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 Consumers frequently underestimate this class of insurance, greater attention being focused on property damage due to fires, hurricanes and earthquake. As those engaged in production or international trade will well know, however, faulty equipment, poor quality products/services and careless employees can create negligence claims of “huge” proportions. Whilst sound quality control and rigid safety measures can greatly assist in reducing loss, potential “mistakes” will occur and “accidents” will happen. Both can be extremely costly. We are frequently exposed to people and circumstances, which eventually force us to meet what we may sometimes regard as unreasonable levels of responsibility and unrealistic levels of penalties as a result of personal injury or property damage to third parties (including consumers and employees). Today, Jamaica is becoming increasingly litigious with higher bodily injury awards being granted than in the past. At FFK we can advise fully on such matters and ensure adequate protection at a competitive premium to meet those legal responsibilities arising from the business operations and its workers. Liabilities Liability insurance is a part of the general insurance system of risk transference. It is insurance that pays and renders service on behalf of an insured for loss arising out of his responsibility, due to negligence, to others imposed by law or assumed by contract. How Does Liability Arise Liability normally arises from breach in contract. Any Professional man who enters into a contract with a client is expected to show give reasonable care and skill while exercising the service rendered or product sold . If there is failure to exercise that care and skill and it result in a loss or damage to the client the professional man may be sued for negligence. Types Product liability Products Liability will cover the insured’s legal responsibilities / liabilities for any bodily injury( including death, disease or illness) to a person or loss of or damage to material property caused by the insured’s products or goods. Professional Liability This type of liability is also known as professional Indemnity , Errors and Omissions or malpractice insurance and issued to wide rage of professionals. All people are human, and the main purpose of this policy is to protect a professional man against his legal liability towards third parties for injury, loss . or damage, arising from his own professional negligence or that of his employees Employers Liability An employers’ Liability policy covers the legal liability of an employer in relation to bodily injury or disease sustained by an employee and which arises out of and In the course of the employment Employers liability does not indemnify the insured for moral liability but only for the legal liabilities involved. Legal Liabilities for damages involves the claimants cost and expenses in respect of bodily injuries to or death, disease or illness sustained by any person under a contract of service or apprenticeship with the insured, and caused during the period of insurance arising out of and in the course of his employment. Public Liability The purpose Public liability insurance is designed to cover businesses in the event that they are sued by a third arty who feels that they have suffered a loss as a result of that company’s negligence. This type of Liability insurance covers any awards of damages given to a member of the public because of an injury or death to a member of the public or damage to third parties property caused by you or your business. The policy will cover legal fees, doctor/ hospital fees, and any expenses the insured incurs which relates to the liability loss. |
