Litigation preservation liability insurance first appeared in 2012, released by Champion Property & Casualty Insurance following approval by the Yunnan Provincial Insurance Regulatory Bureau. With the rapid increase in the number of cases and in the amount of the subject matter of litigation in recent years, security provided in cash, in the form of real property and other traditional means has become less attractive. The issue of insufficient security capacity of security companies has also frequently arisen and the review of security qualifications by courts has become stricter. As a special product, litigation preservation liability insurance has become the new darling of the litigation preservation security market.
The insurance liability of litigation preservation liability insurance refers to the damages that the court orders to be borne by the insured as a result of the loss incurred by the respondent due to an erroneous application for litigation property preservation by the insured. The insurer is responsible for indemnification in accordance with the insurance contract, where all of the following conditions are satisfied: (1) the property preservation respondent genuinely incurred a loss; (2) there is a causal relationship between the occurrence of the loss suffered by the property preservation respondent and the erroneous application for litigation property preservation by the insured; and (3) the specific amount of the loss incurred by the property preservation respondent is confirmed in the effective judgment of the court.
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