Liability Insurance
Liability insurance provides indemnity to the insured in respect of financial consequences of legal liabilities towards third parties arising out of their business activities. It will be appreciated that claims arising from third parties can be enormous; For example, fire spreading to neighboring premises and causing destruction may bring heavy claims against the occupier of the premises from which the fire spread. Likewise, a professional person who gives inappropriate advice upon which the client acts and incur losses may be sued for substantial sums of money; A liability insurance policy indemnifies the insured against:
- Legal liability under law;
- Claimant’s costs and expenses; and
- Defense costs.
We offer the following liability insurance policies.
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- Products’ Liability: Products liability insurance relates to the insured’s legal liabilities for bodily injury to or loss of or damage to material property caused by products or goods sold, supplied, repaired or tested by the insured third parties.
- Professional Indemnity Insurance: This covers professional persons such as doctors, lawyers, architects, surveyors, engineers, pharmacist, insurance brokers etc and their employees for their legal liabilities to third parties arising from negligence made while discharging their professional duties.
- WIBA: This provides for compulsory insurance which compensates the employer against their legal liability to their employees who sustain bodily injury including death by accident or disease arising out of and in the course of their employment. The amount of compensation is prescribed in the Act.
- Directors’ and Officers’ Liability: The policy indemnifies directors and officers against their legal liabilities towards shareholders and other stakeholders arising out of negligence in discharging their duties causing financial losses to the organization. Liability arises out of lack of care and skill in the performance of the duties. An example is a wrong decision being made leading the organization to incur substantial financial losses.
