Liability insurance

Liability insurance

Every person, based on the Civil Code, has a civil responsibility in itself, since when you cause harm to another person you must take responsibility for your deeds and compensate whoever has done something wrong (whether material or personal). And, therefore, you have liability insurance.

And we are talking about the most basic insurance that exists, better known as third party damage insurance. It helps to have appropriate coverage, but what else does it offer? What is really called civil liability? And what types are there? Today we are talking about liability insurance.

But what is civil liability?

But what is civil liability?

According to article 1902 of the Civil Code, civil liability is that which acts when "he who by action or omission causes harm to another, intervening at fault or negligence, is obliged to repair the damage caused."

In other words, He is a person who must answer for the problem he generates. For this reason, a civil liability insurance implies that it is the person who has this insurance who has the legal obligation to respond to any accident that he has caused, repairing the damage and taking charge of what happened.

Now, for there to really be a civil liability, it is necessary to comply with a series of requirements that are:

  • Involuntary action or omission. That is to say, that the person acts or does not act but involuntarily.
  • Illegal act, or what is the same, that there is something that causes this civil liability to be activated.
  • Culpability. To repair the damage caused to another person, or to the objects of that other person, it is necessary that this first person be responsible for it; otherwise it would not have to take over.
  • Damage to a third party. In addition to being guilty, it must be fulfilled that he has produced damage, material or personal, to another person.
  • Causality link. This should be understood as the consequences of an action that has been carried out.

Types of liability insurance

Types of liability insurance

The best known civil liability insurance is, without a doubt, car insurance (third party damage insurance), but the truth is that there are many more that you should know. In fact, there are multiple ways to classify them, so, depending on the person who hires it, we can meet with:

Civil liability insurance for individuals

In this case, these types of policies cover the responsibility in the private sphere of a person. In other words, they are focused on protect the private life of the person and the property of this (real estate, home, individual or family insurance).

Also included in this are pet insurance.

Insurance for professionals

Focused on professionals, freelancers, SMEs and companies. What they do is be in charge of covering the claims that third parties may make to them due to a problem that is generated by the activity of the professional or the company (for example, if a plumber fixes a pipe and it ends up bursting in a matter of hours).

Civil liability insurance for administrators and executives

The latter refers to a policy to protect the personal assets of both administrators and managers. At the same time, he will respond when there is any complaint or claim about the exercise of his position.

Who's who in liability insurance

Imagine that you cause a car accident and hit another vehicle from behind. As you know, the insurance would act there and, if yours is from third parties, what it implies is that you have civil liability insurance, that is, that you must respond for the damage you have caused. But, What figures act in insurance?

  • The insurer: it is the company with which you have signed the insurance. He will be the one to compensate due to the problem that the insured has had.
  • The insured: this would be you. Or in other words, it is the person who has entered into a contract with the insurer to cover him in the event of an accident.
  • Third party injured: is the person to whom damage is caused, which can be material or personal.

Why is liability insurance necessary

Why is liability insurance necessary

When damage occurs to a third person, the way to compensate them in the vast majority of cases is through financial compensation. That is, you have to pay him money. The problem is that, When you do not have civil liability insurance, that compensation must be provided by you, which can sometimes imply that you lose your assets, or even have to declare bankruptcy or insolvent because you have no means to pay. For this reason, civil liability policies are used for this.

These insurances help the insurer to be responsible for responding financially for you. Of course, in many there is a limit of responsibility, which means that, exceeded, you would have to take care of the rest.

How to purchase liability insurance

Today there are many insurers that offer policies of this type, both for the home, car, motorcycle, pets ... so you will have different options to choose from. Now, our recommendations are as follows:

Review the proposals of various insurers

In this manner you won't be left alone with the first one you see that looks good, but you should look at more options to weigh them calmly.

Based on the needs you have, your resources and the use that you are going to give it, you can choose one or the other.

Make an appointment with the insurance company

The next step you should take is to make an appointment. Is it will help you clarify certain important aspects, or that have generated doubts, so that an expert can advise you before taking the final step.

Ask for a draft contract

In the vast majority of insurers you can provide a draft contract for you to study carefully and you can ask any questions you have. So you can analyze it with peace of mind.

Sign the definitive contract

Once you see that everything is correct, it is time to sign the final contract. Of course, we recommend that you read it again to make sure that there are no last minute changes before signing it.

In this way, if you detect something, you can ask them to explain it to you, or directly end the hiring.

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