Part of the general insurance system of risk financing to protect the purchaser (the “insured”) from the risks of liabilities imposed by lawsuits and similar claims, liability insurance protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement).
The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defense costs tend to soar when cases go to trial.
IMD leads the way in providing products to specialized markets which include employees of federal, state, and municipal governments, small businesses as well as an array of support to other marketing organizations, agencies and producers.
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Once we know all of your options, we can start building a plan that’s right for you!
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If you want to be part of something great, you have honor, integrity, and intention to live a life. Being part of IMD Insurance & Financial Services LLC means you believe in Family, have Faith, and strive to be the best version of yourself every day. Our mission is to Inspire what is most important to our clients, staff, and team members that we are so privileged to work with. To motivate each other when we are struggling or down and consistently drive each other to be the best, they can be so that the people in their lives can be in a better place. Being part of something great is not giving up!