World Insurance

AAA

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.

INVESTOPEDIA EXPLAINS '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.



RELATED TERMS
  1. Commercial Property Insurance

    Insurance that is used to cover any type of commercial property. ...
  2. Commercial Multiple Peril Policy

    A commercial insurance policy that offers at least two forms ...
  3. Insurance Underwriter

    A financial professional that evaluates the risks of insuring ...
  4. Insurance

    A contract (policy) in which an individual or entity receives ...
  5. Actuarial Risk

    The risk that the assumptions that actuaries implement into a ...
  6. Aggregate Excess Insurance

    An insurance policy that limits the amount that a policyholder ...
RELATED FAQS
  1. What are the most popular mutual funds that invest primarily in the insurance sector?

    Under the purview of the financial services industry, the insurance sector is an attractive investment option for mutual ... Read Full Answer >>
  2. What are some examples of how corporations manage short-term investments?

    One of the easiest ways for a business owner to reduce liability is to incorporate as a legal entity to enjoy the protection ... Read Full Answer >>
  3. What are some examples of industries that practice price discrimination?

    Individuals can transfer the risk of financial loss from a wide variety of sources to a third party through the purchase ... Read Full Answer >>
  4. How are open market operations and monetary policy related?

    An aggregate limit is the maximum amount an insurance company agrees to pay to cover claims during a defined period, generally ... Read Full Answer >>
  5. What is a common strategy traders implement when using the Stochastic Oscillator?

    Most long-term care insurers require the loss of two activities of daily living (ADLs) to receive benefits. The six ADLs ... Read Full Answer >>
  6. How do you calculate economic profit using Excel?

    The activities of daily living, or ADL, hierarchy scale measures the degree to which an individual needs assistance performing ... Read Full Answer >>
Related Articles
  1. Insurance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.
  2. Entrepreneurship

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  3. Insurance

    15 Insurance Policies You Don't Need

    Learn how to save money by saying "no" to unnecessary coverage.
  4. Entrepreneurship

    Will Insurance Keep Your Business Safe?

    Skilled employees are key to a successful business. Find out how to avoid a financial setback if they leave.
  5. Options & Futures

    For Top-Notch Insurance Coverage, Compare Quotes

    Find out how to use and compare policy options to get the best coverage at the best price.
  6. Retirement

    What To Do If Your Insurance Won't Pay

    Before paying for coverage, find out what you need to do to ensure you get paid.
  7. Insurance

    India's Two-Child Policy

    As of 2014, 11 Indian states have passed laws to restrict Indian citizens from having no more than two children.
  8. Insurance

    Is Personal Legal Insurance A Good Deal?

    Some employers offer personal legal insurance as an opt-in benefit. Would it make sense for you?
  9. Insurance

    Is It Safe To Be Without Umbrella Insurance Today?

    At low cost, you can buy significant extra liability coverage in case you're sued due to an accident or other trouble. See it as bankruptcy protection.
  10. Insurance

    What Pet Insurance Actually Covers

    If you buy insurance for your pet, what will it cover – and what will you still have to pay for?

You May Also Like

Hot Definitions
  1. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  2. Productivity

    An economic measure of output per unit of input. Inputs include labor and capital, while output is typically measured in ...
  3. Variance

    The spread between numbers in a data set, measuring Variance is calculated by taking the differences between each number ...
  4. Terminal Value - TV

    The value of a bond at maturity, or of an asset at a specified, future valuation date, taking into account factors such as ...
  5. Rule Of 70

    A way to estimate the number of years it takes for a certain variable to double. The rule of 70 states that in order to estimate ...
  6. Risk Premium

    The return in excess of the risk-free rate of return that an investment is expected to yield. An asset's risk premium is ...
Trading Center