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A video explaining the difference between property and liability insurance policies



Differences Between Property and Liability Policies

See full video at https://youtu.be/7KtT5dvuR30 [1965654] As California's Supreme Court observed in both Garvey v. State Farm Fire and Casualty Co ., 48 cal. 3d 395, 770 P.2d 704, 257 Cal. Rptr. 292 (Cal. 1989), 48 Cal.3d at p. 399, fn. 2, 257 cal. Rptr. 292, 770 pp. 2d 704 and Prudential-LMI, 51 Cal. 3d on pages 698-699, 274 cal. Rptr. 387, 798 p. 2d 1230 an insurance from the first party covers loss or damage that is insured directly ( eg life, disability, health, fire, theft and accident insurance). A third party liability policy, on the other hand, covers the insured's liability towards a third party ( eg a commercial general liability or CGL insurance, a policy for board members and officers, a business owner

In the usual first party policy The insurer promises to pay money to the insured when an event occurs, whose risk was insured.In the typical third party liability policy, the carrier assumes a contractual obligation to thoroughly investigate and defend claims or suits and pay judgments that the insured is legally required to pay as Compensation for bodily injury or damage to property caused unintentionally by insured persons.

The difference in the nature of the risks insured against under first-party policy and third-party liability policy is also reflected in the various causal analyzes that must be made to determine coverage under each type of insurance. "Property insurance … is an agreement , an agreement where the insurer agrees to reimburse the insured if the insured property suffers a covered loss. "Coverage is in turn often provided with reference to causation, such as" loss caused by "certain listed risks.


© 2020 – Barry Zalma

Barry Zalma, Esq., CFE, now limits his practice to serving as an insurance consultant specializing in insurance coverage, handling insurance claims, cheating and insurance fraud almost equally for insurers and policyholders. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance business. He is available at http://www.zalma.com and zalma@zalma.com.

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For the past 53 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to enable insurers and their claims staff to become insured.

https://zalma.com/zalmas-insurance-fraud-letter-2/ Last read two issues of ZIFL here.

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https://visitor.r20.constantcontact.com/manage/optin?v= 001Gb86hroKqEYVdo-PWnMUkV7pkuOtkiv6oakpgK33CNlNAYW-WBlLCOZFtgvpSdcL7R-tsWKfMVqG6fEuvmM7Hh7gUEJ7yKOdgHDbGl_cGAU% 3D [1965] [1965] [1965]