What Is Management Liability Insurance?

Property management liability insurance means that an insurance company collects insurance premiums from a property management company, and assumes that the property management company causes personal injury or death or property loss to a third party due to negligence or negligence in the management or management process. Financial liability for property management companies.

Property management liability insurance

Property management liability insurance is passed on to the management process of property management enterprises

1. Object of insurance ^[1]

The insured has fulfilled

(One)

Property management liability insurance claims are caused by accidents caused by negligence or negligence in management of the insured, resulting in personal injury or death of third parties or property losses. The economic compensation liability (including litigation costs) should be paid within the compensation limit agreed in the insurance policy. ^[2]

(A) responsibility audit

The insurer shall, in accordance with the relevant documents provided by the insured, abide by the terms and relevant regulations, combine his own investigation of the claim, analyze the subjective and objective causes, and determine whether the accident is an insured accident. The review of insurance liability must be based on the scope of liability and exclusion of liability enumerated in the clauses to determine payables or rejections. The following points should be noted in the determination of responsibility:

1. Whether the accident occurred within the validity period of the insurance. The insurer is not responsible for compensation for accidents that occur before or after the validity of the insurance.

2. Whether the insured has formally filed a claim with the insurer within two years from the time it knew or should have known the accident. If the insurer is more than two years old, the insurer will not be liable for compensation. However, if litigation activities occur during the effective claim period and the case settlement time exceeds the effective claim period, this restriction will not apply.

3 Whether the location of the risk is within the scope of the project managed by the insured as specified in the insurance policy.

4 Whether the cause of the risk falls within the insurance liability or the scope of the expanded underwriting liability.

(II) Compensation calculation

1. How to deal with compensation. The compensation management of the property management liability insurance is based on the provisions of the property management liability insurance clauses. Within the compensation limit stipulated in the insurance policy, the insured person shall pay the insured to determine the compensation limit determined by the court or the relevant government department according to law or negotiated between the parties and the insurer The amount is subject to calculation of compensation. Under normal circumstances, accidents that have been confirmed to fall within the scope of insurance liability shall be promptly negotiated and resolved. When an agreement is not reached or there are major differences, it is resolved through legal means, and the court's judgment is used as the ultimate basis for the insurer's compensation.

2. Compensation calculation. Under the conditions of determining the insurance liability and verifying the loss, the insurer can calculate the compensation according to the compensation treatment stipulated in the terms, as follows:

The third party's personal injury or property loss, and the arbitration and litigation costs agreed in writing by the insurer in advance, the total amount of compensation for each accident shall not exceed the compensation limit or additional insurance limit for each accident listed in the insurance policy details table. Limit, in which personal injury or death shall not exceed the limit of compensation for each person. The excess will be borne by the insured.

(1) The third party's property loss is determined according to the amount of the court's judgment or arbitration award, or the compensation is calculated based on the list of property losses and the liability of the insured in the accident. If there is a deductible, each deduction should be deducted. Deductible for accident property loss, the deductible is an absolute deductible.

(2) The compensation for personal injury or death to a third party shall be determined in accordance with the amount of the court's judgment or arbitration award, or according to the disability, death certificate, medical receipts and other documents issued by relevant departments, with reference to national laws and relevant regulations of relevant government departments , To pay the liability of the insured in the accident.

(3) Compensation for litigation costs previously agreed in writing by the insurer generally includes litigation costs, defense costs, attorneys' fees, evidence collection fees, etc. paid for handling the case, which are determined based on the amount of court judgment or the actual arbitration costs incurred.

After the occurrence of an insurance liability accident, the insured shall pay the necessary and reasonable expenses for reducing or reducing the liability for personal injury or death or property damage to a third party. Compensation is calculated separately, and can be calculated according to two compensation limits for each accident, each of which is limited to not exceeding the compensation limit for each accident. Compensation for such expenses shall be premised on the fact that such expenses are indeed necessary and reasonable.

(3) Compensation for duplicate insurance

When a claim within the scope of insurance occurs, if there is other insurance that covers the same liability or any part of the liability, the insurer will be responsible for paying the relevant compensation according to the proportion of the limit of liability assumed.