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 Products & Services / General Products
 
   LIABILITY INSURANCE
 
Paramount's Liability insurance owes its existence to the Law of Negligence, which affects every one of us. For purposes of insurance, NEGLIGENCE is defined as "the failure to use care as a normal person would". The essential ingredients of negligence are carelessness and no intent to do injury, for intent would change the event into a crime. Furthermore, it should be remembered that someone else must be injured or his property must be damaged as a result of the careless act before the negligent one sustains a loss.
 
Briefly, the law of negligence provides that the person whose careless actions cause financial loss or bodily injury to others must reimburse the injured party for any loss so suffered.
 
MAJOR TYPES OF LIABILITY CONTRACTS
 
  1. PERSONAL LIABILITY INSURANCE
  2. OWNERS', LANDLORDS', and TENANTS' LIABILITY
  3. MANUFACTURERS' and CONTRACTORS' LIABILITY
  4. PRODUCTS AND COMPLETED OPERATIONS LIABILITY
  5. CONTRACTUAL LIABILITY
  6. PROFESSIONAL LIABILITY (MALPRACTICE)
  7. AUTOMOBILE LIABILITY
  8. COMPREHENSIVE GENERAL LIABILITY [CGL]
 
EXCLUSIONS UNDER LIABILITY CONTRACTS

Almost universally, there is an attempt to exclude claims that are intended to be insured in other specific contracts.

Another typical exclusion is for damage to property belonging to or rented to the Insured, or property in his care, custody and control. The Insured is expected to purchase physical damage insurance for property he owns or controls.

 
LIMITS OF LIABILITY
 
Limits of liability fall into two categories:
 
  1. SPLIT LIMITS - allocate a maximum amount for bodily injury to one person, a maximum amount for bodily injury for the accident (if more than one person was injured), and a maximum amount for property damage. Example:
      • P100,000 - for bodily injury for any one person
      • P300,000 - for bodily injury for each accident
      • P 50,000 - for property damage per accident

  2. COMBINED SINGLE LIMIT - There is no distinguishing maximums per person, for bodily injury or for property damage. The whole limit can go to one person, it can all go for bodily injury, or it can all go for property damage. Example:
      • P500,000 - Combined Single Limit

  3. AGGREGATE LIMIT - This limit applies to both Split Limit and Combined Single Limit categories. By Aggregate Limit it is referred to as the maximum limit of liability of the company during the 12 month period the policy is in force.
SUBROGATION

Practically all liability policies have the right of subrogation against any third party that is liable for the loss. It may turn out that while the Insured is determined to be legally liable for some act of negligence, someone else may have agreed to assume this liability by contract. If the Insurer pays the claim, it has a right to any claim that the Insured has against a third party.

 
 
 
 
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