Beyond Insurance Camargue Liability Overview Training March 2015 John Stebbing

Liability Insurance in Context

Commercial Insurance Own Damage 3 rd Party Liability Damage Injury Pure Financial Loss

Liability Insurance in Context Injury – this includes sickness or death } Includes consequential loss Damage – this damage to tangible property includes theft Pure financial loss – a loss where there has been no Injury or Damage

Liability Insurance in Context General Liability policy Covers Injury and Damage (mostly) The Insured is the Company The claimant could be almost anyone Professional Indemnity policy Cover pure economic loss (mostly) The Insured is the Company The claimants are generally customers

The Cover Provided General Liability Policy Public Liability Products Liability Products Inefficacy Negligent Advice Professional Indemnity Products Recall Products Guarantee

The Cover Provided Electrician example While working he causes a short-circuit and sets fire to the factory Public Liability Once finished, a short circuit causes the factory to burn down Products Liability Using the wrong thickness cable causes tripping which causes factory down time Products Inefficacy The electrician did not supply the cable but was paid to advise on the thickness Professional Indemnity

PI vs Negligent Advice Negligent AdviceProfessional Indemnity Both cover bad advice given to a customer Advice must be given for freeAdvice can be charged for Only advice about Insured own products or services Any professional advice Injury and Damage claims only Pure economic losses

Thank you John Stebbing Camargue Academy facebook.com/camargueum