Third Party Liability insurance (sometimes referred to as Public liability (PL) or Commercial General Liability (CGL) provides indemnity for legal liability following third party property damage or third party bodily injury arising from insured activities.
Cover can typically be extended to include the interests of the various parties to a construction contract. This could include amongst others the main contractor, the owner/developer and lenders.
The policy will cover liabilities that arise both in contract and in tort (e.g. negligence, breach of statutory duty) and is typically arranged on a ‘claims occurring basis’, i.e. the policy will respond to claims occurring during the policy period, irrespective of when the claim is subsequently made.
We work on behalf of owners, developers and contractors alike to ensure robust third party liability insurance programmes are in place. We will ensure that suitable limits are established to cover potential third party liabilities arising out of a specific project or business activities as contractual minimum limit requirements will not limit your liability to a third party in the event of a claim.
AMG will assist the client in assessing these factors, which may include the proximity of third party risk, the type of risk, potential consequential losses following injury/damage and maximum potential loss exposure.