product liability insurance
1Liability insurance — is a part of the general insurance system of risk financing. Originally, individuals or companies that faced a common peril , formed a group and created a self help fund out of which to pay compensation should any member incur loss. The modern… …
2liability insurance — insurance covering the insured against losses arising from injury or damage to another person or property. * * * Insurance against claims of loss or damage for which a policyholder might have to compensate another party. The policy covers losses… …
3Liability Insurance — Any type of insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence. Liability insurance policies cover both legal costs and any… …
4product liability — Refers to the legal liability of manufacturers and sellers to compensate buyers, users, and even bystanders, for damages or injuries suffered because of defects in goods purchased. A tort which makes a manufacturer liable if his product has a… …
5Business Liability Insurance — Insurance that protects a company and/or business owner in the event of a formal lawsuit or other third party claim. Coverage includes any financial liability incurred in addition to expenses related to the company s legal defense. There are… …
6Product liability — is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. Product liability in the United StatesIn the United… …
7Aggregate Product Liability Limit — The maximum sum of money that an insurance company will pay during the time interval that the product liability insurance coverage is in effect. The aggregate product liability limit remains unchanged no matter how many claims are made per period …
8Professional liability insurance — (PLI), also called professional indemnity insurance (PII) but more commonly known as errors omissions (E O) in the US, is a form of liability insurance that helps protect professional advice and service providing individuals and companies from… …
9business liability insurance — ➔ insurance * * * business liability insurance UK US noun [U] ► INSURANCE insurance taken out by a company to protect against injury or damage caused by a problem with a product or a failure by an employee: »Every business owner should shop for… …
10products-liability insurance — An insurance policy that pays any compensation the insured is legally liable to pay to customers who are killed, injured, or have property damaged as a result of a defect in a product that they have manufactured or supplied. Costs incurred as a… …
