TAILIEUCHUNG - Liability Insurance

The second future path for social funds is as special-purpose vehicles, providing selective seed capital to foster innovations in community de- velopment, to experiment with new technologies, and to act as the government’s agent in remote areas and for very small-scale activities. Even though many of the social funds might already characterize them- selves as special-purpose vehicles, they have gotten much broader. This possible path needs focus, as well as this question: What is the niche for social funds? And third, funds can become specialists in delegated contract manage- ment, an area which will perhaps invariably be developing outside the public sector. This is where AGETIPs specialize. It is this. | dti Liability Insurance This fact sheet has been prepared to help smaller companies in the construction sector to understand better how liability insurance is sold and priced. It also provides details of sources of further information on this topic and a glossary of liability insurance terms. Introduction One of the basic principles of insurance is that the premiums paid by the many should cover the costs of the claims made by the few. In today s claims conscious environment however the cost and numbers of claims particularly liability claims has risen so sharply that the size of the insurance fund has to be increased and everybody has to contribute more. Liability polices are insurance products that provide insurance cover for the damages awarded and the legal costs of claims made against your business under liability law. Such claims can arise under the laws of negligence nuisance and contract. It is a complex area and it is important that you have some understanding of the nature of liability insurance products. The main liability products that this factsheet is concerned with are Employers Liability EL and Public and Products Liability PL Products insurance. Employers Liability Insurance EL covers employers against liability claims from their employees for accidents or ill health that they may suffer whilst working and that are due to the negligence of their employers. Insurance contracts are drawn up under the principle of utmost good faith as insurers must be fully aware of the nature of the risk that they are insuring. It is therefore important that the description of your business that you give to your insurers via your broker includes all of your activities. EL is a compulsory insurance that all employers are required to have under Employers Liability Compulsory Insurance Act 1969. It was introduced to avoid employees who had suffered injury or illness being unable to recover compensation due to a company s insolvency. By law you must have EL insurance .

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