Most Poles associate civil liability insurance with vehicle motor insurance, which is important because it is compulsory. However, liability insurance not only applies to vehicle owners! When is the third party liability insurance applied? professional indemnity insurance Singapore Liability insurance, commonly known as civil liability insurance, protects the person who bought it from liability with all their property for damage caused to another person or property. In this situation, the insurance company covers the costs of losses that have been caused. It should be remembered that such a policy covers not only the person who bought this type of security but also those for whom he is liable under the provisions of civil law. Who are we talking about? Of course, most often, it is about minor children.
Liability insurance: when is compulsory?
When talking about third party liability insurance, the first thing that comes to our mind is, of course, compulsory third party liability insurance for motor vehicle owners. This obligation applies to every registered vehicle. What is important – it does not matter whether the car is functional, started once a year, or every day stored in the garage to please the eye? Any such vehicle must have professional indemnity insurance Singapore It is worth knowing, however, that a civil liability policy is not only a policy addressed to drivers.
Some professions are required to take out liability insurance. Why? The main reason is its own high responsibility in a given activity. Such professions include, among others: doctors, lawyers, and legal advisers, architects, accountants, farmers, and bailiffs. The lack of insurance policy may result in the suspension of the possibility of exercising the profession under five years! In addition, all damages/losses arising will have to be covered by the person’s own assets.