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
Transit over land. ...
Insurance policy that differs from the standard form. ...
Exposures where action has been taken to reduce the frequency and severity of loss, such as adding sprinkler systems in public buildings. These actions may result in a significant reduction ...
Any of a number of types of surety bonds that the law requires of government contractors, licensed businesses, litigants, fiduciaries, government officials, and others whose performance of ...
INSURANCE tax that exhibits direct impact on the book income preference. Beginning with the year 1990, the book income preference became equal to 75% of the excess of current adjusted ...
Coverage for the insured in the event that the insured's negligent acts and/or omissions result in losses in connection with the use, ownership, or maintenance of aircraft. Liability ...
Payment of insurance proceeds for a claim resulting from a loss to insured mortgaged property. ...
Insurance with two types of policies available: depositors forgery insurance; forgery and alteration. ...
Law by which many states attempt to regulate insurers who are unlicensed in those states. With a few notable exceptions, such as re insurers, insurance companies must be licensed in the ...
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