Podcast
Questions and Answers
How does Employment Practices Liability (EPL) insurance protect a company and its directors?
How does Employment Practices Liability (EPL) insurance protect a company and its directors?
EPL insurance protects a company and its directors by indemnifying them against legal costs and potential settlements arising from employment-related claims, such as unfair dismissal or discrimination.
List three specific perils covered by Employment Practices Liability insurance.
List three specific perils covered by Employment Practices Liability insurance.
Three perils covered are: unfair dismissal, discrimination against an employee, and failure to correctly follow misconduct procedures during dismissal.
What is the primary benefit of Directors' and Officers' (D&O) liability insurance for individual directors or officers?
What is the primary benefit of Directors' and Officers' (D&O) liability insurance for individual directors or officers?
The primary benefit is indemnification against legal liability to compensate third parties due to wrongful acts committed in their capacity as a director or officer.
Explain the coverage scope of environmental liability insurance relating to pollution.
Explain the coverage scope of environmental liability insurance relating to pollution.
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Under which circumstances would public liability insurance provide financial protection to an insured party?
Under which circumstances would public liability insurance provide financial protection to an insured party?
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What is the core principle behind professional indemnity insurance?
What is the core principle behind professional indemnity insurance?
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Describe a scenario where professional indemnity insurance would be essential for a medical professional.
Describe a scenario where professional indemnity insurance would be essential for a medical professional.
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How do the perils covered by professional indemnity insurance vary based on the insured's profession?
How do the perils covered by professional indemnity insurance vary based on the insured's profession?
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Flashcards
Employment Practices Liability Insurance
Employment Practices Liability Insurance
Covers legal costs and awards for employment-related claims against a company and its directors.
Unfair Dismissal
Unfair Dismissal
Illegitimate termination of an employee without just cause, covered by employment practices liability insurance.
Constructive Dismissal
Constructive Dismissal
Employee’s resignation due to intolerable work conditions, classified under employment practices liabilities.
Directors' and Officers' Liability Insurance
Directors' and Officers' Liability Insurance
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Environmental Liability Insurance
Environmental Liability Insurance
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Public Liability Insurance
Public Liability Insurance
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Professional Indemnity Insurance
Professional Indemnity Insurance
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Medical Malpractice Insurance
Medical Malpractice Insurance
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Study Notes
Employment Practices Liability Insurance
- Covers risks related to employment practices
- Indemnifies company and directors for legal costs and awards in employment-related claims
- Covers potential legal issues such as:
- Unfair dismissal
- Constructive dismissal
- Discrimination
- Failure to follow proper misconduct procedures
Directors' and Officers' Liability Insurance
- Indemnifies insured against legal liability for wrongful acts
- Covers directors and officers in their capacity within a company
- Usually purchased by the company
- Typically written on a "claims-made" basis
Environmental Liability Insurance
- Compensates third parties for damages from unintentional pollution (sudden or gradual)
- Covers associated cleanup costs and regulatory fines
- Insurer is responsible for damages if deemed responsible for pollution
Public Liability Insurance
- Covers legal liability for bodily injury or property damage to third parties
- Excludes liabilities covered by other insurance policies
Professional Indemnity Insurance
- Covers legal liability resulting from negligence in professional services
- Example: Medical malpractice insurance
- Cover varies based on the insured's profession
- Covers wrongful actions such as:
- Medical misdiagnosis
- Errors in medical procedures
- Incorrect legal advice
Marine and Aviation Liability Insurance
- Covers third-party injury or property damage resulting from vessel or aircraft operation
- Covers passengers
Motor Third-Party Liability Insurance
- Covers compensation for personal injuries or property damage to third parties from motor vehicle accidents
- Includes compensation for loss of earnings, care costs, hospital costs, and property damage costs
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Description
Explore key concepts and types of insurance related to employment practices, directors and officers, environmental impacts, and public liability. This quiz provides insights into specific coverage areas and their implications for businesses and individuals. Test your knowledge on these essential insurance policies and their purposes.
