Canada liability insurance is useful for businessmen, employers or landlords who want to offer compensatory benefits to customers, employees or tenants in case of any damage caused to the latter’s property. Canadian liability insurance applies in case of injuries as well. It also provides protection to individuals and companies against their legal obligations in case of third party claims that occur due to negligence.
Who can be Parties to Canadian Liability Insurance?
The following persons can be parties to Canadian liability insurance:
The insurer i.e. the insurance company is the first party
The insured i.e. the owner is second party
The claimant is the third party
Who will File the Canada Liability Claim?
The name insured will file the claim by partially filling in the claim form. The rest will be filled in by the third party. Before taking a decision on whether to reject or accept the claim, the insurance adjuster may consider interviewing both the parties.
Who Gets the Payment in Canada Liability Insurance?
In Canada liability insurance, payment is made to the person who has suffered injury or property damage. The cause of such injury or damage is usually negligence on the part of insured.
Which Types of Professions are Covered Under Canada Liability Insurance?
Canada liability insurance provides the following types of protection to professionals in case any error or omission takes place incidentally or due to negligence in the course of rendering professional services: