Know the Difference: Burglary Vs Theft
Both Burglary and Theft are different terms and the insurance companies treat them as different covers. Often customers assume that both the terms entail same coverage which is not the case. Hence one should carefully read the policy document to understand the coverages..
Burglary is defined in the policy as:
- Theft of property from the premises described in the schedule of the policy following upon felonious entry of the said premises by violent and forcible means, or
- Theft by a person in the premises who subsequently breaks out by violent and forcible means, provided there shall be visible marks...Read More
Product Liability Insurance-Understanding the Fine Print
Companies targeted by product liability suits often assume that they will need to pay only a single insurance deductible even if their product injured thousands of consumers. This assumption, however, is fatally flawed. Indeed, if a company has the wrong policy language, it might see its insurance coverage devoured by deductibles because each consumer's claim arising out of the same product lot is deemed a separate "occurrence" for insurance purposes.
This intersection between policy deductibles and the number of claims or occurrences results in a significant impact on insurance coverage, and on how, whether and when insurance money will be available from the insurer. Most policies have a deductible, which can be written on a "per claim" or "per occurrence" basis...Read More
How does Liability arise for Food Products?
Food Liability arise due to three main reasons:
Something is there that should not be – Foreign Objects in Food Products
A small stone in her ready-to-eat food packet or a worm in her cake harms a consumer. When situations like this occur, the issue of who is liable for injuries caused by foreign objects in food arises. Central to resolving this issue is the consumer expectations test. This test asks, “What objects might a consumer reasonably expect to find in the food?” The standard used by most courts today is what a consumer should foresee as possibly being present in her food item and therefore guard against. Foreseeability of harm mandates a food vendor to remove such harmful objects (whether foreign or naturally occurring) as a consumer would not normally anticipate and guard against...Read More