Third Party Liability Insurance
The public liability insurance protects the injuring party’s financial risk in the case of claims for compensation. At the same time the insurance also helps the injured victims because as a rule the insurance company is financially strong and able to pay the compensation.
Public liability insurance is mandatory in parts, e.g. for car third party liability insurance. Some professional third party liability insurances are also mandatory, however, the largest part are voluntary.
The third party liability insurance reimburses the injuring party’s costs for material and personal damage caused as well as possible damage to property.
Should you inadvertently have injured another person and damage results from this, normally your third party liability insurance will cover for you. But here too, insurance companies sometimes refuse to pay. If required legal support should be availed of.