General Business Liability Flashcards Preview

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Flashcards in General Business Liability Deck (5)
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1
Q

Three categories of liability insurance

A

General liability

Specialized liability

Worker’s compensation

2
Q

Categorisations of business general liability

A

Direct Liability

Vicarious Liability

Contractual Liability

3
Q

Vicarious Liability

A

Vicarious Liability is also called indirect liability, most often arises when a firm hires an independent subcontractor.

4
Q

Contractual Liability

A

Contractual liability occurs if a firm accepts by contract a liability it otherwise would not have.

5
Q

Long tail claims

A

Insurers call claims filed many years after the alleged injury long-tail claims.