YOU ASK:
What is the definition of Premises?
WE ANSWER:
Premises refer to a specific location of property, as it is stated and defined in the insurance policy.
Any individual or business can buy coverage for premises liability. Premises liability coverage protects the insured as well as his assets, especially against a lawsuit in the event that someone is injured in his own home. This kind of insurance will pay for legal defense costs, as well as any damages that may be awarded.
Premises liability may cover injuries that are unintentional on the property owner's part, even if it was a result of his negligence. What's not included would be injury that resulted from the owner's intention, such as the act of laying out a booby trap for thieves.
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More insurance terms around premises:
- Premium
- Premium Reduction Option
- Premium Tax
- Premiums in Force
- Premiums Written
- Primary Beneficiary
- Primary Company
- Primary Market
- Prime Rate
- Prior Approval States
- Preferred Risk Class
- Preferred Provider Organization
- Pre-Existing Condition
- Pool
- Pollution Insurance
- Political Risk Insurance
- Policyholders’ Surplus
- Policy Dividend Options
- Policy
- Point-of-Service Plan