What Is Garage Liability Insurance?

Insurance claims and legal liabilities that should be borne in the event of an accident in the parking lot, or losses caused by some irresistible natural accidents.

Parking lot liability insurance

The parking lot liability insurance refers to the liability insurance that covers the legal compensation liability of the parking lot owner for the vehicles stored in the parking lot specified in the insurance policy. Car park liability insurance is a common place liability in British and American countries or regions

The "People's Property Insurance Company of China Motor Vehicle Parking Lot Liability Insurance Clause" stipulates: insured. The motor vehicle parked in the parking lot of the motor vehicle operated by the insured listed in the detailed insurance policy list will cause the following losses due to the fault of the insured during the insurance period. In case of liability, the insurer is responsible for compensation in accordance with the agreement of the insurance policy:
1. Damage caused by fire, explosion, collapse or collision of external objects, falling objects in the air, or malicious acts of others;
2. The entire vehicle was stolen, robbed, or robbed, and the case was investigated by the public security department at or above the county level, and no whereabouts were found within three months.

From the perspective of China's insurance practice, parking lot liability insurance has some special liability exclusion clauses, including:
1. Personal injury or death of the insured or its employees and loss of all or managed property;
2. Loss of items loaded and carried in the car;
3 Theft, robbery, or robbing of parts or auxiliary equipment on the vehicle;
4 Defects of the vehicle itself or losses that occurred before entering the field;
5. Loss of a vehicle without a legal license;
6. Loss of vehicles that have not paid parking fees or have no parking vouchers.

Generally divided into four grades for the policyholder to choose.
For example: the total compensation limit for each accident: the cumulative compensation limit during the insurance period:
150,000 yuan, 300,000 yuan, 300,000 yuan, 600,000 yuan, 500,000 yuan, 1 million yuan, 1 million yuan, and 2 million yuan. Among them, the personal injury and death limit for each accident is 50,000 yuan, and motorcycle losses The compensation limit for each vehicle is 20,000 yuan, and the compensation limit for vehicle losses is 150,000 yuan. The rate depends on the specific risk situation, usually the basic rate is 4%, and the premium is the cumulative compensation limit multiplied by the rate.