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The liability limits vary from state minimum coverage up to 250/500/100. Rates include bodily injury liability per person and per accident, and property damage liability, respectively.
Each state sets a minimum limit for its liability coverage. Let’s say, for example, that you live in New York. Liability limits are often written as 25/50/10. This translates into the following:
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy .
In the state of Indiana, the minimum liability limits are $25,000/$50,000/$10,000, so there is a greater property damage exposure for only carrying the minimum limits. Rental coverage. Generally, liability coverage purchased through a private insurer extends to rental cars.
For liability coverage, most insurance professionals advise that you purchase limits higher than state minimum levels to protect yourself against financial strain in the event of an at-fault accident.
Professional liability insurance. Professional liability insurance ( PLI ), also called professional indemnity insurance ( PII) but more commonly known as errors & omissions ( E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the ...
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