Liability Insurance Information for Event Managers
Liability insurance (insurance64.co.uk) is absolutely essential for event managers who deal with the public on a regular basis. Liability insurance contracts have a number of uses, although they are taken out mostly to provide protection against the risk of lawsuits and similar claims. Liability insurance is designed especially to offer protection against third party claims, although it will not provide protection against any damage caused intentionally by the policy owner. For event managers and other professionals who deal with the public on a regular basis, liability insurance is absolutely essential.
There are two main objectives of a liability insurance contract; the duty to indemnify and the duty to defend. The duty to defend comes into place when the insured party is sued by a third party, which it then ‘tenders’ to the liability insurer. The insurance company then makes a decision of whether to accept the claim, deny the claim, or accept the claim but only provide defence under a reservation of rights. These differences can make a huge difference at the end of the day, and any event managers who are thinking about taking out a dedicated liability policy are advised to read all of the fine print that accompanies their contract.
The duty to indemnify means to pay everything which is held liable to the insured party, up to and including the defined policy limit. Together with the duty to defend, the duty to indemnify makes up the majority of the duties of a liability insurance firm. While this is clear cut in most situations, some jurisdictions also have a third duty; the duty to settle a claim so that the insured party does not have to deal with any future judgement that may be in excess of the policy limits.
While these duties remain the same for all liability insurers and contracts, just like healthcare insurance (healthcare.org) , there are a number of different types of liability policies on the market. Some of the most popular types of liability insurance include public liability, product liability, employment liability, and general liability. For anyone involved in the management of events that are open to members of the public, it is public liability that will be of most concern. Anyone involved in any process or activity that has the potential to affect third parties is strongly advised to take out a form of public liability insurance.