DEFINITION of 'World Insurance '
A commercial liability policy with extended global coverage. World insurance provides coverage in the event the policyholder is sued anywhere in the world. In general, however, commercial liability policies have a geographic limit for coverage. It is common for companies with global operations or who have contracts with international partners/associates to purchase this type of world coverage. This added coverage requires the policyholder to pay an additional premium.
BREAKING DOWN 'World Insurance '
In addition to property and workers compensation insurance, commercial liability insurance (also referred to as general liability insurance) is essential to businesses. This insurance protects the assets of a business in the event it is sued for alleged bodily injury or property damages. The insurer may also cover damages and legal expenses associated with covered claims involving actual or alleged: product liability, contractual liability, personal injury, advertising injury and other commercial risks as indicated in the policy.