Liability Products Flashcards
Employers Liability - Insured Perils
Accidents -> Negligence
Exposure to harmful substances
exposure to harmful working conditions
Employers Liability- Measure of Exposure
payroll
year-end adjustments
Employers Liability- Benefits
Injury, disease, death -> Medical costs + Loss of earnings
Loss or damage to property
regular or lump sum
legal costs
compulsory cover
Employers Liability-Basis for cover
Loss occuring basis (even if probelmatic)
claims made basis less common
Employers Liability Claims charactersitics
Reporting delays:
-> undetected for years + claims arising over years
Settlement delays :
-> establish liability (loss? insured liable? quantom of loss?
->time for condition to stabilise to establish extent of injury/disease
-> legal environment
Claim freq:
-> usually low
Claim amount:
-> wide distribution
-> risk of accumulations
Employers Liability- Risk, Rating and UW factors
-type of industry
-claims experience
-location of workforce
-materials handled
-saftety procedures
-turnover/payroll
Employers Liability- Who would buy cover
Employers
Motor TP-Insured Perils
-loss or damage of 3rd party casued by insured while driving
-death or injury of 3rd party casued by insured while driving
Motor TP-Measure of Exposure
Vehicle-year
Motor TP- benefits
-Injury, death -> loss of earnings + medical expenses
-property damage
-pain and suffering
-regular or lump sum
-legal costs
-compulsory cover
Motor TP- Basis for cover
loss occuring basis
Motor TP- Claims Characteristics
Reporting delays:
->property damage: short
-> bodily injury: longer esb serious injury
Settlement delays:
-> establish liability (loss? insured liable? quantom of loss?)
-> time for condi to stabilise to establish extent of injury
-> legal environmment
Claim freq:
-> motor vehicle liaiblity claims most common esp property damage
Claim amount:
-> wide distribution (property much lower than bodily injury)
Motor TP- Risk factors
mileage driven
traffic density where car is driven
driver ability/attitude
speed and general performance
cost of repairs
risk of theft
Motor TP- Rating factors
excess level
use of vehicle
additional drivers
age, gender of drivers
occupation of drivers
make, model and age of vehicle
vehicle modifications
location of PH
whre vehicle is parked overnight
past experience
convictions
Motor TP- Who would buy cover
owners of motor veichle (commercial or private)
Drivers (hired cars)
often compulsory (legislation)
Liability insurance Marine and Aviation-Insured perils
loss or damage to passengers property (incl luggage)
injury or death of passengers
injury, death, property damage to others caused by vessel/craft
exclusions: (depending on legal environment)
-terrorism
-war
-illegal activities
Liability insurance Marine and Aviation-Measure of exposure
Passenger-km/voyages
in-service seats/ vessels or crafts
turnover (practical, but not best risk measure) - should be averaged
Liability insurance Marine and Aviation-benefits
-Injury, death -> loss of earnings + medical expenses
-property damage
-regular or lump sum
-legal costs
-includes passengers, but not limited to them
Liability insurance Marine and Aviation-basis for cover
loss occuring basis
Liability insurance Marine and Aviation-Claims Char
Reporting delays:
->property damage: short
-> bodily injury: longer esb serious injury
Settlement delays:
-> establish liability (loss? insured liable? quantom of loss?)
-> time for condi to stabilise to establish extent of injury
-> legal environmment
Claim freq:
-> should be low
Claim amount:
-> wide distribution (property can be large such as ships colliding)
Liability insurance Marine and Aviation-Rating factors
excess level
loss history
type of craft/vessel
commercial category (commercial/private/millitary)
sattelites/missiles
use of craft/vessel (passenger/cargo/leasure/business)
geographic location
Liability insurance Marine and Aviation-Who would buy
Aircraft and shipping operators and/or owners
Aircraft and shipping manufacturers (risk while testing, future malfunctioning)
Public Liability- Insured perils
Depends on policy
may not be specifically listed
exclusion could be listed though
Public Liability-Measure of exposure
payroll
turnover
other -> # hospital beds
Public Liability-Benefits
Depends on type of policy- household vs commercial
Injury/death/disease -> medical costs + loss of earnings
loss or damage to property
regular or lump sum
legal costs
excl liability covered by other types of liability
may be compulsory
main types:
-insured’s own premises
-off-site liability
Public Liability-Basis for cover
loss occuring but if addon then same as addon type (household)
Public Liability-Claim Char
Reporting delays:
-> undetected for years + claims arising over years
Settlement delays :
-> establish liability (loss? insured liable? quantom of loss?
->time for condition to stabilise to establish extent of injury/disease
-> legal environment
Claim freq:
-> usually low
Claim amount:
-> wide distribution
-> smaller for property damage
Public Liability-Risk, Rating and UW factors
type of industry/occupation
location, legal environment
materials handled
safety procedures
Public Liability-Who would buy
Individuals and businesses
Hospitals
Usually packed within stadard policy (household building policy)
Product Liability-Inusred Perils
