Property Damage Liability insurance is actually one of the most popular coverage types that all drivers are required to possess by law. This particular insurance pays for the expense of damages incurred to other people’s property – whether you injured their vehicle, home or any other kind of property. You are only covered for damage that was actually inflicted on another person’s property, with no exclusion. This means that in the event that you are sued after an accident for personal injury or property damage, this particular insurance will kick in to help you pay out the bills. In fact, this particular policy can actually save a company a lot of money, when it comes to settling lawsuits. However, there are many aspects to Property Damage Claims that people should be aware of before they sign up for such a plan.
The first thing to realize about this type of insurance is that there are generally two kinds: bodily injury and property damage. bodily injury claims only cover medical bills, lost wages, and pain and suffering, but do not actually include funeral expenses or lost income. Property damage liabilities, on the other hand, cover any physical damage incurred to other people’s property. This includes car accidents, property vandalism, and even graffiti.
Property Damage Claims also cover the actual cost of repairing or replacing the physical injury or property, as well as any financial losses incurred due to the loss of use of the tangible property. When filing a Property Damage Claim, you are generally responsible for submitting proof that you were the victim of an accident in which your vehicle was damaged or your home was damaged. For automobile claims, you will need to attach copies of the police reports, tickets, or receipts for any physical injury or property damage. For other kinds of claims, you will only be required to submit proof of these things.
You have two main options when it comes to making property damage claims. The first is to pursue full reimbursement from the person who caused the damage, called the insured party, or the insurance company that provides your business with coverage. If you choose to pursue this method, you must be sure you can prove beyond reasonable doubt that the other party was negligent. If not, you may only receive a settlement, not a claim that includes payment of legal fees and compensation for your lost time at work. For example, if the delivery driver trips and falls, you may only receive a payment for the physical damage, not the medical expenses or replacement cost for the vehicle.
Another option for receiving damages from a covered accident is called assessed damages. With this method, you will only receive settlement payments if the other party agrees to the total amount. This means you will only get a percentage of what the other person is liable for. For large claims, the percentage can be very high. It is important, though, to make sure that you understand all of your options so that you can maximize your potential to receive damages for your personal property or for your business.
When it comes to personal property, or items and personal property, you should be prepared to handle a large claim. If you are filing for total compensation, your insurance company may require that you keep the damaged property for a certain period of time to allow them to pay for the repairs. If they do not, you may be able to file for repossession of the item in question. Regardless, of whether you need to file for these additional damages through your insurance or not, being prepared is the best way to make sure you do not lose your property in the process of filing for an insurance claim.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Anne is a property damage attorney. She focuses on insurance claims and property damage. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision, which should not be based on advertising. You need to consult an attorney for legal advice regarding your individual situation.
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