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NEWS & INFORMATION
LIABILITY INSURANCE – What does it all mean?
What is Liability? Any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence. Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies.Liability insurances cost a fraction of the price of paying large awards if your company is found negligent.
TRANSPORTING DANGEROUS GOODS AND OTHER HAZARDOUS MATERIALS
Most General Liablity policies will exclude liability arising out of the transport of hazardous substances. Some policies contain the following endorsement: This policy does not cover liability arising when a vehicle is used to transport dangerous goods. Dangerous goods are items whose transport is regulated by law, including but not limited to those products listed in the South African National Standard SANS 10231
BUSINESS INTERRUPTION INSURANCE
Although your assets may be covered under an insured section against Fire, explosion, storm, water, hail,lightning, Riot & Strike for physical damage, the effects on your business and the consequential loss whilstyou are not trading could severely affect your turnover and profits.
