What is 2 million dollar liability insurance?

What is 2 million dollar liability insurance?

Your liability policy only covers the $1 million of the settlement. Anything after $1 million you are responsible for paying out-of-pocket. Getting $2 million liability insurance is a better option, especially, if you want to protect yourself from the cost of all potential damages you are found liable for. Aug 9, 2021

What happens if you only have third party insurance?

Third party property insurance generally only covers damages caused to 3rd parties by your negligence. It does not cover damage to your own property. If you receive a demand for damages allegedly caused by you, you should contact your insurer and make a claim.

How much liability insurance do I need in Alberta?

Standard practice for insurance companies and insurance brokers in Alberta is to recommend $1 million in third-party liability coverage in an automobile insurance policy. Aug 26, 2020