Liability Insurance

An insurance product that provides protection for individuals or legal entities against claims from third parties for property or non-property damages resulting from their activities or conduct. In the event of an occurrence for which the insured is legally or contractually liable, the insurer assumes the obligation to cover the costs of compensation to the injured parties up to the limits agreed in the policy. This insurance may be compulsory by law (e.g. motor third-party liability) or voluntary and can cover professional, employer’s, product, and other types of liability.