Personal Third Party Liability Insurance
If you or your children cause harm to someone, you are legally liable for the damages. With the personal liability insurance, you are protected from liability claims from third parties. You can buy Personal third party liability insurance for you as an individual or for your whole family.
Even though this is not a legal obligation, it is strongly recommended for anyone living in Switzerland be it a parent, tenant, house owner or a sportsman to take out personal third party liability insurance. If your actions cause loss or damage to third parties or properties, you may have to pay a very high price. Swiss law follows a principle of unlimited liability, which means that compensation claimed can create a significant dent on your savings.
Cover includes both costs of treatment and other expenses such as loss of earnings of the injured party and damage to property. Also covered by the insurance are any of your children who are unmarried and employed and living in your household. Personal Liability Insurance provides you with protection against justified claims of third parties and pays up to CHF 3 million to CHF 5 million for individuals and families.
Personal Liability Insurance covers many risks as illustrated in the table below:
|Personal injury||Death, bodily injury or other impairments of people’s health|
|Property damage||Destruction, damage or loss of property|
|Monetary losses||As the result of personal injury or property damage|
Building Liability Insurance
Acquiring or owning property means that you are obliged to take responsibility for whatever happens within your property. As the owner, you will be held responsible if someone is injured or property is damaged because of the condition or poor maintenance of your property. Property owners’ liability insurance or building liability insurance is designed to protect you from claims of this nature. It is usually included in the personal liability insurance of individuals who hold an owner occupied single or a multi-family building with up to a maximum limit of three apartments
For a 4 member family, this insurance policy costs between CHF 130 – 250 per annum and covers an insurance sum of CHF 5 -10 million.