGE

Detailed explanation-1: -You can obtain personal liability insurance by: In the event that someone is injured while on your property, personal liability insurance can help to protect you. If you have harmed someone else’s property, it may also be helpful to you. Your homeowner’s or renter’s insurance policies include this coverage.

Detailed explanation-2: -Third-party insurance offers protection against damages to the third-party by the insured vehicle. It covers physical injuries, damages to the vehicle, damage to the property, and death.

Detailed explanation-3: -Your liability insurer will pay damages that you are legally obligated to pay as a result of “bodily injury, ‘’ “property damage” or “personal and advertising injury, ‘’ up to the policy limits and subject to your deductible. Punitive damages are generally not covered, although there may be some exceptions.

Detailed explanation-4: -Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance.

Detailed explanation-5: -An example would be, if a product manufacturer sells products that have been faulty or causes damage to other’s products, then he/she may be sued for the damages caused. Procuring a liability insurance will cover the manufacturer from ensuing legal costs.