Gun ownership is a hot topic at the moment, one that is never far from the headlines. With this debate comes the discussion of gun liability insurance. Many states have considered making it mandatory this in the past but recent events have caused many individuals to seek protection themselves. If you have been considering purchasing gun liability insurance, how will this affect you?
The main aim for gun liability insurance is specialized protection in case of injury or loss resulting from using the firearm. Policies are already available that cover high-risk activities such as reloading ammunition or liability insurance for gun ranges or manufacturers. Insurance policies would be available for those who carry a weapon as part of their job and want extra protection on top of their company’s policy, or those who own guns for personal protection.
Just as Gun Liability Insurance is a very specialized type of insurance, the policies would also be very specialized. The insurance provider would determine an individual’s risk according to specific circumstances, to date there are a few suggestions as to how these risks will be determined. Policies would vary for those carrying a concealed weapon or those carrying for work as this would impact on the exposure of the firearm, which would influence the premium.
It is also not uncommon for risk levels to fluctuate according to the area the owner lives or works in. This is largely a reflection of the areas legal climate and litigation history.
Similar to auto insurance, responsible gun owners could see their premiums lowered for taking gun-safety courses or using gun safes. The application process can see owners give details of their previous training, whether it is carried on their person or stored in the house and in some cases providing a schedule for when the firearm is being carried – this would largely apply for those carrying the weapon for work.
We have seen before how a hobby can require specialized insurance, and gun liability insurance does the same thing. If you have a query about your liability as a gun owner and the options available, why not speak to an agent who can outline just how this type of insurance can protect you.