you can also detailed mail to arkulkarni2@dataone.in
2006-09-03 05:28:28 · 6 answers · asked by Anand Kulkarni 1 in Business & Finance ➔ Insurance
I will be thankful, if this question is answered keeping in view of Software Development Company and Manufacturing Industry and you may send me detailed mail to arkulkarni2@dataone.in
2006-09-03 05:30:35 · update #1
Better explanation on specialized websites
2006-09-08 08:05:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are supplying product/service to someone and as a result of a flaw in that product/service, user suffers some loss, then he can sue you for recovering the loss due to your negligence. Suppose as a software developer, you supply banking solutions to a Bank. Using some loophole in the software, someone defrauds the bank and the Bank is able to prove that fraudster could do so because of a flaw in the software, then bank can sue you for recovery of loss. In other words, you will be liable for such negligence. This is called commercial legal liability. A similar parallel can be drawn for a manufactured product. Now a days, insurance cover is available against such unforeseen liability and all major companies cover their commercial legal liability by buying an insurance policy.
2006-09-04 05:37:04 · answer #2 · answered by Geepee 5 · 0⤊ 0⤋
Um, it's pretty broad. All that can be explained, is - business liability insurance, that you're legally responsible for. Any details besides that would be written into the policy form.
Policy forms vary WILDLY on commercial insurance. Some include defense costs, some reimburse defense costs, some exclude them. So "read the policy form" is really the best answer.
2006-09-03 16:21:02 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
Provides cover for your legal liability as a result of property damage or bodily injury arising from your business.
Feature benefits include:
-Cover for reasonable defence costs
-Landlord’s liability
-Liability for resultant damage caused by your products
Optional benefits which can be purchased include:
-Bailee liability
-Carriers’ liability
-Motor service and repair liability
2006-09-03 12:48:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not sure read some law and legal tips and articles on this site
2006-09-03 12:31:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Gemz is correct and well-thought in her answer
2006-09-08 15:15:59 · answer #6 · answered by Dwight D J 5 · 0⤊ 0⤋