Kelly Insurance--Glossary--Liability Terms-P

Liability Terms

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Parasol Policy.
Another name for the Difference in Conditions policy. See Difference in Conditions.
Personal Injury.
Injury other than bodily injury arising out of false arrest or detention, malicious prosecution, wrongful entry or eviction, libel or slander, or violation of a person's right to privacy committed other than in the course of advertising, publishing, broadcasting or telecasting. Contrast with Advertising Injury.
Personal Liability Supplement.
This form is used to provide Personal Liability Insurance. It may be attached to a Dwelling Policy or written as a separate policy.
Physicians and Surgeons Professional Liability Insurance.
Malpractice Insurance for physicians and surgeons. See Malpractice.
Pollution Liability Coverage Form.
Commercial form providing pollution insurance on a "claims made" basis, and also including coverage or clean-up costs. Contrast with Limited Pollution Liability Coverage Form.
Pollution Liability Extension Endorsement.
An endorsement to general liability insurance which removes part of the pollution exclusion, creating liability coverage for pollution injury or damage.
Premises and Operations Liability Insurance.
Liability coverage for exposures arising out of an insured's premises and business operations. One of the two major sublines of general liability. Contrast with Products and Completed Operations Insurance.
Product Failure Exclusion.
See Business Risk Exclusion.
Product Recall Insurance.
Insurance which indemnifies the insured for the cost of recalling products known or suspected to be defective.
Products and Completed Operations Insurance.
A major general liability subline which provides coverage for an insured against claims arising out of products sold, manufactured, handled, or distributed, or operations which are complete. Claims are covered only after a product has been sold and possession relinquished, or operations have been completed or abandoned by the named insured. Manufacturers and contractors have a need for this coverage. Contrast with Premises and Operations Liability.
Professional Liability Insurance.
(1) See Malpractice Insurance for the definition applicable to the healing arts. (2) See Errors and Omissions Insurance for the definition applicable to those in professions such as law and accounting. Errors and Omissions exposure exists for many other kinds of businesses, like travel agencies and telephone exchanges.
Property Damage Liability Insurance.
Protection against liability for damage to the property of another, including loss of the use of the property, as distinguished from liability for bodily injury to another. In the majority of cases it is written along with Bodily Injury Liability protection.
Prospective Loss Costs.
See Loss Costs. (LA,PR)
Protective Liability Insurance.
See Owners and Contractors Protective Liability.
Public Liability Insurance.
A general term applied to forms of third party liability insurance with respect to both bodlily injury and property damage liability. It protects the insured against suits brought by members of the public.