Private road insurance is just a type of land insurance that is done by people within a Residents Association. This is simply because they want insurance to protect them from any instance where they might be held liable by a member of the public who has been involved in an accident on their land and has held them responsible because they are the owners of the land. Insurance will do the purposes of protecting them
When a Residents Association wants to insure their land, it is because the public always access it and they are therefore at a risk of getting injured while walking across it. There are many private road insurance companies and when you want an insurance, they will give you a Public Liability Insurance so that if you are responsible for an injury that a third party suffered on your land and you are required to pay for all the damages done, you do not have to pay any because your insurance will do it for you. Here are some reasons as to why it is important to insure a private road.
Ensure public’s access to the road
Whenever a Residents Association wants to insure their private road, it is normally because they want the public to have their right of accessing it. Remember as they have access to your private road, anything can occur and they might be involved in an accident. You might be the one to compensate them, and if you do not have the funds, but have a share in an insurance company, then you will solve your problem easily because the company will help you out.
Continued compensation even after your death
You can be assured that even when you are dead, the company will still compensate the public without bothering any of your family members. The company will also fulfill all its functions without fail with the help of your lawyer.
To ensure safety of the road
When you insure your road, you are trying to make everything to work out for the best. You are likely to be careful to ensure that there is nothing that can lead to an accident. If there are large stones, you will get rid of them so that you will not be held responsible in the case of an accident. Your safety too is another reason for having a private road insurance because you will need a lawyer and if anyone wrongs you, you will be represented fairly by your lawyer.
To ensure you are protected in the future
Insurance is a written certificate or contract that is a promise of reimbursement in the case of loss that is paid to people so concerned about the hazards they have made prepayments to an insurance company. By insuring your private road, you are protecting yourself for anything that may happen on your land, and you may be held liable and as a result, be sued. This might happen if someone is walking across your land and trip over and want you to compensate her. With the insurance, you can be sure of your safety.