Municipal Insurance
Property and/or liability coverage for a municipality. Municipalities are responsible for maintenance of through ways as well as a myriad of public services. Liability insurance for municipalities became an issue in the insurance crunch of 1985-1986, when this coverage became difficult to find, or became overly expensive. The problem was aggravated by court decisions in negligence cases in which the doctrine of joint and several liability came into play. This doctrine provides that a judgment against several defendants could be collected from one if the others were unable to pay. A municipality found to have been 10% liable in a traffic accident because of the improper placement of a stop sign might end up paying 100% of the judgment if the driver who was 90% responsible had no assets. This resulted in sharply higher premiums for municipal insurance.
Popular Insurance Terms
Model state law of the NAIC that stipulates that the contract owner must receive annual reports concerning the annuity unit values, the manner in which the variable benefits are calculated, ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Important means of preventing accidents and injuries. Insurers take corporate safety programs into account when rating workers compensation and other business insurance policies. ...
Means of setting life insurance reserves based on expected mortality rates as reflected in a mortality table. ...
coverage issued to a creditor on the life of a debtor so that if the debtor becomes disabled, the insurance policy pays the balance of the debt to the creditor. ...
Loss of income resulting from the damage or destruction of a person's property or a business's property. For example, if a store is damaged by fire and is unable to sell its inventory to ...
Specific time at which the insurance policy coverage begins and ends. ...
Entity that offers a managed care plan for workers compensation benefits that joins a provider network with the following parts: case management personnel, medical bill review personnel, ...
Inland marine policy to cover liability for goods that belong to clients while in a mover's possession. ...
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