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That’s Personal, Liability – pt 1

March 14, 2012 Leave a comment

This week, Tom & Matt start a discussion on Personal Liability Insurance. Ever wonder what this coverage does? What it covers? You’ll find out in part one of this podcast! Visit them online at www.hollandshometownagency.com for more information on getting the coverage you need at a price you can afford!

Listen to the podcast HERE

Here’s a summary of what was discussed on today’s program:

The Personal Liability coverage on your homeowners policy will cover claims/suits brought against an insured for bodily injury or property damage. The insurance company will pay up to the limit of liability on the policy for damages of which the insured is legally liable for. The insurance company will also pay for defense using their chosen counsel, even if the suit is groundless. The insurance company also reserves the right to settle & their duty to defend stops when a settlement is made or the limit of liability is reached.

– Intentional/criminal acts are not covered

– Business activities are not covered (unless it falls under the Incidental Owned Business Activies definition)

– Rental of home or property by an insured (there are exceptions)

– Failure to provide/rendering of professional services (you need to purchase Professional Liability coverage)

– Owned residences/residences held for rental to others is not covered (some companies do offer a liability extension for this)

– Motor vehicles are not covered (with exceptions such as parked trailers & golf carts used on golf courses)

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