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Liability Insurance (2)

Liability Insurance (2)

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Published by pankajgupta

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Published by: pankajgupta on Dec 27, 2008
Copyright:Attribution Non-commercial

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04/12/2011

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Liability insurance
 
 
Liability Insurance
Product LiabilityProfessional LiabilityArises if there is a violation of a person’s legalrights or a failure to perform legal duty owed tocertain person or to society as a whole.Classes of legal wrong
 –Crime –Breach of contract –Tort
 
 
Categories of torts
Intentional torts: assault, battery, trespass, false imprisonment,fraud, libel, slander and patent and copyright infringement.Strict Liability: Rylands vs.Fletcher If a person brings on his landanything which is likely to do mischief if it escapes, he will be primafacie answerable for the damage caused by its escape though hehad not been negligent.Absolute liability: liability is imposed even without negligence or fault. Examples
 –Occupational injury and disease –Blasting operations –Manufacturing of explosives, medicines, food products eg. M C Mehtavs. Union Of India –Owning wild or dangerous animals –Crop spraying by airplanes
Negligence: failure to exercise standard of care required by law toprotect others from an unreasonable risk of harm.

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