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    Liability Insurance (Aamir Ahsan - 19395001)

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    Aamir Ahsan
    Liability insurance covers legal responsibility for damages caused by negligence. It originated in the UK in 1875 to cover vehicle accidents. Employers' liability insurance emerged due to workplace injury laws in the late 1800s. In India, workers' compensation laws in 1923 and motor vehicle laws in 1939 drove the growth of liability insurance. Major incidents like Bhopal further increased demand by highlighting new hazards. Current laws like environmental protection and public liability acts also contributed to this sector's expansion.

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    Liability Insurance (Aamir Ahsan - 19395001)

    Uploaded by

    Aamir Ahsan
    70 views9 pages
    Liability insurance covers legal responsibility for damages caused by negligence. It originated in the UK in 1875 to cover vehicle accidents. Employers' liability insurance emerged due to workplace injury laws in the late 1800s. In India, workers' compensation laws in 1923 and motor vehicle laws in 1939 drove the growth of liability insurance. Major incidents like Bhopal further increased demand by highlighting new hazards. Current laws like environmental protection and public liability acts also contributed to this sector's expansion.

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    Liability Insurance(Aamir Ahsan_19395001)

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    Liability insurance covers legal responsibility for damages caused by negligence. It originated in the UK in 1875 to cover vehicle accidents. Employers' liability insurance emerged due to workplace injury laws in the late 1800s. In India, workers' compensation laws in 1923 and motor vehicle laws in 1939 drove the growth of liability insurance. Major incidents like Bhopal further increased demand by highlighting new hazards. Current laws like environmental protection and public liability acts also contributed to this sector's expansion.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    70 views9 pages

    Liability Insurance (Aamir Ahsan - 19395001)

    Uploaded by

    Aamir Ahsan
    Liability insurance covers legal responsibility for damages caused by negligence. It originated in the UK in 1875 to cover vehicle accidents. Employers' liability insurance emerged due to workplace injury laws in the late 1800s. In India, workers' compensation laws in 1923 and motor vehicle laws in 1939 drove the growth of liability insurance. Major incidents like Bhopal further increased demand by highlighting new hazards. Current laws like environmental protection and public liability acts also contributed to this sector's expansion.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 9

    LIABILITY INSURANCE AND ITS

    HISTORICAL BACKGROUND

    PRESENTED BY:-
    AAMIR AHSAN
    19395001
    MBA 2ND YEAR
    Liability - Meaning

    • As per dictionary - responsibility or

    accountability to pay.
    • Legal Liability connotes –
    • strict liability (legal compulsion to pay)
    •In simple terms, legal liability is the legal
    responsibility of a person to pay
    compensation for any damages incurred.
    Classification of legal liability

    a) Criminal liability: It is enforced by the State,


    resulting into punishment
    in the form of fine or imprisonment or both.
    b) Civil liability: Here action is brought by one
    party against another and
    dealt with according to law, resulting in payment
    of damages or
    compensation to the aggrieved party.
    Civil Liability may arise from

    a) It may arise under common law.


    b) Civil liability may also arise under
    statutory law, i.e. under an Act of
    Parliament.
    c) Thirdly, civil liability may also arise under
    a contract between two parties.
    Classification of liability
    insurance
    a) Insurance covering Statutory liability i.e.
    liability defined by a specific law e.g. Workmen’s
    Compensation Act, Motor Vehicle Act, Indian
    Steamships Act, Public Liability Act etc.
    b) Insurance covering Tort liability i.e. common
    law judgments e.g. public liability, professional
    liability, product liability etc.
    Continued…

    Liability insurance is more commonly classified


    as:
    i. Property and casualty liability i.e. acts of
    negligence resulting in loss or damage to
    property or death or injury of third party, or
    ii. Financial liability i.e. negligence resulting in
    financial losses to third parties e.g. professional
    liabilities, directors and officers liabilities etc.
    Historical background of
    liability insurance
    •Public liability insurance first originated in the UK in
    1875
    •first policy was issued to cover liability to third
    parties arising out of the use of horse driven vehicles.
    •Employers’ liability insurance originated as a direct
    result of the Employer’s Liability Act, 1880, and the
    Workmen’s Compensation Act, 1897.
    •The Employers’ Liability Assurance Corporation Ltd
    founded in 1880 was the first company to transact
    this business.
    Continued…

    •In India, the passing of Workmen’s Compensation Act,


    1923, and the Motor Vehicles Act, 1939, had a significant
    effect on the origin and growth of employer’s liability
    insurance and public liability insurance respectively.
    •The Bhopal tragedy in 1984 brought into focus new
    hazards to life and property and generated an increasing
    demand for public liability insurance.
    •Another factor responsible for the growth of public liability
    insurance are The Environment Protection Act, 1986,
    Public Liability Insurance Act, 1991 etc.
    THANK YOU

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